Each week I’ll be sharing tips for successfully transitioning into being an entrepreneur. I know many of you stop by just for beauty or fashion inspiration, but as building my coaching business is a HUGE part of my life right now, I have to bring you along for the ride. I hope you don’t mind!
Are you An Entrepreneur?
The more and more I work with female entrepreneurs, the more I understand about entrepreneurism at the core. Be sure to apply for a complementary consultation with me HERE.
Hopefully this list below will help you determine if you truly are an entrepreneur at heart:
1. Smart Risks
All entrepreneurs know that success doesn’t come without risk, but I think true entrepreneurs take smart risks. My decision to leave higher education to focus solely on this business is indeed risky, but it was a smart risk. I made sure to secure our living arrangements, cut costs as much as possible, and consolidated our credit card debt. Just because I’m an entrepreneur, doesn’t mean I’m crazy. I don’t believe in jeopardizing my child’s security for the sake of a dream. The risk for me is knowing that the next year or two may be financially uncomfortable, so I’ve made cut backs and changes to my standards to set myself up for success. If you are not willing to forgo some of the pleasures to which you’ve grown accustomed, entrepreneurism may not be for you.
Most entrepreneurs have little to no capital when they start the process. Even if you are starting an online venture, while it’s cheaper than having to set up a physical brick and mortar location, that doesn’t mean you won’t have start-up costs just like any other business. Do you need a bunch of money up front? No, but overall, you better be ready to spend a few thousand dollars just to get started. Furthermore, you will have to continue to pay for things you neither have the skills nor the time to do yourself. This may mean you pick up part time work to cover those expenses. but you MUST BE READY TO INVEST IN YOUR BUSINESS. I cannot stress this enough. Your brand is your baby and it will need more than love to thrive.
3. A Plan
They may not have a completely drafted business plan, but entrepreneurs have a plan and a clear end goal. When I talk to women who tell me they want to grow on social media, whether it be their blogs, Instagram or Youtube channel, I always follow up with one question: “WHY?” I ask this question because people always think the heavens will open up to you once you can compete with the Big name whomevers in your field. Being an influencer is great and has great perks, this is true. Having brands fly you in for meetings, giving you all kinds of freebies is LOVELY. But guess what? All that stuff WILL go away. No one stays popular forever. Entrepreneurs learn how to use whatever social influence they have to sell a product. Building passive income, and creating products that will sell over time is key to long-term success. All the extras from brands, and so forth, is just that: extra and fun money. Entrepreneurs are in it for the long haul, so a plan is a must.
4. Know Your Worth
Folks who aren’t inclined to entrepreneurship ether have no understanding of their value, or don’t care enough to risk striking it out on their own. Entrepreneurs, however, know that whatever a company is paying them is at least 1/3 of their actual worth. So if a company is willing to pay you 50k a year, you should know that you are worth at least 3 or 4 times that. The reason that that company is willing to pay you 50k is because they know you don’t know any better, and that they stand to make way more than that from hiring you. They stand to make at least triple your salary to not only cover the cost of your salary, but to also make a profit. Entrepreneurs don’t like being used to make other people millions while they live check to check. Knowing your worth is key to the survival of any entrepreneur.
Rome wasn’t built in a day. Cliche, but it’s true. Entrepreneurs aren’t swayed by time. Entrepreneurs believe so strongly in themselves that they are willing to put in the time and work to get to the end goal. There is a lot of noise in the world. This one claiming to be an overnight success. That one claiming to be in the next Steve Jobs of their industry. All of that is fine, but entrepreneurs learn to keep still and trust the rhythm of their own tide.
People may have a million different words to describe it, but it all comes down to faith. Being your own boss isn’t easy, by any stretch of the imagination; however, if you don’t believe in yourself, and have a team of positive people who likewise believe in your talents, your road to entrepreneurism will be cut short. Entrepreneurs survive the ebb and flow by having faith.
Are You A Female Entrepreneur?
If so, I’d love to chat more about your business goals, and how I may be able to help you gain some clarity. Click HERE to apply for a complementary consultation with me today. For more about me, watch here: