Overcoming Challenges and Disadvantages of Becoming an Entrepreneur?

Friday, 25th May 2012

There are simply too many entrepreneurs. Too many people trying to create their own jobs, be their own boss. Too many people are trying to live life on their own terms. Why are they doing this? Don’t they know that being your own boss, being able to work when you choose, and pursuing your dreams comes with a terrible cost?

Many people who are out there trying to carve a space for themselves in the marketplace should just quit right now and go back to corporate. It’s the safer more practical thing to do. I know that you can’t guarantee you always have a job in corporate, but you can guarantee that you will have a check for as long as you have your job. A check is one of those highly sought after items if you are an entrepreneur. There are way too many entrepreneurs out there that are striving for that glorious check. Too many of them are getting loans to build their businesses. Don’t they know that loans are going to put them in debt, and that getting a check at a real job doesn’t require you to pay back anything?

Not only do entrepreneurs have to work to get a check, but many of them are fooled by the dream of an entrepreneurial life. They actually believe the lie Ithat they get to create their own time schedule. It is kind of true—they are their own bosses—but the problem is, if they want to have any success in their business, it is going to require them to put a lot of hours in. I don’t mean just a lot, but A LOT. These “a lot of hours” are often, especially at the beginning, unpaid and are put in with the hopes that someday all that work will payoff. I am telling you that if you just go get a real job, you will get paid for all the hours you put in.. Of course you will not be able to entertain the idea that someday all this work will pay off in bigger ways than just a check at the job. Newsflash! Rarely does this actually work. Most entrepreneurs go out of business in the first five years.

Do you know what that means in reality? That means that not only do you not really get paid for all the work that you put in, but you actually lose money and your time, and your efforts; and your dream will have to stop. Your dreams stop because you failed, and now you know that your dream won’t work. Then you will be left with two choices: come up with a new dream and a new scheme to get money to pursue that new dream, or go get a job. Might as well save yourself all the time and effort and go get the job in the first place. This will save most people money, time, and energy.

That brings up another point if you are an entrepreneur and you have any chance of making it: not only do you not make a lot money at first, but it will also require a lot of your time. So if you started your own business so that you will have more time to play or go on vacation or be with your family, then you might want to think again. Building a business at the beginning, and I don’t care what kind of business, will take work and lots of it if the business is a legal one. That work means time away from playing, family, and anything else that you can think of that you would rather be doing.

Also, if you think you still want to be an entrepreneur because you love the service that you will give, don’t fool yourself. If you think that having your business means that all you have to do is put up a website and customers will come, and that you will spend all day doing the work that you love, think again. Most find when running their business they spend most of their time doing everything except what they want to do.
So please, tell me why, when being an entrepreneur costs most people money, time, energy and they don’t get to do much of what they want—why do so many people do it?

How to Build Self Confidence

Wednesday, 16th May 2012

Be a doer: How you become a doer is become as clear as possible at what you want to do, break it down to smaller action steps and tract the steps you take.

Be Curious: Be open and curious of what good is coming.

Keep Trying: Fail in public more often. Get out there and try. Nothing helps you get over it more than learning you will survive it. Experience is the best teacher.

Life Balancing: Meeting Self and Business Needs

Wednesday, 9th May 2012

How does one balance self-care needs with being dependable and reliable?

One of the best ways for you and everyone else to win when agreeing to do something is to strike a balance between meeting your own needs and meeting the needs of others. Think seriously before you commit to something, and only say yes to things that you are committed to accomplishing.

Core Values: When is Partnering in Business a Bad Idea?

Wednesday, 2nd May 2012

Getting someone to team up with you and help you build your business sounds like a great idea, especially when you think about all the extra work you could get done in less time. If that someone else could provide the skills in your business that you aren’t good at, even better. Of course having two minds with the same objective is better than one.

When my ex-husband was first launching his business, he partnered with a marketer and was able to make a killing. They had divided their skills, with my ex being the producer, and his partner functioning as the salesman. This partnership worked so well that they built up the company and hired over fifty employees.

But there are often more problems than not when it comes to partnering. I have coached several partnerships that took a turn for the worse. What are some of the things to watch out for?

#1: Same Skill Set Breeds Trouble

If both of you like to do the same thing, and you both want to be the service provider, it can cause a lot of trouble. One of the biggest problems is that both partners involved may have the same skill set, and both want to provide the service, and neither really wants to work on the other parts of the business that are necessary.

#2: Different Work Ethics

Nothing breeds resentment more than having one or more people in the partnership thinking that they are doing most of the work. If you have someone who dives in and gets it done, and the other person likes to have a good time, some challenges will be in store for you all.

Another thing to watch out for is if more than one person likes to be in charge, or if one of the people really likes to be in charge. There needs to be a way for all partners to feel respected and to give respect.