Owning Your Own Business

So you want to be an entrepreneur?

It’s not easy taking the leap from a full-time, well-paying job to becoming an entrepreneur. It’s a leap of faith – one that is riddled with doubt and fear of whether you are making the right decision and whether you will really make it. Here are some tips to make it easier.

  • If possible and it is not unethical or a conflict of interest, start your business, albeit on a small scale, while you are still employed. Say you are in the software business, perhaps you can develop new products by working over the weekend or weekday evenings or provide consulting. This will allow for some initial cash-flow while you are just beginning. When you feel more confident, you can quit and work on the business full time.
  • It’s never too late but it helps to be younger. As you get older, your responsibilities are greater and the pressures can add up. So, if you have a dream about starting your own business, start as early as you can.
  • The initial years can be tough on your finances. So be ready to cut down on personal expenses. Do you really need to wine and dine your client? Do you need a fancy office?  Instead, invest wisely in the things that will help to grow the business.
  • Be prepared to work hard and harder! Don’t let failure deter you. Learn from your mistakes and if possible, talk to someone who has gone along the same path. Having a mentor can help keep you motivated and on track.
  • Arm yourself with information and knowledge. Having your own business means not just being an expert in your product or service but also being aware of everything needed to run a business from laws to accounting and taxes.

Check out this video by Velpic and Mark Constantino, Jr., CEO of MyCloudCure to learn more about learning management challenges of small businesses and how to overcome them:
https://www.youtube.com/watch?v=Fl3-Dtqeys0

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