Employee to Entrepreneur – Do YOU have what it takes?

Man with feet on deskFor this month’s call, friend, prior coach and superlative small business expert joined us….Karyn Greenstreet, Founder of PassionForBusiness.com was my special guest.  Karyn has coached business owners in 42 industries and from solo-preneur to the multi-million revenue producing business owner.  She has published over 50 E-books on business, marketing, spirituality and more, has founded 5 of her own businesses (selling three), and has been quoted in the New York Times among other major media. Today she joined the call to discuss:
Employee to  Entrepreneur – Do You Have What It Takes To Succeed?  Download call recording is here ===> From Employee to Entrepreneur  (44 minute call-be patient for the download, well worth it-Karyn rocked!)
There was so much great content on this call, you will want to listen in, to catch it.  In the meantime, here are some nuggets Karyn urges you to consider when thinking about becoming your own boss:
The two key ingredients for success as an entrepreneur:
1) Ambition – This is ambition a personal ambition – for yourself, not any one else.  You must have a powerful motivation to be in business, and just a strong motivation in life overall!
2) Persistence – You will get up and fall down, and must have the persistence to pursue your goals and dreams despite setbacks. Staying power can be a huge differentiator.
You also need to be resourceful, a calculated risk-taker, and self-motivating.  For more, see Karyn’s self-employment success checklist here. 
Q:  Is this an especially good time for entrepreneurs, based on the market/economy?
The market does not really have a bearing on if your business will work or not EXCEPT in your determining if in the current market, people are paying for your service or product.
Make this a part of your market research.  Are they willing to pay for what you want to offer? Your market research should be active – where you get out and talk with prospects and others in field AND passive, where you can check media and online info about current needs and offerings. Check magazines in your target audience – they spend a lot of money on research. See what has been a hot topic the past six months and see if you can offer something around this.
Answer three  basic questions:
1) Do your customers have a problem to solve?
2) Do they want to solve it now?  (if not urgent, may not be a great business premise)
3) Do they have the money to pay for that solution?
Q:  How do you know if your fear is normal, fear in transition and making-it-on-your-own fear, or a sign that you may want to reconsider and are not cut out to be an entrepreneur?
Anxiety is healthy if it forces you to question your business plan and design, and cross all of your “t’s” and dot “i’s.”  You really cannot know until you try something. Put one foot forward and see if doors keep opening.  Karyn shared the phrase, “Action alleviates anxiety.”  And you can get a business mentor to assist so that your confidence will be raised.
That said, if you are naturally an anxious person or worry about things you cannot control, or the unknown, entering into business will be harder.
Also, these days, being an employee is no golden ticket to control and stability as we all know. If you are not willing to risk some failure, you may not be playing big enough.
As for timing of when to leap: 
1) Do you know WHY you want to go into business?
2) If you have a day job, why is now the best time to leave?
3) Have you done your research?
4) Do you have a business plan (if you need to borrow money), or a more common, business model – that you can use as a metric for making all of your business decisions?
Karyn’s Business Model method has 7 pieces:
1) Who are your customers?
2) What do they need?
3) What do you offer them?
4) Pricing
5) Revenue/Expense Model
6) Resources (technology, cash, staff, etc.)
7) Actions
Your business model will be a dynamic piece of your business. It is healthy to revisit it every year or couple of years to see if it is still working for you personally, professionally and financially.  Karyn’s site has more information and books recommended for your business planning.
Hope this gets your wheels turning about how to be a successful entrepreneur, or even how to make the decision. Be sure to check out the recording for more details…and please – comment below!
Are thinking about or in the process of moving from employee to entrepreneur?  How can Karyn or I help?  Ask away….
OR share what helped you make your move!

Comments

  1. Thanks for posting the replay!

    • jberquist says:

      You’re welcome, Matt! After you listen, would love to hear your thoughts back here on the blog.