Yes!! you got your Bonus pay already or sold an inheritance or made a quick deal with big reward. You are itching to start your own business. To be your own Boss. You see on Facebook your friends relentless post, travelling around Asia in spite of an outbreak, their business is doing great. You watched your favorite youtube channel and you see successful entrepreneurs with new cars and homes in less than a year. Your favorite business/ spiritual guru who makes you feel bad on your current job and preaching about investing and running your own business is the only way to freedom from the bondage of an 8 to 5 job.
They even say that J.O.B. stands for Journey Of the Broke. Well I hope this blog can help you with your decision.
Not to be a Negastar ( negative on bright ideas). Having your own business keeps your chin up during reunions, however, being your own boss requires a lot of task not to mention the registration, dealing with landlords, recruiting personnel and initial capital. I want you to answer this questions to better prepare yourself for this amazing adventure.
Here are my initial Top 5 list to ask yourself before starting your own business.
Let’s say you have the money, your seed money. What will you do if your business stumble across a big order, where will you get your funding? Do you have a credit line?
Do you have a relative or friends that you can go to, who are capable and willing without any hesitation to support you? In terms of manpower, in the event of high demand where can you get the kind of people you need?
How are you in managing our own money? Are you disciplined enough not to buy unnecessary things like new cell phone? or you are great in justifying your purchase ( “Oh, I need a phone with better camera “).
Coming out from employment, you will have a tendency to think that you can be a better boss, better than your former employer/s ( not that they are bad but we are idealist and we have the money).
You will have the tendency to treating your employees to Mirienda( break-time snack) or drive them home, or give them transpo money even though you are obliged to do it. Learn to manage your kindness.
Do you have the ability to sell? Ability to motivate our employees or monitor their progress? Do you have the ability to negotiate to both suppliers and buyers . If you are weak in that area , where can you get help?
I am not a fan of starting from nothing. There will always be a starting point, a source of inspiration, a taste of failure or victory from a past endeavor. So make sure you tap on those experience, you will need it.
Maybe you sold some garments as your side hustle in the past. You go ahead with your garments manufacturing. Maybe you are extremely patiently teaching your niece and nephew, you can open your own school.
Remember the time your boss ask you to handle your Christmas party? Having to look for a band, catering, venue, video & photographers, the program you created and implemented impressed everyone. You, trying to keep checking on the assigned budget, following up making sure the food, entertainment and attendees are in their right places. You are right, an Event Management business.
Keep recalling your past victories, how you handled the obstacles, how you felt after getting it done successfully, the pride and joy it gave you. This has to be your base because sooner or later a storm will hit you, self doubt will creep in. But confidence in yourself will get you through the arrows and spears.
4. Weakness into Strength
I will not expect you to be great in book keeping and marketing. Nor good in recruiting and training? I want you to list down at least 5 of your weaknesses and 5 strengths . Now ask yourself can you make this weaknesses into strengths?
Most start-up’s weaknesses are limited funds, hiring unskilled staff( usually relative that you think you can trust or someone you want to help) , getting overwhelmed with Multi-tasking, etc. I suggest while still employed try to read books on how to cope and manage business situations. Learn meditation or make sure you know where to blow your steam.
Can you commit? commitment is tested when things are not going your way. For richer or for poorer, in good times and bad times? Will you move forward even people close to you tells you to throw in the towel? Will you do whatever it takes to keep your head above water? It is easy to be committed when things are doing great.
Let’s say you are in the air conditioning business. In your neighborhood you are a star for as long as you can remember until a competition comes in. A shining shimmering new player with flashy shop, technicians with clean professional uniform, state of the art tools, attractive tarpaulin and youthful sales people.
What will you do? How will you respond?
I hope this list does not scare you nor discourage you. My goal is to prepare you for the battle ahead. Running a business is not a walk in the park unless you have a rich dad, no pun intended.
It is an opportunity to be a hero. You can make more base on your determination, hardwork and creativity. You can provide jobs , solve problems of your customers, provide for yourself and family while having the perks of managing your own time. Calling the shots. The Boss. You can and will make things happen.
Entrepreneurship will sharpen your skills, will build your character, you will be forced to be strong and creative. Like a hero of the past , you will have to slay dragons, you will have to sacrifice your time, you will delay gratification, you will put others first.
At the end of the day, a ” Hero’s Welcome” awaits you.
I wish you all the best.