5 Hard Truths In Becoming Your Own Boss
Geplaatst door John Daniel op
No one wants to work for someone else. Nobody really wants to be told what to do, when to do it and exactly how it needs to be done. This is where entrepreneurs are born. Becoming your own boss may sound and seem very glamorous from the outside, but that’s only one of the perks that entrepreneurs let everyone around them see. The uphill challenges, financing issues and sticky operations are things that only the most passionate and hard working people will conquer and make sure that they always put their best foot forward.
One of the hardest truths about starting your business is that you cannot do it alone. Oftentimes people want to be an individual success - they did it all on their own with no help. Having this mindset can set you back more than you think. Becoming your own boss doesn’t mean you don’t need any assistance in the challenges you face. It simply means that you are able to now take control over your life and your financial freedom with better time management; once that sets in. Having a trusted financial advisor and mentor are two things you should consider investing in. These two roles will enable you to stay organized within your cash flow and what you can and cannot afford to do as well as how to properly handle upcoming challenges. A good mentor is someone who has been there and done that. They will be able to give you advice that you simply can’t find anywhere else. First hand wisdom and knowledge about business practices and the trials to come will allow you to look ahead and see the ups and downs before they hurt you and your business.
Cash flow issues are 80% of the reason why small businesses fail. Containing the knowledge about cash flow and how to carefully utilize your money and time management skills is oftentimes overlooked. The stigma of “it only takes x amount of money to start your own business” creates the notion that you can put only a little of capital into something and it will simply bloom like a flower and quickly pay for itself. This is not always the case, especially for particular industries with high-cost products that take more time and money to complete. Running out of cash flow means you’re not making enough to cover your costs, possibly from not budgeting in certain areas or marketing in the right audiences. Something is amiss, and all the sudden becoming your own boss isn’t as extremely glamorous as people might make it appear 100% of the time. Money management, on the other hand, is something you’re able to completely control. If you have a separate steady flow of income, then money management isn’t all too difficult. You’re able to plan for costs and emergencies and know that you will have a small cushion to fall back on. If your small business is your only income, you will need to do some heavy duty budgeting and know how to get the biggest bang for your buck when it comes to advertising, product production and shipping costs. Time management goes right along with money management. If you aren’t familiar with how you should spend your time within building your business, that’s the perfect time for your trusted mentor/advisor to step in and help you out. The work-life balance is almost always not something that’s focused on as an entrepreneur, but new time management skills will allow you to shape running your business around the things you need to do in your everyday life.
One of the biggest influences in deciding if we give up or not is our own mind and conscience. In order to become your own boss, you have to have at hand the resilience to fight for what you believe in and your own passions. If you don’t fight for them, who will? Only you have the creative ideas, drive and vision to make your actual dreams become your everyday life. Becoming your own worst enemy will surely fail you when trying to bring yourself to success. Oftentimes, you are your own worst critic. Letting your setbacks and challenges take you away from what you’re really passionate about is a personal test - seeing how bad you really want it. The individuals who have a clear view of their vision are the ones that have the potential to gain a strong mindset and are able to remind themselves everyday why they do exactly what they do to get through every trial that comes their way. Start building up your confidence now and it’ll solidify your foundation forever.
One of the hardest truths about starting your business is that you cannot do it alone. Oftentimes people want to be an individual success - they did it all on their own with no help. Having this mindset can set you back more than you think. Becoming your own boss doesn’t mean you don’t need any assistance in the challenges you face. It simply means that you are able to now take control over your life and your financial freedom with better time management; once that sets in. Having a trusted financial advisor and mentor are two things you should consider investing in. These two roles will enable you to stay organized within your cash flow and what you can and cannot afford to do as well as how to properly handle upcoming challenges. A good mentor is someone who has been there and done that. They will be able to give you advice that you simply can’t find anywhere else. First hand wisdom and knowledge about business practices and the trials to come will allow you to look ahead and see the ups and downs before they hurt you and your business.
Cash flow issues are 80% of the reason why small businesses fail. Containing the knowledge about cash flow and how to carefully utilize your money and time management skills is oftentimes overlooked. The stigma of “it only takes x amount of money to start your own business” creates the notion that you can put only a little of capital into something and it will simply bloom like a flower and quickly pay for itself. This is not always the case, especially for particular industries with high-cost products that take more time and money to complete. Running out of cash flow means you’re not making enough to cover your costs, possibly from not budgeting in certain areas or marketing in the right audiences. Something is amiss, and all the sudden becoming your own boss isn’t as extremely glamorous as people might make it appear 100% of the time. Money management, on the other hand, is something you’re able to completely control. If you have a separate steady flow of income, then money management isn’t all too difficult. You’re able to plan for costs and emergencies and know that you will have a small cushion to fall back on. If your small business is your only income, you will need to do some heavy duty budgeting and know how to get the biggest bang for your buck when it comes to advertising, product production and shipping costs. Time management goes right along with money management. If you aren’t familiar with how you should spend your time within building your business, that’s the perfect time for your trusted mentor/advisor to step in and help you out. The work-life balance is almost always not something that’s focused on as an entrepreneur, but new time management skills will allow you to shape running your business around the things you need to do in your everyday life.
One of the biggest influences in deciding if we give up or not is our own mind and conscience. In order to become your own boss, you have to have at hand the resilience to fight for what you believe in and your own passions. If you don’t fight for them, who will? Only you have the creative ideas, drive and vision to make your actual dreams become your everyday life. Becoming your own worst enemy will surely fail you when trying to bring yourself to success. Oftentimes, you are your own worst critic. Letting your setbacks and challenges take you away from what you’re really passionate about is a personal test - seeing how bad you really want it. The individuals who have a clear view of their vision are the ones that have the potential to gain a strong mindset and are able to remind themselves everyday why they do exactly what they do to get through every trial that comes their way. Start building up your confidence now and it’ll solidify your foundation forever.
