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Entrepreneurship: The Dreaded 16 Letter Word!
Entrepreneurship! These 16 letters have a lot of energy and still plot a lot of fear. It is a scary word for some and a liberation of others. For me, it was a liberation journey. Yes, it is a challenge. It must be hard sometimes. There are days when you will feel like you are on the last leg of your hope, and then there are days when you are riding on the clouds. It’s really a slippery slope. But these cycles of different emotions, I will not trade for the world. Sometimes I have to remind myself of my beliefs, my hopes and who I belong to, but even those days are counted as joy.
My entrepreneurial journey began more than two years ago. I have enjoyed over 13 years in American companies in the hospitality industry and nine more years in academia. Once I decided it was time to dive into the depths of entrepreneurship, I was finishing my first year as vice dean of online learning for a local university. It was a dream job. I quickly realized my dream of becoming a university president. And as my heart begins to change. And while I really feel like I am making a difference in the world of education. My legacy, my legacy, my footprints on the sand are calling me. I know I was born to do more, to be more human, and to influence the world in a different way. I have never been in good condition. I never take what anyone says blindly. I was born a leader. This leadership ability is evident in every administrative and managerial position I have held up to that point. Looking back, if only one thing I would like to do a little differently, it would be more financially organized. But again, I do not know if I will feel really ready for that leap.
Here is what I know. Everything happens the way it should. Aim for everything under the sun. Even my lack of financial planning happened perfectly.
What is entrepreneurship?
So this is how I define entrepreneurship. Entrepreneurship is when you step out on your own, completely believing in your own beliefs and abilities to bring in revenue. It does not mean that you do not work for someone, because we always go to work for someone. Probably not in the usual 9 to 5 sense, but someone will always demand something. You can be a contractor. For example, one of my jobs is being an online professor for a few schools. I work on a contract. But there are schedules and schedules that I have to pursue. And remember, you always work for your customers, the customers are in great demand and rightly so. As a customer myself, when I spend my money, I expect to get the value of that money. I also have an online clothing store for women. I am also a professional coach. The point is, you always work for someone, even your clients.
But here is the kicker. Entrepreneurship means that you are the creator, marketer and promoter of your business. Whether you succeed or fail is in your hands. When we work for an organization, we leave the huge responsibility of profit and success to the CEO, owner and corporate office. They make decisions that will affect the bottom line of the corporation.
When you are an entrepreneur, you are all that. CEOs, owners and corporate offices. Your daily decisions affect your bottom line. I think that might be why it can be a little scary.
So why do we do it? Why do some of us jump?
Why should you jump?
It really is an individual decision. It is not something that should be done lightly and intentionally, but I still say it should be tried. The experiences and lessons learned during this journey are far more influential than you can imagine. If you are a student of life, this is one of the greatest lessons to be learned. Through this journey, I learned a lot about myself. I found strengths and weaknesses that were not discovered. I found courage and determination lost like no other. I discovered the hidden stubbornness that evolved and continued to grow.
There are definitely pros and cons to accepting this downside. I think it may be a little different for some, but for the most part the same basic advantages and disadvantages apply. Here is my list:
I am a self-employed person.
My income depends on how much effort I put into the business.
My time is mine. It does not belong to anyone else. No one sets my time for me. I do not need to go out or report to anyone. I can work until 3 am and have free time or can work all day and all night. It really depends on how I want to be successful.
My success depends entirely on my actions.
I work for myself. No one told me what to do or guide me or give me a job description.
My income depends on the effort I put into my business.
Long day and long night
The first vacation is hard to come by
It can be a lonely journey
May lose friendships and relationships
I think the pros and cons should be self-explanatory. Many great things about entrepreneurship are also things that make it less amazing. It certainly is not a cake walk. I have found that if you have the courage to step into this world, you already know.
Some of my clients ask me, “How do you know if you are ready or not?” I am sure these qualities and characteristics will evolve over time, but I think these are very basic.
Qualifications and characteristics of entrepreneurs
Confidence in your abilities.
Commitment to win and not let failure hinder you.
Willing to try until you succeed
I think these basic traits will take you away. If I have to give any suggestions for a growing entrepreneur, I suggest the following:
Prepare yourself mentally, spiritually, emotionally and financially
Take some time to prepare for this trip. Do your research on the markets you are interested in continuing. Do your research on successful entrepreneurs as well as unsuccessful ones. Most often they are one and the same. Ask questions. Be prepared for the journey and do not expect an easy salary. Save as much money as possible for the first year. Imagine you quit working for the first year and saved enough to cover you. However, this can also be a setback. I don’t think you kicked enough in the third game.
Do not procrastinate
Prepare yourself, but do not procrastinate. Fear is running when you are waiting for that perfect time. There is no perfect time. Entrepreneurship is risky. If there was a perfect time, it would be called something else. Understand that you will not feel completely ready. It is that feeling of uncertainty that will make you smile.
Willing to ask questions
Do not recreate the wheel. Know that someone has already tried what you are trying. Google is a great resource, use it often. People are a great resource. Do not underestimate their experience. Remember, you can really learn the most from those who fail. They can definitely tell you what not to do.
Do not be jealous of your colleagues who seem to be successful.
Taking the time to see others stops your progress. Always support and help as much as you can. You never know when that hand will come back to you.
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