Being your own boss is definitely on trend right now. Being an entrepreneur isn’t only for the highly-educated, loaded bank account, suit-wearing individuals anymore. Giving yourself the chance to run your own business, regardless of how big or small, is basically a rite of passage—especially where millennials are concerned. While there are many benefits to having no one to answer to, there are also many drawbacks that you need to consider. Here’s a heads up with five things to keep in mind before quitting your day job.
You Need to Actually Do It
The world is full of inspirational, innovative, creative, and brilliant people who have fantastic business ideas. However, though you can have a plethora of business ideas, they aren’t worth much if you don’t have the passion or drive to make them a reality. Studies suggest that the ability to create an idea and turn that idea into reality are two different personality traits.
You Need to Talk a Big Game
To inwardly motivate yourself when times are tough and convince others to back you up, you need to have confidence. You don’t need to have Mark Zuckerberg’s kind of annoying sense of world-dominating assuredness, and you don’t need to lie about your achievements like an egomaniac. However, you do need to put your foot down and sell your business at crucial times, and this can be difficult.
Many ideas are going to have flaws. They are going to be underdeveloped and large targets for your nearest competitor to take down. Having conviction and understanding your self-worth is going to make it much more challenging for pivotal figures to knock you over.
You Need to Put Your Business First
Being your own boss means that you need to hold back on many parts of your day-to-day life—including your finances. Many entrepreneurs that run smaller businesses are going to agree that you need to have the restraint that’s required to back your business financially. Control is even more essential on the bad days where you want to run out and spend the money on rounds of beer.
It becomes more difficult to show restraint once your business starts to make a profit. It’s suggested that you take that money and invest it back into the business for improvement and growth; at least for the first year.
You Need to Fire People
Being your own boss is great when you get to create your own flexible and generous work schedule, and it’s even more fun when you get to work while traveling with your family and your kid is in the next room. Beyond those benefits come one of the most significant downfalls and that’s firing employees.
If you have a staff member who isn’t bettering your business, regardless of if they are enthusiastic and punctual, you need to let them go, and that’s not an easy task. It sounds great to be the boss, but when you know that someone relies on the income they are making from working for you, or they have even become friends with you, it makes it that much more challenging to make the proper decision. Studies show that small business owners avoid terminating employees even if they are doing nothing for the company.
You Need to Give Yourself Kudos
One benefit to working at a company that is already established and has created a name for themselves is that you are going to come across a colleague or a member of the team who encourages you. When you are your own boss, that concept flies out the window, and you can start to feel undervalued when things aren’t going well. While it does teach you to avoid relying on others for reinforcement, it also shows you how to depend on yourself.
Don’t let the above truths keep you from following your dreams and launching your own business. No matter how big or small your idea is, as long as you have the conviction, you can make it happen. You don’t need to spend countless amounts of time trying to figure out how many of the same businesses are in your area; you just need to come up with a gimmick that’s purely your own. Use your intelligence and creativity wisely, and who knows, your business might be the next big organization.