![]() ![]() Turn To Various Sources Of Help If NeededĪ virtual assistant can be a lifesaver, too, especially early on when you need to focus on the rudiments of sales, marketing, and product development. ![]() ![]() For others, you can hire good quality freelancers who will complete timely, excellent work, freeing you up to do what only you can do. In general, though, you won’t have to put in excruciating labor all by yourself.įor many responsibilities, you can get a spouse, partner, or children to pitch in. Sure it might mean working into the red-eye hours some weeks, but that’s the life of an entrepreneur. In fact, you can easily swing both a full time job and your business for the first 12–24 months. No matter how much you want it to be otherwise, a new business is rarely ever a full time job at the beginning. If your financial plan relies on cashing in investments, selling your home, pawning a family heirloom, or winning the lottery, your plan needs rethinking. And by the way, when we say “money in savings,” we don’t mean “equity in your house” or “investments in your retirement fund.” We mean money you could take out of the bank without occuring penalties to pay your mortgage, light bill, student loan, or grocery store checkout clerk. Do you have enough money in savings for you and your family to survive for 12-24 months without income? If the answer is no, don’t quit your job. Most new businesses take 12-24 months to achieve initial traction. It’s better to view leaving your full time job as a milestone to achieve on the journey, not the origination point. Many new business owners see quitting their jobs as a prerequisite to launching their businesses, but often that just isn’t so. That’s a good moral for entrepreneurs to adopt. Remember the old fable about the tortoise and the hare? It’s moral was that slow and steady still wins the race. In fact, at the genesis of your new business, you probably won’t need to put 40 hours most weeks to get the job done. Those factors matter more than hustle in the beginning. Isn’t hustling a key component to entrepreneurial success, though? Of course it is, but so are wisdom, experience, and access to a decent network of people who possess both the desire and the ability to purchase your product or service. They work with trusted mentors in their industries, and they know how to handle setbacks and failures. They launch their ideas with years of experience behind them. These people are usually in their mid 40s. “The entrepreneurs I know who’ve succeeded,” says INC contributor Dustin McKissen, founder of his own PR agency, “usually took a skill they learned or knowledge they gained during their career and applied it to a problem they had experience with, with the full understanding that success requires paying customers.” Most succcessful entrepreneurs defy the hip stereotype. It’s a lot more hard work and stick-to-it-iveness than it is “hustle” anyway. In fact, the whole image of the modern entrepreneur tends to get a little skewed in the popular imagination. Most of these stories are more myth than reality.įor the majority of people, the entrepreneurial life isn’t about high-stakes gambles and health-crushing workweeks. The internet is packed with articles by and about entrepreneurs who claim their quit their jobs, lived on Ramen noodles, and hustled 100-plus hours a week for two years before finally achieving their breakthrough success. Quitting Your Day Job Doesn’t Improve Your Hustle We’d like to debunk some of those myths, and show you how to enter the ranks of entrepreneurship in a way that’s likely to lead to your success. In fact, there are a lot of myths about entrepreneurship that keep people from launching their ideas, starting their businesses, and ultimately achieving their dream. But going all in financially (exhausting personal savings) and professionally (quitting your job) on your new business is far more likely to result in failure than success. Unfortunately, many new business owners fall for the false narrative of having to “go all in” on their idea. Mix a little ingenuity with a lot of hustle, and you can start your own company whenever you want. is home to 28.8 million small businesses, accounting for 99.7% of all American enterprises, according to the Small Business Administration. ![]() More people than ever are becoming entrepreneurs. The best part of dreaming about entrepreneurship is that your vision really can become reality. We’re a nation of entrepreneurs whose legendary can-do spirit built businesses, nonprofits, schools, and houses of worship that have created jobs and services for hundreds of millions of people. If you’re like many Americans, you dream about starting a business and being your own boss. ![]()
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