How To Become Your Own Boss
Many people who are sick and tired of the daily grind of working a 9 to 5 job dream of being able to quit one day and becoming self-employed. Whilst it’s good to have a dream, an important question to ask oneself is “How to become your own boss?” and also have an action plan to make it happen.
For a long time, we have been taught in school and told by our parents that we should study hard and get a good job after graduation, and so that’s what most people would have done. However, not everybody is cut out for a 9 to 5 job. Many people who have experienced losing their jobs suddenly during times of recession are deciding to take their future into their own hands and become their own bosses and work for themselves rather than working for a company.
What self-employment entails is to have the ability to generate income directly from customers, clients or other organizations as opposed to being an employee. Some people are fortunate to have an inborn entrepreneurial spirit but some develop into successful entrepreneurs through forced circumstances such as redundancy or personal situations that put them in disadvantaged positions for employment.
Regardless of the stimulus, as long as you have been born with a talent or have the ability to learn a skill, you can become an entrepreneur and start a business by offering a service based on your talent or skill.
What is an entrepreneur?
An entrepreneur is someone who plans, manages, and assumes the risks of a business or enterprise. Basically, this means that if you have a creative idea or initiative and are willing to take action steps to make it happen while considering the risks, you become an entrepreneur.
When is the best time to leave a day job and start your own business?
Launching your own business is one of the most rewarding and fulfilling things you can do. And while thoughtful risk-taking is something to be encouraged, it’s important to keep in mind that most new businesses fail within the first year and a half. So before you give up the security of a steady paycheck, you need to be as sure as possible that the risk is worth it. An ideal situation would be to build your business in your free time and start earning some income before quitting your job.
Can anyone become an entrepreneur?
These are some desirable character traits that entrepreneurs should have:
No business is guaranteed to succeed. Fear of the unknown is what keeps many people in their job rather than taking the leap to focus full time on their own business. It helps when we have the support and security as a safety net to allow us to pursue our dreams. But when we don’t have that, and have a dire need to survive in times of adversity, the environment stimulates entrepreneurial activity in the form of hustling.
Turning an idea into a successful enterprise requires a lot of hard work. In order to have the drive to put in effort in a business start-up, it is key that your business is an area that you’re passionate about.
Young entrepreneurs require an environment in which to be nurtured and a culture to inspire creativity, innovation, collaboration and a knowing that great things are possible. One of the greatest things about being an entrepreneur is that each new day brings new possibilities.
Be creative, and believe that you have something to offer the world to make it a better place.
Dare to take a challenge
A brick and mortar business will require significant start-up capital. Some entrepreneurs get funding from bank loans or even use their own hard-earned savings. Often, a realistic cash flow forecast will show that a new business will not bring in enough money to support the entrepreneur for quite a while so it’ll be advisable to preserve a regular income before you diving into running a new business full time.
If you were given an opportunity to start a mini online business with an investment of just $1/day (or $359/year), with all training and support included, would you?
Have fun and enjoy the journey
It’s important to remember that perseverance and consistent effort is key for success. Along the way, keep your sense of humor and learn from your mistakes so you’ll be better equipped to improve your business.
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