The Great Resignation and Entrepreneurialism
What Happened to Everyone?
Over 40 million people have resigned from their jobs in 2021. Where did they go? What are they all doing? Did they quit corporate America to start their own gig? If this is the case, then I predict that we will see many of these people coming back to corporate life. The reason is because not everyone is cut out to be an entrepreneur and starting a new business or owning your own business is H.A.R.D!
As a Career Coach, I have talked to hundreds of people about the decision to leave corporate life and begin anew on their own. This decision makes sense for some as I really believe in their abilities and skills to make it on their own. For others, I am honest with them about the pitfalls and difficulties of striking out alone.
To help my clients learn more about what is required to start their own business, I compiled a checklist of 28 things that a person needs to know about themselves before they take this big leap into solo entrepreneurship.
If you answer NO to any of these questions, I want you to think about how you can change your answer to a YES. Because by changing the answer YES, you will not only be more successful in your new business venture, but you will ENJOY the journey and find true FULFILLMENT. NO answers are not a deal breaker, they are just indicating the areas where you need to think how you will overcome this potential challenge for yourself. Once you have thought through the “NOs”, you will proceed with much more confidence and be better equipped to manage the day-to-day business challenges.
The questions are related to the following areas: Financial / Business Acumen, Work Ethic / Energy, Flexibility/Adaptability, Business Development/Sales, The Roll Up Your Sleeves Stuff, and lastly, Professional Image/Persona.
So, here it is, the Entrepreneur Checklist. Let’s start with the least fun questions first:
Finances/Business Acumen
- Do you have money saved to bank roll the business while you are building your revenue stream?
- Do you have a profit margin goal for your business?
- Have you calculated the costs associated with each product/service you provide?
- Do you have access to health insurance to cover your family’s medical bills?
- Have you given yourself a reasonable timeline to get the business up and running?
- Did you check this timeline with others to avoid being too optimistic or naive?
Business Development/Sales
- Do you like business development activities (i.e., selling)?
- Are you networked in your business community? (On a scale of 1 – 10, how would you rate your networking persona?
- Can you easily define/describe your product/service so an elementary aged child can understand what you do? (Some people really struggle with this. How do you expect to get a customer if people do not understand what you are selling?)
- Can you easily define and identify your prospective customer? In other words, who is your target market? Who is going to buy from you?
- Have you thought through your plan on how you will market your business to potential customers/clients? (In detail, not just in general.)
- Do you have a basic understanding of social media / web presence and how the internet can help you market your business?
- For those who are going to become a consultant - Are you prepared to collaborate and be flexible with your customer/client if they make a special request? (You can count on special requests!)
- Will you be willing to negotiate and deviate from your fee structure/price to bring in needed cashflow or to win a new customer?
Work Ethic / Energy
- Can you find inspiration, enthusiasm, and motivation from within? (Or do you need others to regularly pump you up?)
- Do you like to work a lot?
- People say that I have a lot of ambition.
- I have people close to me who believe in me and my business idea and who are there to give advice and encouragement.
- I find fulfillment in working independently.
- I enjoy working in teams and collaborating with others.
The Roll Up Your Sleeves Stuff
(Trust me, it is not the fun stuff.)
- Will you have the courage to make collection calls to a slow paying customer/client?
- Do you have the tolerance for doing administrative work?
- Are you willing to jump in and do whatever the job takes to fulfill your customer/client obligation?
- I am comfortable with the idea that I may feel uncomfortable and uncertain about my business at times.
- If there is an issue with one of my team members or with my client/customer, I will deal with it.
Professional Image/Persona
- Are you, by nature, a generous person?
- Are you prepared to change your image, your behavior, your communication style, etc. to support the necessary brand of your new business.
- Do you know what changes you need to make to support the brand of your business?
For fun, list the questions where you answered NO. As mentioned, the NO answers are not deal breakers, but some will carry more weight than others. For example, if you absolutely dread doing sales, once you have generated enough revenue on your own, you can consider hiring a salesperson or working out a commission structure for part time sales representation.
If you absolutely hate the administrative work that goes along with your type of business, hire a part time, hourly admin person to help you unclutter your business life. The hourly rate for this extra help will take a load off of your shoulder!
Entrepreneurship is an amazing journey. The rewards can be so fulfilling! But it really is not for everyone and that is okay! It is best to know and understand yourself better before venturing into something that will make you unhappy and leave you negatively impacted personally, professionally and/ or financially.
If you want to brainstorm about whether entrepreneurship is for you or if you have an idea to start a business, and what some feedback, give me a call. Helping people create their futures is what I do!
