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Thursday, March 31, 2011
Riding the Rollercoaster
You have decided you want to own your own business.
For whatever reason, you are sick of working for someone else, drawing a paycheck and helping them get rich.
You start thinking:
"Now it's time to strike out on my own. Do my own thing"!
"I love this product so much, I think I'll buy the company"!
"It's time to do something, I'm really passionate about"!
And why not?
The adrenaline, excitement and ideas blowing out of your brain can be intoxicating. But, just around the corner, an equal amount of fear, anxiety and "what the heck have I gotten myself into" is waiting for you on the other side.
If you have never owned your own business, then becoming an entrepreneur can only be compared to riding the scariest, most exhiliaring rollercoaster you can imagine.
Are you sure this is something you want to do?
Do you have any idea what you are in for?
A little more than a year ago, Cameron Herold introduced the concept of the entrepreneurial rollercoaster to TSB. Since that time, his observations have proven deadly accurate in any of the start-ups I have observed at close range. But to take it a step further, I have also noticed that anyone who has been a salaried employee for any length of time, can expect to take anywhere from 18-to-24 months to navigate the entrepreneurial learning curve. And we're just talking the initial learning curve in terms of dealing with the inevitable, emotional and sometimes panic-stricken ups and downs.
"I'm exhausted. Turns out owning your own business is as hard as everyone says it is. I'm giving props to all of you who do it and have family's! I can barely take care of myself, the business and my cats. POOPED!:)"
MALLORY MACDONALD, PropertyGuys.com, March 30, 2011
Whether you’re just starting out or you’ve already established a business of your own, keep these three things in mind:
#1 Realize There Are No Ups Without Downs
Business by nature is cyclical. Just realize babycakes, that this ride ain't always gonna be be rosy. When you’re feeling down, it is a sure sign an up is just around the corner.
#2. Recognize Where You Are In the Cycle
The uncertainty of what tomorrow brings is what makes this a thrill ride, but make sure you have solid plans and control systems in place to monitor your progress both financially and emotionally. Plan for the long haul and learn how to shake off failures and setbacks. Quickly.
#3. Reach Out When You're Headed for the Bottom
Surround yourself with coaches, mentors and fellow entrepreneurs who have "been there, done that". Sometimes an encouraging word or two from someone you respect has a way of shifting the negative energy you feel and accelerate your way back to the informed optimism stage.
Entrepreneurship is a craft. No different in some respects than learning how to be a great artist, academic or athlete. You will need to learn your craft like those who have come before you, heed the lessons and respect the rollercoaster for what it is. More than anything, this is a game of survival, and one that nurtures creativity and courage.
The cover-your-butt mentality of the typical employee only gets you so far.
The follow-your-gut mentality of the entrepreneur can take you anywhere.
Providing you can hang for the ride.
"Entrepreneurs are risk takers, willing to roll the dice with their money or reputation on the line in support of an idea or enterprise. They willingly assume responsibility for the success or failure of a venture and are answerable for all its facets"
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