
Have you been looking for a job but haven’t found an ideal job that shows your talents, education and interests? Let me ask you a question: Have you thought about starting your own business?
I have to warn you, however, that making the leap from employee to entrepreneur means changing not only your lifestyle, but also your way of thinking. Before you spend time, money and energy starting a new business, you should ask yourself: Do I have what it takes to own a business or am I better prepared to be an employee?
Here are seven questions that can help determine if you have the mindset of a business owner:
1. Can you start and finish tasks independently?
The Employee Mentality: The boss or manager gives you a task to be completed within a certain period of time and you are expected to complete the assigned task.
Business owner mentality: Business owners know how, and even like, to work independently. They are willing to take full responsibility for creating and completing their own work schedules. To take this a step further, if you are thinking of starting a home-based business, you should also consider that there will be times when you will spend hours working alone, without the company and support of others.
2. Can you set and achieve short and long-term goals?
Employee Mentality: As an employee, you are working to achieve someone else’s goals.
Business Owner Mentality: A business owner takes responsibility for planning, marketing and monitoring the success of his or her business. Running a successful business means taking the time to formulate and implement a well thought-out business plan. You will need to write a concise mission statement, an innovative vision for your business, short- and long-term financial goals, and a workable and effective action plan.
3. Do you have the self-discipline and motivation to work for yourself?
Employee Mentality: A boss or manager sets and supervises your tasks and hours.
Business owner mentality: Successful entrepreneurs are masters of time management and multi-tasking. Self-discipline is a vital factor in the growth of a successful business. A business owner must be constantly self-directed and self-motivated to do those things that will keep his or her business going. Self-discipline is about doing what you say you will do when you say you will do it.
4. Can you handle money wisely?
Employee Mind: Someone else takes all the financial risks to build a successful and profitable business.
Business Owner Mentality: If you decide to start a business, how do you plan to finance it? A key factor in starting a business is being prepared to handle the financial ups and downs of opening and growing a new business. Are you willing to take business classes, learn new money management skills, and even hire professionals who can help you manage your finances?
5. Do you know how to measure success?
The Employee Mentality: Your boss sets the standard by which they measure and reward your successes – raises, awards, recognition, etc.
Business owner mentality: A successful business owner knows, almost instinctively, how to set his or her own internal and external «success barometers. As an entrepreneur you are responsible for setting your own standard of excellence. It is important, even before you start your business, to be fully aware of and understand your «success barometers» and how to measure success professionally. Do you measure success by money earned, recognition received, etc.?
6. Are you comfortable creating your own paycheck?
Employee Mentality: Your employer is responsible for your salary, benefits and other work-related expenses. You can plan to be paid regularly.
Business owner mentality: Business owners are responsible for creating their own paycheck, retirement plan, taxes, insurance, vacation pay, etc. There will probably be times when you will not receive a regular paycheck. Being your own boss means taking risks and living with the financial uncertainty that often comes with business ownership. Are you willing to take financial and professional risks? Are you willing to live with the stress that often accompanies an uncertain paycheck?
7. Do you know your professional value?
Employee mentality: An employer tells you and shows you how much you are worth for the amount he or she is willing to pay you.
Business owner mentality: As an employer, you determine your own value!
After answering these seven questions, what have you decided: are you going to go out and look for a job or start a business?