@WANNABE: Hi, Singlestalk. You pivoted to becoming an entrepreneur. Brave move! I stalked your Facebook. I’ve been in the contact center industry for 15 years already. Still on the night shift, though I managed to climb the corporate ladder. Been looking out for business opportunities. Something I can dabble in preparation for retirement. Do you think I should get into the food business? People will always eat whatever happens to the economy, right? How did you successfully transition? I hope you won’t mind sharing some tips for people like me to have courage to take the big leap.
DJ: I want you to know, though, that my transition wasn’t really seamless. Once I trusted a mentee and put all my earnings from a stock investment to a start-up. It turned out to be a scam. I also went into franchising a bakery brand to get the family driver and his wife started. It took off and expanded, but it turned out to be just my dream for them. It wasn’t theirs. We eventually closed the shop. These two taught me valuable lessons I now apply.
I read that 67 percent of small businesses fail within the first year. So, before delving deep into the fantasy of being your own boss or quitting on a horrible boss or earning piles of money while enjoying ice-cold beer on a yacht, know that greatness requires work. Whether it’s a career or an entrepreneurial pursuit. Yes, think about the rewards. But acknowledge the process required, too, to produce good results. Having a dream is important. Having the willingness and the ability to do what it takes are equally essential.
Keeping your job while starting your own business is a way of hedging your bets. If the business collapses, it may be harder for you to get back to corporate work given where you are today. But if your pocket is already deep, the most obvious bonus if you step out and start your own is time. You can give it your all. On my third attempt, I made sure I saved and invested enough to cover the risks. Good thing I found my current business partners about the same time when I decided to quit work. Luck perhaps. But I call it a blessing. Timing was crucial, too.
Should you go into the food business? Is it something you’re good at? Are you passionate about it? I don’t think it is a question of pursuing what one knows or what one loves. It’s both. I wasn’t really into baking. And what on earth was I doing in micro-insurance? I have been a tech guy since birth! Plus, I still had a full-time job. Excelling at something outside my strength zone was a stretch. Starting a business from scratch is complex in itself. Stick to what you know. More so if it’s your first. Creating a business based around your skills increases your chance at success. The needed due diligence is already like second nature to you.
Per experience, running your own business means you’re not only working eight hours a day. Particularly in the first year. I was approving payroll while I was in ICU! That’s where passion comes from. You have a purpose driving you forward. In my case, I want to open more doors to the right people who want a better life for themselves and for their loved ones. I also understand that for the team to love our customers, they have to love the company first. Fortunately, growing and developing leaders are my passions. They inspire me to make the business work no matter what.
When you go with what you do well and with something that makes you come alive, it sets you up to relentlessly work for the foundation, funding, experience and connection necessary to successfully launch your business. Pick the right business partners too. It’s not just about the money. They should share the vision and your work ethic. You’ll be working with them most of your waking hours. You can’t resign from your own business after a year if you find them despicable or if they find you obnoxious. You want the business to successfully run over time, right? Like in almost all things in life, being tied to what you hate is called stress. Doing what you love is what keeps you happy in the long run. Decide from there. Good luck!