Entrepreneurship: The dreaded 16-letter word!

Entrepreneurship! This 16 letter word has so much power and yet projects so much fear. It’s a dreaded word for some and a liberating journey for others. For me it is a liberating journey. Yes, it’s challenging. It definitely gets difficult at times. There are days when you are going to feel like you are on your last stretch of hope and then there are days when you are sliding through the clouds. In fact, it is a roller coaster of emotions. But these variable cycles of emotion I wouldn’t trade for the world. Sometimes I have to remind myself of my faith, my hope and who I belong to, but even those days count as joy.

My entrepreneurial journey began a little over two years ago. He had enjoyed more than 13 years in corporate America in the hospitality industry and more than nine years in academia. When I decided it was time to dive into the deep waters of entrepreneurship, I was completing my first year as associate dean of online learning for a local university. It was a dream job. I was making rapid progress towards my dream of becoming a university president. And that’s how my heart began to change. And while I certainly felt like I was making a difference in the world of education. My heritage, my legacy, my footprints in the sand called to me. I knew that I was born to do more, to be more, and to impact the world in a different way. I was never good with the status quo. I was never one to blindly accept what someone said. I was a born leader. This leadership ability had been proven in all the administrative and management positions he had held up to that point. Looking back, if there was only one thing I wish I had done a little differently, it would be to prepare myself a little more financially. But then again, I don’t know if I ever really felt ready for the jump.

This is what I know. Everything happens as it should. There is a purpose for everything under the sun. Even my lack of financial preparation happened perfectly.

What is entrepreneurship?

This is how I define entrepreneurship. Entrepreneurship is when you go out on your own, trusting completely in your faith and your own abilities to generate income. It doesn’t necessarily mean you’re not working for someone, because we’re always going to work for someone. Maybe not in the conventional 9 to 5 sense, but there will always be someone demanding something. You can be a contractor. For example, one of my jobs is as an online teacher for a couple of schools. Contract work. But there are timelines and schedules that I have to keep up with. And keep in mind that you are always working for your clients, clients are very demanding and rightly so. As a consumer, when I spend my money, I expect to receive that money’s worth. I also have an online fashion boutique for women. I am also a career coach. The point is that you are always working for someone, even if they are your clients.

But here’s the trick. Entrepreneurship means that you are the creator, marketer, and promoter of your business or businesses. Whether you succeed or fail is truly in your hands. When we work for an organization, we leave the overall responsibility for profitability and success with the CEO, the owners and the corporate office. They make the decisions that will affect the bottom line of the corporation.

When you are an entrepreneur, you are all of those things. The CEO, owner and corporate office. Your daily decision affects your bottom line. I guess that’s probably why it could be a little scary.

So why do we do it? Why do some of us take that leap?

Why should you take that leap?

It is definitely an individual decision. It’s not something to be done lightly and on a whim, but I still say it’s worth a try. The experience and lessons learned on this journey are more powerful than you can imagine. If you are a student of life, this is one of the best lessons you can learn. Through this trip I learned a lot about myself. I have found strengths and weaknesses that had not been discovered. I have found lost courage and determination like no other. I have even found a hidden stubbornness that has evolved and continues to grow.

There are definitely pros and cons to taking the plunge. I think it may be a little different for some, but for most, the same basic pros and cons apply. Here is my list:

advantages

I am self-employed

My income depends on how much effort is put into the business.

My time is mine. It does not belong to anyone else. Nobody tells me my time. I don’t have to clock in or out or inform anyone. I can work until 3 in the morning and have my days off or I can work all day and all night. It really depends on how successful I want to be.

My success depends entirely on my actions.

cons

I work for myself. No one to tell me what to do, guide me or give me a job description.

My income depends on how much effort I put into my business.

Long days and long nights

At first vacations are hard to come by

It can be a lonely ride

You may lose fickle friendships and relationships.

I think the pros and cons are self explanatory. Many of the good things about entrepreneurship are also the things that make it not so great. It’s certainly not child’s play. I found that if you have the guts to walk out into this world, you already know it.

Some of my clients ask me how do you know if you are ready or what are the qualities and traits of an entrepreneur. I’m sure these qualities and traits will evolve over time, but I think these are definitely the basics.

Qualifications and characteristics of entrepreneurs.

Confidence in your abilities

Determination to win and not let failure determine you

relentless faith

Research Driven

Willingness to try until you get it

I believe these fundamental traits will take you far. If I had to offer any suggestions for budding entrepreneurs, I would suggest the following:

Prepare yourself mentally, spiritually, emotionally and financially

Take some time to prepare for this journey. Do your research on the market you are interested in pursuing. Do your research on entrepreneurs who are successful as well as those who have failed. Most often they are one and the same. Ask questions. Mentally prepare for the ride and don’t expect an easy payday. If possible, save money in the first year. Imagine that you will be out of work for the first year and save enough to cover yourself. However, this can also backfire. I think not having enough puts you in third gear.

do not postpone

Prepare, but don’t procrastinate. Fear is operating when you are waiting for the perfect moment. There is no perfect moment. Starting is risky. If there was a perfect time it would be called something else. Understand that you will never feel fully prepared. It is that emotion, that uncertainty that will keep you smiling.

Be willing to ask questions

Don’t reinvent the wheel. Know that someone somewhere has already tried what he is trying. Google is a great resource, please use it frequently. People are a great resource. Never underestimate their experiences. Keep in mind that you can actually learn more from those who failed. They can certainly tell you what not to do.

Never envy your seemingly successful colleagues

Taking the time to observe others stalls your progress. Always support and help everyone you can. You never know when that hand will come back to you.