For a very long time, I knew that I wanted to own my own business. I didn’t really even care what it was, I just wanted to fire my boss. I guess I probably have a slight problem with authority. I’ll work on it.
The greatest hurdle to overcome after an employee fires their boss is adopting the new mindset of an owner and losing some of the habits that made you a good employee. In fact, some of the work habits that made someone an extremely valuable employee won’t necessarily translate well into entrepreneurship. Some habits are even detrimental, such as working set schedules and taking weekends off. Think of a new entrepreneur as a doctor on call 24/7. They must put in whatever hours they can to save lives (dollars).
According to the Small Business Administration, only about half of the startups will still be around five years later. A successful transition into the world of entrepreneurship is the key to being one of the businesses that succeed. Here are a few things that I found challenging after I started my first business:
- It is OK to say no (a lot).
You don’t work for anyone but yourself and you often won’t be able to please everyone. Value your time accordingly.
- It doesn’t have to be perfect.
Yes, you want to do your absolute best on any project you put your name on, but don’t obsess over small details so much that it becomes a liability. You have to handle all of the aspects of your business now, so don’t sweat the stuff that really doesn’t matter.
- Work as many hours as your business requires you to.
Long nights and weekends are going to happen, but at least you aren’t doing it because your boss asked you to.
- Get systems in place that work for you.
As a new entrepreneur, you are going to have to wear multiple hats to cover all angles of the business. Automate as much as you can to save yourself time and have a good filing system.
- Learn to entertain yourself.
When I first became an entrepreneur, there were times when I would go days without seeing another person other than the lady at the lunch counter. Oh, and my imaginary friend, Wilson.
- Stick to a weekly schedule.
Yes, you will have to work long hours and weekends sometimes, but overall, having a schedule that you enjoy working will help to bring regularity and discipline to your business.
- Build up an entrepreneurship fund.
You aren’t going to be getting any paychecks for a while except for the ones your business earns. Reinvest most of the profits back into the business, but make sure to set aside some for a few months so that you have something to pay yourself with. You have to eat don’t you?
Doing these things will help you to say Goodbye to the Cubicle and finally live the life that you desire, without having to answer to a boss. I’d love to hear your strategies for success. Leave me a comment!