The phrase think outside the box is used quite often. My challenge to those readers who are thinking about making the shift into business ownership is to not put themselves in a box to begin with. Self employment is a growing option for many people. This category represents a wide spectrum of jobs and careers. It covers every conceivable skill level and opportunity. Although self-employment is an option for many people, it may not the right fit for everyone. It must be something you want to do and not for lack of choice or lack of thinking about the process. Bottom line one must be able to accept that there have to be certain changes that need to happen within themselves.
People venture into self-employment for a variety of reasons. On speaking to various entrepreneurs while working on this article the one common objective was unanimously personal financial freedom defined as the ability to determine ones earning power. However not surprisingly all of them felt that this was not enough to deliver the staying power to overcome the challenges associated with being your own boss. As glamorous as it may seem to throw this word around it does have its challenges that can at times seem to permanently place you in a state of abyss. There has got to be a lot more than the financial drive. The financial benefits more often than not tend to be the result of a much more personal raison d’être.
Maureen Murunga, owner of Urembo cites. “It is about how they play the game and not about being individual stars that has made them get where they are now. Successful entrepreneurship is not about being popular, looking good or driving the right car. It’s about putting in the required effort and following a vision that you whole heartedly believe in, one that you will continue to trust in even when things get tough – which they inevitably will.” For business people the statement by Henry Ford – “Whether you think you can or you can’t either way you are right” holds true every day. The sacrifices that are made in business are many but it’s the ability to not see them as sacrifices but rather means to an end that keeps you going.
Having this crystal like direction and purpose means remaining focused and being willing, brave and humble enough to use the full scope of resources ( intellectual, time, money, contacts) that you may have to get the work done. You may initially not even have recognized the resources you have. Human beings have been conditioned to live with fear. We fear failure, rejection, poverty, humiliation and much more. It is these fears that hold us back from becoming all that we can be. Think about it – how much more aggressive would you be at your job or business if you did not have that inherent fear of being rejected? How many more people would you call? Well as a business person, the vision you hold has to be powerful enough for you to put your fears at bay. My own experience has taught me the importance of developing an internal sense of security such that the ups and downs of everyday business life that would ordinarily affect you, your mood or your drive start diminishing in terms of impact. Behind that vision, there also has to be a connection with how achieving this goal will improve your personal life. We are incentive driven beings and the “What’s in it for Me?” has to be clearly defined. Reasons commonly given include the financial aspect, personal fulfillment, control over time, desire to make a difference, leaving a legacy etc.
Self employment does give you control over your time resources but it will go beyond the traditional 8-5. Particularly in the beginning your time belongs to clients, suppliers, the bank to whom you are accountable to. As much as you are your own boss you may also be the messenger as well. However in time this effort is rewarded in compound terms. You will also need to critically analyse how your personal strengths can be used in the business and make plans to hire or outsource those that you do not have. No one person can be everything.
Financially speaking you will need to transform your mindset from the reliance on a regular paycheck to a self reliant one i.e. relying on your own ability to create an income for yourself. The concept of money completely changes. In the employed mindset you “earn to spend” whilst in this new life you ‘spend to earn”. This is extremely essential to understand particularly when trying to raise capital for your business, a subject we will address in further detail in our next article. Before venturing into business you do need to do some budgeting and find out how much you need to live on for a couple of months. The business will need time to get going and a lot of your initial revenues may be required for the business so that it can make more money. You will learn to see ambiguity as a means to look for new opportunities. There will be times when a particular strategy may not have worked . This does not mean your vision is doomed to fail but rather how you approach it may have to change. You learn to start moving from following rules to following results. Every person you meet may become an important contact that you can use. Learning to celebrate the little triumphs and focusing on them is also important especially during trying periods.
So is it worth it? I believe majority of business people that you will meet will tell you YES. This journey will definitely move you out of your comfort zone but in that process a lot of personal growth will start to take place. With the right amount of focus and consistency, the financial and personal rewards will be plentiful. In my book the ability to wake up every morning and create your own experiences is the true definition of freedom.
Published in True Love Magazine- August 2010.
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