Congratulations: You've been bitten by the entrepreneurial
bug. The way you see it, it's time to reap the rewards of
running your own show.
Sounds like a good plan, but are you sure you're
emotionally, mentally and financially ready for what lies ahead? If
not, your dream business could quickly become your worst
nightmare.
Just like people who take up a fitness program of stomach
crunches and jogging to get into better shape, you'll have to
figure out where you need to shape up as an entrepreneur. Where are
you strong and where are you weak? And how will you work on your
weak spots?
Content Continues Below
Think of this article as your personal fitness trainer--for
becoming an entrepreneur, that is. We're going to help you
measure your entrepreneurial fitness so you can get into tiptop
emotional, mental and financial shape before you open for
business.
1. Getting Emotionally
Fit
Starting a business is like riding an emotional roller coaster with
a loose seat belt. You'll wonder if you've made the right
decision the moment it really hits home that you're generating
your own paychecks now. You'll second-guess yourself every day.
You'll ping-pong between feeling up and feeling down, sometimes
within the same hour.
But the psychological baggage you'll carry around all day is
only half the story: Friends and family will react to your decision
to become an entrepreneur by dropping their emotional Samsonites on
your doorstep, too. Maybe you're the first person they know
who's brave enough to reject the W-2 lifestyle, and suddenly,
they don't understand you anymore. Some people might refuse to
see your new venture as a real job, feel jealous that you're
willing to take a big risk when they're not, or delight in
sharing horror stories of companies that went out of business. If
they failed, you probably will too, right? Then there's the
first time you'll hear your confused parents explaining your
new life to others--or trying their best to explain it, anyway.
As a new entrepreneur, you could be "cutting yourself off
from the family values you were raised with," says Ben
Leichtling, founder of Leichtling and Associates LLC, a Denver
management consulting firm. "You'll [hear] everything from
'I wish I had the courage to do that' to 'Have you seen
a shrink?'"
The reactions of others will make you question both your
business model and your sanity. On the one hand, you'll have to
navigate the psychological undercurrents swirling around you. On
the other, you'll have to get comfortable being the oddball in
the family. Take an honest look at yourself. Is your
self-confidence shaky? Develop a strategy for handling the
criticism that will be heaped on top of your own insecurities, and
think about how you'll stay positive about your business. It
might be best to distance yourself from the pessimists in your life
and lean on supportive people--other entrepreneurs who understand,
for example--until you feel comfortable in your new role,
Leichtling says.
What if your spouse doesn't want you to quit your day job?
In this case, it's hard to distance yourself. You'll have
to pinpoint the fear--which might be anxiety about how you'll
pay the bills, concern that you'll be spending less time at
home or something else. Spouses on the outside looking in
"aren't in touch with the upside, the dream or how
there's risk to being a [full-time] employee today," says
Paul Rich, a strategic business advisor in the Seigel Rich division
of accounting firm Rothstein, Kass & Co. PC in New York City. Talk
about your business plan so your spouse can respect your decision
and see the positives, not just the negatives.
Next, envision everyday life as an entrepreneur: You'll be
the only one at the water cooler. How will you confront feelings of
isolation, uncertainty and trepidation in planning a whole day on
your own? "It's difficult going from a paycheck to a
project-based mentality," says Judith Dacey, CPA and owner of
Small Business
Resources Inc., an accounting firm in Orlando, Florida, that
works with start-ups. "The hardest person to manage is
yourself."
Block out a whole work week on paper, just for practice. For
example, you might allot two hours every day for marketing, another
few hours for sales calls, a lunch break and so on. Before you know
it, you'll find structure to your day, and becoming a full-time
entrepreneur won't be such an emotional shock. Diving into a
swimming pool is a lot less painful when there's water in it.
"Being an entrepreneur is the hardest job there is in
life," Rich says. "You want to go positively to where
you're going."
| Emotional Fitness Checklist |
To be emotionally fit as a new
entrepreneur, you should be able to answer yes to these 10
statements:
- I can bounce back from failure and disappointment.
- I'm a self-starter who can work alone.
- I'm comfortable with uncertainty and risk.
- I complete every project I choose to take on.
- I come through for people without failing them.
- I'm able to hold my ground without caving in to
pressure.
- I can confront and resolve problems.
- I can make final decisions amid uncertainty and conflicting
advice.
- My family understands my decision to start a business. They
also realize that they will be a part of the business.
- I can remain confident when others don't understand me or
my vision for the business.
|
Page 1 |
2 |
3 