Most of us have been led to believe the path we must take involves going to school to learn knowledge and skills then starting work for someone else. Whether it’s a large company or a small one, typically we are plan to become an employee.
What if there is another path we could be considering? What if the traditional path your mother and father took just isn’t appealing to you? What if you love the idea of working for yourself? Today’s global landscape, and the rise of the internet, has made entrepreneurship more feasible than ever.
Here’s three things we think you could reflect upon to work out whether you’re a good fit for being your own boss.
Personality Fit
Entrepreneurship is not for everyone and if your personality is one that is resistant to change and ambiguity, it may cause you to be very unhappy. Consider if you are ok with some risk, if you enjoy working hard and finding solutions, and if you are comfortable working on your own.
While no job is guaranteed and can be outsourced at anytime in today’s market, you are really relying on yourself when you are an entrepreneur. It can put you in some pretty stressful situations, so you need to be honest with yourself about whether or not you are prepared to deal with that.
A business idea
In order to become an entrepreneur, you need to have a focus for the business. No idea yet? Check out these 20 ideas from Australian Anthill for some inspiration.
If you have an idea already, have you thoroughly researched it? What’s happening in the industry? Who are your competitors and how are you different?
How much capital do you need to get your business going? Where will you find that money? Before jumping into working for yourself, make sure you have considered all the different angles. A good idea is to bounce your idea off someone who isn’t close to you. A life coach or a career counselor can be a great third party to ask you the right questions and give you honest feedback on your idea. Then you can take that feedback and adjust your idea accordingly.
Write a Business Plan
If you are seeking investment into your company you will likely need to provide investors with a detailed business plan.
Even if you don’t need additional funds for your business, mapping your plan out in a business plan is a great way to get specific with your idea and plans to make it successful. For a free template, try the Australian Government’s business.gov.au offerings as a starting point.
If you feel like running your own business would be exciting and fulfilling, give it a shot! Once you have a plan, put it into action. Connect with others doing what you’re doing. Consider a Chamber of Commerce or business networking group for support and professional development.
If you are currently working for someone else you could even try it out as a side business before making a full leap. The corporate world will still be an option if you decide entrepreneurship isn’t for you afterall. But the only way to find out for sure is to try.
Career Vitality won the Hills & Districts Chamber of Commerce Entrepreneur of the Year Award in 2016 and would be very happy to share the experiences with you on 0400 739 919 or judith@careervitality.com.au if you’re keen to explore this pathway.