To answer this question, you must look within; at your ethos and dedication and, just as importantly, your attitude towards risk, not only in a financial sense but also your time and health – undoubtedly two of the most important things in your life.
To embark on self-employment, you need to be sure why you are doing it, so what is your reason, is it?
- Title/prestige?
- Drive to create?
- Self development?
- Purely financial?
- Or something else?
Regardless of the type of business, you also need to ask yourself if you can deal with the downsides, such as:
- Not making money at times?
- No time to rest and play?
- Being the only one who the buck stops at?
- Sacrificing quality time for building a business of any size?
Whether your business is a small hair salon, coffee shop or an IT company, you should also ask yourself – is your health up to it?
I write these words based on my personal experience. I took on the world of business from the young age of 17. At 51 I have completed my path and taken an exit; I now no longer run a business.
I am very fortunate to have been successful in my business career and now intend to share my knowledge and experience with others who are considering setting up their own business.
I equate self-employment with a tight rope above a wild river that one needs to cross and the only way you can cross it is by:
- Exceptional planning,
- Training,
- An open and balanced mind and soul,
It does not serve you well to be:
- Panicky
- Arrogant
- Complacent
It is crucial that you do some soul searching before you start up a business. You must know why you are doing it and what kind of business you want to achieve. Keeping your focus from day 1 and keeping in mind your initial ethos of a quality business with exceptional customer service is key. Unfortunately many lose their path once they are busy and making money, become complacent and forget the foundations on which their business was built. Before they know it they are done in.
An entrepreneur seeks advice but forms their own view of the final path and how their business needs to be set up and run
Do not rely solely on others to tell you if your business idea is good or bad, you must judge that based on informed research and understanding your business’s place in the crowded market. In my experience your gut will tell you if you are right or wrong not someone who is not the soul of the business. However it is essential to take advice from experts to make sure you are compliant and who will support you to take calculated risks to grow and succeed.
You are an entrepreneur if you think of an idea, you plan it and execute it.
Regardless of the size of the business, I wrote a business plan which did not follow any other industry norm but told the story of what I wanted to achieve and why,. No online template or adviser can write the business plan for you, it needs to come from deep inside and based on comprehensive research and market understanding. You will need to be prepared to justify your reasons for your business and defend it passionately, especially at the outset.
At some stage your business will come to an end
The day of my exit from the business I founded and expanded for 17 years, I sat in my car and cried because for me my business was oxygen and purpose. However I am confident because of following some of the advice above, I left a strong legacy and had good reasons for choosing to withdraw from business at this point. I am confident that my legacy/team will benefit from a bigger and stronger organisation and know how much me and my family will benefit from quality uninterrupted time to enjoy fruits of hard work.
Self-employment can be very rewarding but also self-destructing, plan, build and let go when time comes.
You the entrepreneur decide your path but having the right people around you to help you grow, particularly if you are thinking about starting up a business, is key.