Starting a business is a bit like embarking on a voyage–there’s so much to explore yet, at the same time, so much to learn. It’s a truly humbling experience.
Even the savviest and most experienced of entrepreneurs acknowledge that they still have a lot to learn decades after they’ve already established themselves. The great Albert Einstein once said, “Once you stop learning, you start dying”.
If you’re looking to make the jump from employee to employer, here are a few tips you should learn:
Start Small, Stay Frugal
Not everyone is lucky enough to start a business with millions in seed money. In fact, 65% of business owners in America started out with $10,000 or less. Rather than seek funding from outside sources, which may cost you ownership in the long run, focus on smart, cost-efficient ways to build on your ideas. Also, consider what you want but prioritize only what you need.
Separating wants from needs is key to understanding what’s important. Sure, that snazzy leather couch will look great in your office, but is it really necessary? That’s something you have to sort out, especially when you’re starting out with limited funding.
If all else fails, you can always find quality secondhand equipment online. You can buy used printers from companies like https://www.jjbender.com at the fraction of the cost.
Follow What You Love, But Also What You Know
Mike Rowe of Dirty Jobs fame makes an interesting point when it comes to following your passion. He writes,
“Just because you’re passionate about something doesn’t mean you won’t suck at it. And just because you’re determined to improve doesn’t mean that you will. Does that mean you shouldn’t pursue a thing you’re passionate about? Of course not. The question is, for how long, and to what end?”
A lot of people quit their jobs to “follow their passions” only to realize they aren’t so passionate in the first place. Of course, it’s nice to turn a hobby into income or a side project into your main thing. However, you need to decide whether or not you should turn them into businesses.
I hate to say it but not all passions can turn into successful businesses. Sometimes, you need to follow your unique skills instead of pursuing your passions. After all, brands like JJ Bender were not founded on glamorous dreams but real, concrete skills and ideas.
That said, try your hand at something you love anyway. Whether you fail or succeed, at least you learn.
It Will Get Better
46% of all entrepreneurs consider the first year the hardest–and understandably so. Taking an idea from the drawing board to the open market takes a lot of work, sometimes even more work than you thought was possible.
If you’re planning to ditch the comforts of corporate living and try your hand at business, you should be ready for mistakes. After all, even the luckiest of us encounter problems and trials every now and then.
All that said, don’t be discouraged. While the journey is definitely going to be a long one, the rewards of cultivating something you truly believe in are well worth the risks.
Understandably, starting a business comes with a lot of risks, but nothing good ever comes easy right?
Best of luck!