Making it on your own
Navigating the highs and lows of entrepreneurship
Description
Leaving steady employment for self-employment brings psychological struggles from being your own boss rather than answering to others. However, overcoming these hurdles can lead to the most profitable, enjoyable and secure work available. The key lies in your approach and developing traits like confidence, motivation, discipline and assurance that support success.
With the right attitudes and skills, self-employment can be liberating and rewarding. You not only survive but thrive and prosper. Without working on these abilities, business for yourself can be a minefield. The good news is every self-employed person controls their own quality of life. They can achieve whatever lifestyle they want by adjusting their mindset and managing their career properly.
Table of contents
01Developing a profit mindset over salary
Making the mental transition between working for someone else and working towards building your own business is often a daunting challenge. The focus shifts dramatically from a paycheck mentality to a profit centered way of thinking. The key to making this transition doesn’t lie in strong capital reserves or even an impressive resume. Instead, the key lies in the way you think about yourself and your work.
The traditional education system is not geared towards teaching people how to be in business for themselves. In fact, the education system is really working towards the goal of producing good employees, people who will show up on schedule, take breaks when scheduled and do whatever they’re told to do. That’s the payroll mentality, do what’s expected and you might even get a raise. In the world of self employment, however, having good work habits is irrelevant. In fact, there are no rules except one, do whatever it takes to make a profit. That demands an entirely different way of thinking and acting where even the most well intentioned advice others give you, like thinking positively and working hard, can be counter productive.
Historically, people working for themselves have been described as entrepreneurs. In today’s business environment, however, entrepreneurs have been superseded by propreneurs. What’s the difference between the two? Entrepreneurs create commercial endeavors that require considerable initiative and risk. Propreneurs work for a purpose beyond just building a business, they create a livelihood for themselves that enables them to do what they most enjoy doing. They enjoy doing the work of the business rather than building a commercial enterprise. For an entrepreneur, the nature of the business is secondary to the success that can be achieved, measured in the terms of their own choice.
02Getting organized to achieve success
When you’re an employee, you have a job. When you’re in business for yourself, you have three jobs - generating new business, doing the business, and running the business. Managing these distinct roles is a key challenge of working for yourself. There’s always more to do than time allows, but smart entrepreneurs develop ways to automate their business as much as possible. That way, they can focus on the areas they enjoy most.
The principles for automating a business are: Have a commitment to efficiency by streamlining processes whenever possible; Use available technology like computers, printers, phones, and organizers to increase productivity; Outsource tasks to part-time staff, employees or contractors when feasible; Utilize joint ventures and networks to harness other people’s energy and unlock new opportunities; Seek out experts to provide specialized knowledge and advice; Identify and perfect the one or two factors with an outsized influence on quality and results; Find innovative ways to work smarter; Set up routines and systems to handle recurring tasks automatically; and Piggyback multiple activities together to maximize use of time.
03Managing yourself to become an ideal boss
The highest achievers in sports always have managers and coaches to help them perform at their best. Most people don't have that kind of support system in their careers, so you need to become self-managed. You have to learn techniques to get the best performance out of yourself. If you can manage the emotional ups and downs of your career, you'll do fine.
Good managers motivate and coach. To stay motivated: Analyze what motivates you. Do rewards for goals work? Does satisfaction from a job well done inspire you? Does money motivate you? There's no right or wrong, just match your personality. Identify what you need to hear to listen and how it should be delivered. Some like pep talks, others respond to criticism. You have to know yourself. Decide what you can do regularly to perform at your best. Some like pep talks, others need solitude to prepare and stay focused. See what works for you. With this information, you can get and stay at peak condition. Peak performers: Stay relaxed under pressure. Get and stay energized with high energy. Concentrate fully on desired outcomes. Anticipate positive outcomes and don't get discouraged. Are fully present, not distracted. Respond to sensory information. To become a peak performer, develop a similar regime to maintain it.
04Enjoying your hard-earned success
The journey to success in business ownership progresses through several main stages. The first is exploration, where you determine your purpose and ideal career path. This stage can involve some frustration, as people differ in how clearly they envision their professional goals early on. False starts are common before a long-term trajectory emerges, so patience with yourself is key.
The second crucial stage is preparation, which significantly boosts your chances of long-term success. Preparation takes many forms—acquiring knowledge and skills, amassing start-up capital, securing initial customers or contracts, establishing professional contacts and mentors. The focus should be on thoroughness rather than rushing. Laying a solid foundation makes everything that follows more achievable.
Next comes the exhilarating start-up phase, often tempered by some fear of the unknown. However, by taking matters into your own hands you differentiate yourself from those too risk-averse to actively pursue their dreams. This step puts you in a position to realize previously unlimited potential.
Survival and growth is usually the most challenging period for a new business, involving staying committed when early progress fails to meet expectations. This eye-opening stage surfaces issues you weren't even aware of beforehand. Getting through it often requires focusing on what works rather than dwelling on setbacks. If you maintain perspective, your partial successes generally outweigh partial failures during this stage.
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