Lack of job satisfaction has caused many employees to seek entrepreneurship as an alternative to having a job. Pay raises have not kept up with inflation. The raising cost of health insurance has lessened workers paychecks. These are just two of the issues facing most people in the workforce today which is why a recent survey conducted by CBS News found that only 45 percent of American workers are happy with their jobs.
Today, entrepreneurship is popular. Many people are choosing to start full-time or part-time businesses because they want the benefits that business ownership can provide. Who doesn’t want to make more money, to have more control over their time and be free from office politics?
Although, entrepreneurship comes with many benefits it can come with some pitfalls. Here are three pitfalls to avoid if you are considering entrepreneurship as an alternative to having a job.
1. The Business Opportunity – Every day we are bombarded with commercial business opportunities. Your inbox maybe full of emails that read “Make $100,000 per year working from home with a proven business system.” These opportunities would have you believe that you are not capable of coming up with your own business idea and that all you need to do to become successful is to use their forms, tools, scripts and methodology.
While I find nothing wrong with business opportunities, as I have been successful in a few, I find their advertising messages to be misguided. Promoters of business opportunities want you to believe that success lies outside of you. The promoters spend a lot of time telling you about the potential of what their business has to offer.
When selecting a business, you should begin by looking inside at your skills, interests and values. Then take your skills, interests and values to the marketplace to see how you can provide a product or service that will help others. The potential to be successful as an entrepreneur lies within you and not within the opportunity. The opportunity is like a car it can’t go anywhere without a driver!
2. Don’t start a business doing something you hate. It may sound silly but some people base their business on their current job even if they hate it. In some respects, it makes sense to do this. You have been doing your job for a number of years. You are familiar with the work and you may even be good at what you do.
However, if you are not happy with your job and you start a business doing the same thing you will find it even less rewarding. Also, if you are not happy with the work you do, you are not going to give your best service and you will have unhappy customers. Only if you are happy and passionate about what you do will you go the extra mile to provide excellent service to your customers.
As an entrepreneur, it doesn’t make sense to be stuck doing work in an area you don’t enjoy and are not passionate about. The benefit of owning a business is that you are the boss. You get to create your product or service. As an entrepreneur you get the privilege to serve others which should be done with care and love. You can’t do something with care and love if you don’t enjoy it!
3. Don’t be lured by Income Potential. I made this mistake several years ago. After reading that Commercial Cleaning was the next big thing and offered the potential to make a lot of money, I purchased a commercial cleaning franchise. Needless to say, my paychecks didn’t help me to enjoy cleaning toilets and wiping dirty desks. I would rather pay someone to clean my own house so it made no sense for me to think I would want to clean offices. I sold my business after two years of being miserable!
There is nothing wrong with wanting to earn a large income but don’t do yourself the misfortune of being unhappy in your business because you got lured by the potential of earning a high income without considering other factors.
As an entrepreneur your income potential is unlimited. You have the potential to create a relationship between the amount of work you invest and your income. In other words: if your efforts are higher your reward should be higher. Unlike a job where you boss decides what salary you earn no matter how much the company may earn in profit. I’m sure you have heard the saying “Do what you love and the money will come.”
The basis for starting a business and becoming a successful entrepreneur maybe outside of your current career. It requires commitment, passion and motivation to go from being an employee to an entrepreneur.
Your Success Partner,
P.S. In my next blog post, I will show you how to conduct a skills assessment to examine your skills, interests and values which will help you choose the right business opportunity and avoid these three pitfalls.