Which of these do you find the most difficult decision to make when you plan to become an entrepreneur?
When we decide to start our entrepreneurial journey, there are quite a few considerations we need to make. Which one of these decisions do you think are the difficult ones for you?
2) Time commitment
3) The attitude to change yourself as a person. Alternatively put, the willingness to be open for something new.
4) The risk involved in the business
I'd say at or near the top of what you must consider is your answer to the question: Do you welcome risk and accept failure? Take risks and don’t be afraid to fail. Entrepreneurs must make lots of mistakes to learn and discover new approaches, opportunities or business models. Use failure as a stepping stone. Assume that everything you do is a learning opportunity with new lessons. As Mary Kay Ash, founder of Mary Kay Cosmetics has put it: “When you reach an obstacle, turn it into an opportunity. You have the choice. You can overcome and be a winner, or you can allow it to overcome you and be a loser. The choice is yours and yours alone. Refuse to throw in the towel. Go that extra mile that failures refuse to travel. It is far better to be exhausted from success than to be rested from failure.”
Specifically for me, it is the attitude that corporate jobs are less risky than entrepreneurship. I think the difference is not that the risk factor is different, but the level of responsibility and motivation required is different. Once I shifted my attitude about risk, the next real barrier that came up is feeling like all the responsibility and motivation to get success is on my shoulders.
You don't plan to become an entrepreneur. Either you are, or you aren't. When you know in your guts that you have a solution for a problem that affects the lives of many people, and that you know that you can solve it, then all these things that you listed are not important. I guess the trick is really in the type of questions we ask ourselves... Focus on Why I am doing this, the "how", and the "what" will come almost like magic for you! Have a plan that is 50% ok, act on it massively, and be ready for a bumpy road, and to adapt it and to adjust it. It's never about you! Your customers and stakeholders will show you these things as you move along with your plans. Have fun! Be excited about the possibilities! Be passionate about the things you are doing! This is contagious! People will feel you this way, and the right ones will step up and help you moving forward. Cheers!
I believe #3. Because, there comes a point in every entrepreneurs life when he/she must begin to think like a business owner if they want their business to grow and be successful.
For me personally, it would be the risk involved in the business (Ans. 4). I really like to get back my investment and earn profits on that. If I am not making profits on my business, then it doesn't make sense for me to go ahead with that.
4) It's always difficult giving up a steady income for potential of better long term gains.
All of the above, but most importantly time committment. Making time for business as equallt important as surviving, eating, sleeping ie second nature.
There are many Factors one has to consider however some of the Primary ones I would say would be.... Finding the right Finance, the right Banking incentives and the correct planning...However it should also be seriously taken in consideration the stress the high risk that is on a daily basis...all in all do not give up.
#4 is too generic. Define the risk. Failure? With a loss of investment/money (#1), time (#2), and/or change in attitude (#3)? The first three are risks, too.
1) Investment and money for sure. It's quite a jump to go from a job where a set income is guaranteed every month including healthcare, retirement and other benefits.
As an entrepreneur it is up to me to generate income, and initially there will be an indefinite amount of time that I won't be pulling in an income. This, IMO is quite scary, especially depending on your current station in life (do you have kids, a mortgage, loans, etc..?)
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Guess it's the risks involved.
It could be a little scary to think that all your money and time could go a waste if you take a considerable amount of risk and fail.
For me initially it was the risk involved. It took a long time for my business to go from being an expensive hobby or charity :-) to a lucrative business. The question was always where is the tipping point - how long should I keep going before giving up? I am glad I stuck with it now, but it was a real issue for a long time.