Most people dream of running their own business and not have to deal with the 9-to-5 routine of sitting in a cubicle and taking orders from someone they could care less about. There have been many times they think, why should they work hard to make someone else successful?
Of course, most people stick with the 9-to-5 routine since it is safe (well generally) and familiar. The idea of starting out on their own scares them into thinking what if it doesn't work out. Most 9-to-5 professionals think entrepreneurs are crazy and sometimes think starting a business especially in network marketing is a scam. But they know deep down inside, they are thinking they want a piece of the entrepreneur action.
But how do you know you have what it takes to own your own business and be a successful entrepreneur? After all, 90% of all startup businesses fail. Owning a business is very hard but very rewarding if successful.
The most important skill to start off with is perseverance but there is a lot more questions to ask yourself before you take the plunge from going from employee to entrepreneur.
Here are six questions to ask yourself before investing time in a new business.
1. Do YOU want Ongoing RESIDUAL INCOME?
Unless you are self-employed where you trade time for money, most businesses, especially network marketing businesses, allow you to make money while you are not working. The idea is to be able to build an income that is result of an organization that you built or real estate that you own that provides a regular residual income. Of course everyone is going to answer yes to this question, but let's move onto the other questions to test your entrepreneurial will.
2. What is Your WHY?
This is probably the most important question of the list. Without a why, there is really no goal. Without having a why is like driving down a dark street with your headlights off. Sure, you may see some success but you will not not know why. Before venturing into your own business, why are you doing it? Financial independence? To have a flexible life? To help others? Write it down and put it on the wall of your office or in car. This is your inspiration to be successful.
3. Do YOU have an Entrepreneurial Mindset?
Are you afraid to fail? Are you afraid of the fact you may have no income for a little while when you are in the startup phase? Are you not coachable? If you answered yes to any of these questions, you may not have the mindset to be an entrepreneur. Another question to ask yourself is what books you like to read? Do you read business books or fiction books? Do you read books that improve your mindset? If you rather read a Harry Potter book or watch mindless TV, then you do not have an entrepreneur mindset.
Now if you have a strong why, enjoy hanging out with successful positive people and are willing to give up the party to work on your success, you are on your way to an entrepreneurial mindset.
4. Do YOU want to CREATE LEVERAGE?
This question is similar to the question about residual income. You create leverage by building an organizational structure or a business structure (in the case of real estate ownership) where you may everyone doing a little for a common goal of building a more successful business. This is how network marketing works where you build an organization where everyone follows a system to build their business. So the question for you is if you are an organizational builder or prefer to be self-employed? Do you want your money to work for you or do you want to work for money? Wealthy people became wealthy because they understood leverage.
5. What are YOU willing to temporarily GIVE UP to get these things?
This is a tough one. Entrepreneurs do not work 9-to-5, they work 24x7. Friday nights may mean working on your business plan versus going to the brewpub. You always need to be on and there is no time to "chill out". There is no "I'll do it tomorrow or next week". You need to give up the mindless activities and focus on activities that will grow you. Your mindset should be on your why and how to create leverage.
6. Are YOU Ready to Make This Happen?
Bottom line, there is no tomorrow or next week. If you want to be successful in the business world, you need to working on it all the time. Every time you take a break, your competition is getting ahead. Of course, you are wondering when can I get my beauty sleep? That is where time leverage comes in, Hint hint.
You are the CEO of your life and you have to have the mindset to create leverage right now or you might as well go back to that 9-to-5 safety net. Entrepreneurship is not for everyone. Ask yourself if you want to be an entrepreneur, are you ready to be an entrepreneur?
