Here are some pointers to help prevent you from living back at Mom’s in your old room. a) Get your business plan together. This goes hand in hand with Fear number one: Failure. Because the more you have dissected what you need to do, the more realistic things will be for you. b) Get your Side-Hustle going! Start small with projects after work and on weekends. You can test the waters to see if your business is even worth expanding. A slow transition is key.
I recently conducted a survey asking my colleagues to identify their biggest fears when thinking about starting a business or running their business. Thefollowing are the top three fears that resulted from my survey and some ways to combat them.
1. Fear of Failure: But of course it’s the most obvious. Unfortunately, the reality is that 30-50% of start-ups fail for various reasons that are not always because of poor sales. However, there are some basic ways to get over failing, if you plan ahead for the good times and bad: a) Know your strengths and weaknesses. People who fear inadequacy sometimes try to do everything to perfection. Yeah, you control freaks out there know who you are! LOL. You must realize what your talents are and then get help where you’re lacking. b) Identify the many pitfalls that others have had and learn how to avoid them. It can’t be said enough. Know your competitors and find a good mentor!
2. Fear of Insufficient Cash Flow -AKA- Going Broke! Your need for start-up money is the reason why you shouldn’t storm out of your dull 9 to 5 just yet. Sure, you might hate your job, but think about it as the contributor to your “lay-away plan for escape”. Realize you’re probably going to spend more money than you make that first year in business.
Here are some pointers to help prevent you from living back at Mom’s in your old room. a) Get your business plan together. This goes hand in hand with Fear number one: Failure. Because the more you have dissected what you need to do, the more realistic things will be for you. b) Get your Side-Hustle going! Start small with projects after work and on weekends. You can test the waters to see if your business is even worth expanding. A slow transition is key. Know your monthly budget and save accordingly. Each paycheck you get from your job and side-hustle, stash away a chunk for your “lay-away plan for escape”.
You should have at least 6-12 months saved, so that you can keep that roof over your head and food in your belly! 3. Lack of stability: One of the main reasons people leave their 9 to 5s is because they are bored to tears with the monotony. You can almost expect to be shaken into a world of change when you are in business for numero uno. But I for one think that’s what makes it so exciting. Routine is what many are escaping. You’ll be free to call your own shots, and instability is something that might even be welcomed.
Be able to adapt to change: With every turn in today’s unpredictable business environment you need to be able to change directions quickly and always have a plan B! Entrepreneurs, who are aware of change today and successfully adapt to it, will emerge as the leaders of tomorrow!
Ms. Kelly is founder of Gots To Have It, Marketing, a firm that specializes in marketing and empowering entrepreneurs with a series of workshops and networking events. Please view her company web sites www.gotstohaveit.com and www.giventakenetwork.org. Or call:1-877-545-7352
*** Phil Andrew’s Black Star Business Events Listings***
[] Men’s Empowerment Day “Man 2 Man” segment will be held on Saturday, June 11, 2005 at Greater Bright Light Baptist Church 1320 Sutter Avenue, Brooklyn, New York. The event will begin at 12:00 noon and end at 4:00 pm. Men Empowerment Day will include discussions for men on Faith and Business Empowerment, Black Male Empowerment, Community Empowerment, Legal Empowerment, Image and Public Relations Empowerment, etc. For more information concerning advance vendor registration or advance registration policy, regarding the upcoming Men’s Empowerment Day segment of Conversations and Dialogue on Empowerment with Men). You may log on to our web site at http://www.blackbusinesscircle.com/ or email us at [email protected]
[] A Power Networking Business Card Exchange will be held on March 7, 2005 at the Williamsburgh Music Center 367 Bedford Ave. Bklyn, New York. Learn to earn more, exchange business cards, meet new contacts, build power relationships, and increase earning potential. For more information, RSVP, call Amag/Awarenessmagazine at 718.300.7895, for directions call Williamburgh Music Center at 718.384.1654. Reserve via email at [email protected] or [email protected]
To be featured in The Andrews Report or to list an upcoming business event you may contact Phil Andrews at [email protected]. For more articles including investigative news reports please order the newsstand issue of The Black Star News by clicking on “subscribe” on the homepage or calling (212) 481-7745.
