Aaron Patzer, who is the founder of the hugely successful finance website Mint.com, once advised a group of Princeton University students that it may be a good idea to drop out of college, and throw yourself into your business so it can succeed. Having dropped out of the PhD to eventually sell his company for $170 million, he knows a thing or two about what it takes.
But quitting school or even your job, is not an easy thing to do. If you have a job and leave for entrepreneurship, it may mean countless months of thankless work before a steady cash flow. But what if you don’t want to throw away your education or quit your job in order to succeed in your own business. Good news for you! Due to the Great Recession in 2008 more and more people learned to start their own businesses in order to make it. Now, side businesses are being run by millions of people as a way to ease into full-time entrepreneurship or even just a way to earn awesome side income.
Here are five reasons at least to make you think of being a self start entrepreneur, whether you love your job or not:
1. If you have a business idea that you want to test, and you are not sure how successful it is going to be, it is time to test it while playing safe. Whether your idea succeeds or has an absolutely undreamt of ending, it will have no influence on your professional and family life.
2. If you want to save for something big and want extra money this kind of business at hand will bring that stability to you.
3. If you want to have better cash flow in your financial plans, this is the best way to have it.
4. For most of us, social security benefits are not enough. Then how are we going to manage in old age? Have something stable to see you through in those days. Start now, when you have the energy to take risks.
5. You don’t have to rush into the business venture you start. This day job gives you the time to take your steps carefully and avoid haste.
Since you have considered being an entrepreneur, Here’s how to do it.
Small is Big
Don’t try to start something big and dive into it deep in the first plunge. If you make a schedule of a few hours a day to work towards your enterprise, you are not going to stick to it. The enthusiasm works for a few days, not beyond that, and after it subsides, you are very likely to stick to your TV programs, hanging out with friends, drinking coffee etc.
Family should not be ignored at any cost. If you have kids, spend time with them, and if you have a spouse, make sure that you send quality time with him/her. Go for a walk, shop, cook or just share a cup of coffee. It is important to be involved with the family, and if you do not, very soon you’d find yourself lost between two worlds: work and business. This will also keep you sane when things get crazy with your business.
Business is Serious… Business
When you are working on your business, be serious about it. Remove all distractions; devote all your energy, concentration, determination, will power, and everything else you have towards your goal. A half hearted, partially inclined approach is not going to take you anywhere. Until you are ready to dive deep without worrying about the compromises, do not try!
It is extremely important to be realistic about your actions, and goals. Do not make such a gigantic plan that is almost impossible to accomplish. You may not be aware of your actual capability in the beginning, but set goals that you can accomplish, and then over achieve your own goals. It will build a lot of faith, keep the enthusiasm up, and your growth positive. None of us are Hercules and it is important to know your limitations. Make small lists for daily, weekly, and monthly goals. This will not take more than 10 minutes for you to write, and can bring a sea change to your first steps as an entrepreneur.
Test the Waters
The challenge of working on a business why working is magnified by the fact that you have no idea whether the business will be a smashing success. That is why it is best to test different business ideas without risking your life savings. Running a business can be risky and expensive. Do as much as you can without spending too much.
Use sites like Bluehost for your website. It will cost you about $5.95 to get up and running. If you have prduct to sell, use Shopify. They usually offer a free trial so there’s no risk. After that the plans are about $29 which is still a cheap way to start a business.
Be in love with what you do: be practical too
Your business idea should be something that has your heart. Although, it is equally important to have a practical aspect to the concept! Make sure that your idea has been tested and has the chances of succeeding in the market. It not only has to be good for you, but there should be something for people too. It has to be beneficial to others. If it fails to bring anything worthwhile to anyone, probably it is time to change your idea and make it workable for all.
All the while when you are busy pursuing your dream enterprise, try to have certain things straight. Ensure that your work place allows you to have a business of your own, get all the paper work, registrations, and formalities in order. Try to involve some dependable co-workers to assist you and make use of their expertise to your advantage along with theirs. These small little things can turn things around for you and the help you tremendously.
Another thing to be remembered is that has been told by many, but taken lightly by all. Never give up! Believe in yourself! Your belief will make others belief stronger and firmer and give you the courage to trek the rugged terrain.