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Are you cut out to steer your own business ship or should you leave it alone? That’s what I want to talk about today. Nobody wants to put their heart and soul into building something only to find we have chosen the wrong path. And that can apply to people who are doing well but end up unhappy and feeling trapped. So let’s see if we can avoid that happening to you.

If you are already feeling this way; as you are listening; go back in time and see if any of the examples I am going to give applied to you. You may not even realise that this was the case.

You will also hear

• Whether people who work for themselves superior to people that don’t?
• Why wanting to be your own boss is a bad idea
• How Judy Garland put me off singing
• Why charities and non-profit organisations are the opposite to what your business needs to be

And much more

 

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FFS002:Work for yourself – 7 Surprising Reasons it’s not for you

 

Welcome to Episode 2

Are you cut out to steer your own business ship or should you leave it alone? That’s what I want to talk about today. Nobody wants to put their heart and soul into building something only to find we have chosen the wrong path. And that can apply to people who are doing well but end up unhappy and feeling trapped. So let’s see if we can avoid that happening to you.

If you are already feeling this way; as you are listening; go back in time and see if any of the examples I am going to give applied to you. You may not even realise that this was the case.

 

Thank you for tuning in to the Firmer Figures Business Show. This show is dedicated to creating a smooth flow between your day to day business activities, your money and your life.

My aim is for you to feel free to take advantage of new opportunities, create higher value for your customers, and generate a better income for yourself.

The debate about whether everyone is cut out to work for themselves is one that rumbles on and on. Are entrepreneurs born or made. Does everyone have the right skills, personality traits or habits to do well going it alone?

My issue with this glamorisation of entrepreneurship is that it presumes that people who work for themselves, are somehow superior to people that don’t. In all fairness there is some substance to that. People who work for themselves, not all mind you; but the very fact they are masters of their own destiny, means they have to have, or strengthen certain skills and personality traits that prepare them for survival in a world with no safety nets.

However I know many people who are employed, and display all the traits that are usually associated with being an entrepreneur. They are also phenomenal business people. It is just they officially work for an employer.  Some of them will openly tell you they prefer to be employed because they can concentrate of being good at what they do, without the hassle of dealing with business issues.

They are the lucky ones.

I know on the other side of the coin are others like some of you; that are equally phenomenal.  But the idea of continuing to work for someone else is more than you can stand and the thought of doing that until retirement is enough to drive you over the edge.

But before you go into your boss’s office and tell him (or her) what you really think of them. Give me a little of your time, and just double-check you are not a victim of the following traps that people fall into when they decide to go it alone.

 

Don’t want to work for someone else or “Want to be my own boss”

 

Hating authority or believing you can do a better job than your boss, is not in itself a bad thing. But if that is the only reason you want to work for yourself you could be swapping one situation for a worse one. There is a good chance that whatever you do you will have customers or clients of some sort.

When you have to juggle the reality of satisfying lots of little bosses. ; commonly known as customers. Who want what they want, when they want it. You could find yourself wishing for the days of one boss. Until you establish yourself, it can feel as if everybody but you is pulling the strings in your own business and all you are doing is reacting to them. If you can take that in your stride, then tell your boss what he can do with his or her job by all means and go seek your fortune.

 

 

You are afraid of being fired or being made redundant

 

It’s tempting to think that running your own company will give you stability in a tumultuous job market where people can lose their jobs any day. True, when you own your own business, you do feel more in charge of your future. However, there is no guarantee that your business will be successful or that it will still be there in 6 months or a year’s time. As statistics show, up to 50% of new businesses fail.  It’s one thing to get another job if you lose yours, but would you be willing to start all over again if your business failed? This has been what some of the most successful business people on the planet did before they finally made it. Some of them, started over a number of times.

 

You Crave Structure

 

In the world of employment we become accustomed to having set roles within an organisation, hell you probably even have a comprehensive job description; and can happily ignore things that don’t form part of that description. And if like me you had management responsibilities, getting used to not being able to delegate can be daunting.

 

Funny when you start out. (The Infant stage) You may well be able to do be quite structured and organised. There may not be a lot going on in terms of running your business. You are possibly spending most of your time looking for customers. Then you get some, and now you have to split your time and resources. And the busier you get, the more chance for chaos to follow. This is actually quite normal in the evolution of a business. I have another name for working in business chaos.  It’s called multi-tasking.

 

The struggle to have the freedom to concentrate on the areas you want to; is an ongoing one while a business grows from infancy to the teenage phase. You have been going for a while but not moved to the level where you can start to let go as much as you would like. This is primarily because at these stage; you probably won’t have the resources, money, help or knowledge to do things better.

 

As your business grows into adult-hood or a mature business based on systems and processes rather than how fast you can move, this becomes less stressful. But that is rare in the early days.

 

If you like a well-ordered working life, and plan to be in front of the tv each night to catch the latest episode of your favourite show, this life is not for you.

 

Passion

 

We are told often enough that we must have passion for what we do. And that is so true. But if we don’t have the ability or skill for something that passion will soon get us down. That is also true, the other way around. If we do something just because it turns a buck, but we don’t enjoy it, the result will be the same.

 

So why is having passion such a big deal?

 

Of course none of us start off as experts in a field or skill or hobby. We need to learn basics, practice often, become proficient and then become experts. And if the thing we become expert in is something we love with a passion, then all is well with the world. I am ignoring the fact that we can hire or pay for expertise. I just mean you are passionate about a subject, industry or problem. Whether you do the thing yourself or not; you will still be immersed in it in some shape or form.

 

I was quite shocked when I did some work at my last accountancy practice; to come to the realisation that I don’t love accounting. That’s what I thought it was. It turns out that it is not accounting I didn’t like, it was the accounting environment. Plus my background was in industry and running businesses, which many accountants have never done so I had a very different view of the world of business ownership. When I started spending more time with the business owners I knew I had found my people.

 

I had a passion for being a singer when I was a slip of a girl. I would listen to people like Ella Fitzgerald, Janis Joplin, Gladys Knight, Doris Day, and I would so want to sound like them. And the icing on the cake for me was a scene from the movie, “A Star was Born” There are two versions of it one with Judy Garland and James Mason and the other with Barbara Streisand and Kris Kristofferson. I can hear all you young’uns saying “who the hell are these people?” Search Google my friends.

Anyway in the Judy Garland version of the movie, she has just finished performing and as always brings the house down. To wind down she and her musicians go to this bar and start jamming together. If memory serves she sings the amazing song “The Man That Got Away” And I thought it was so cool. It also sparked an interest in Jazz clubs for me.

But anyone spot the problem here. Judy Garland had a god given talent, and if I practiced for the rest of my life, I would never sound like her. Not only not like her, but good enough to even contemplate a singing career. Which is a kicker because; I grew up with singers in the family. I don’t attract cats but I am no Aretha Franklyn.

If you are unable to really nail what you want to do, whether on your own or with help. Or even if you do manage to do it, it will be tricky or unlikely to really make the money you need, let alone what you want, then all the passion in the world won’t make any difference.

I don’t see me getting a recording contract any time soon, so needless to say I am leaving that pipe dream alone.

 Get Rich 

• Get rich quick is what I mean. Successful entrepreneur Chris Brogan once said it took him ten years to become an overnight success. Beware of shiny people selling you shiny ideas of how they just did this, and then that happened and hallelujah they got rich. Particularly in the UK where we keep so much about money close to our chest. The Americans have a much healthier attitude to being open about the crap that happens to them in business.

I used to think I was unique when I would talk about the crap I went through. Then I started listening to business podcasts and a whole new world of straight talkers helped me realise I was not alone.

• Ok; in the previous point I poo-poo’d passion a little. The reality is if you are making money just for the sake of making money, you will hit a brick wall without a healthy dose of passion to keep you going, when you are fed up and demotivated.

 

• The passion could be your love of the thing you’re doing, or what you will get by doing your thing. For example if you have money what choices can you make that you couldn’t make before. Maybe it’s the freedom to live anywhere you want and still earn a living.

 

• Also if there isn’t passion for what you are doing or why you do what you do, it will be hard to find other people to work for and alongside you because you won’t inspire them to get involved.

If making money is the primary reason you want a business of your own, don’t let anyone make you feel bad about that. Making money is a fundamental. Some would say it is indeed the most important thing because without money coming in, you are not a legitimate business at all.

But I do also agree with the philosophy that in the worst business, you can keep money coming in, but creating wealth, well that is the reward of having a good business. One with solid foundation, great systems, predictable and consistent cash flow, respected by customers, supplier and competitors, and great potential to be around for some time.

In most cases the journey from dreaming to having your private jet is a long one, and money is the only thing driving you, unless you are the Wolf of Wall Street – what’s his name? Jordan Belfort – it won’t be enough to keep you going on the many occasions the crap hits the fan. And even Jordan; I suspect; has been forced to revise his attitude to the all-consuming pursuit of making money, after the hell that became his life. Even if only a little bit.

Plus very few people ever achieve private jet wealth, so while I’m not saying don’t go for it. Don’t let it be the only thing that drives your life.

Apart from anything else, you will be one boring dinner party guest.

 

To Work Less

Work less! You will work harder than you have in your life, assuming you are dead serious about making something out of this. You will probably have people you hire like your handyman or gardener, who earn more than you in the early days.

Yes, entrepreneurs enjoy the freedom of creating their own hours. However, it’s a delusion to think that they work less. Since the success or failure of your venture is in your hands, you will work way harder than you did when you were in a salaried position.

 

Make a Difference in the World

This is a wonderful reason to run a business. Just be mindful that it is a business that you want to end up. There are already charities out there and non-profit ventures. And the way they are set up to be able to provide resources, aid, time and money for causes is completely the opposite of how profitable businesses need to be run.

Hence why when I moved more into the coaching/advisory space, I realised that charities and non-profit organisations; were not my target audience. What good am I guiding people on how to extract profits when there are none – on purpose!

Now there will be some of you listening who will struggle with this. You are genuinely a giving person who wants to help people beyond yourself, maybe even on a large scale. And the idea of putting money ahead of that goes against everything you believe in.

Try this as an idea.

“The more money you make in your business. The more people you are able to help”

 

This is not an exhaustive list. No doubt some of you have thought of some others.

If some of what I have said applies to you, don’t think that means I am saying don’t do your thing. I am just saying be very clear about your true need to be your own boss and whether it is that need, that is standing in the way of you getting to where you want. Or if you are where you planned to be, why you may be unhappy.

 

Feel free to give me feedback and let me know if there are any questions you have that I could cover. Or share what you are dealing with in your business.

To contact me, you can leave a voice message by going to my website financialgymforbusiness.com and clicking the link with the microphone. Or send a message from the contact page. If you have a website, blog or podcast, leave the details and I will give you a shout-out.

SHINE THE LIGHT SEGMENT

This is part of the show where I shine the light on great people and resources that you may find helpful or inspirational.

Today it is

48Days.com this is the website of prolific entrepreneur Dan Miller

There are a number of what; I would call elder statesmen in the world of entrepreneurship. Though, they are anything but elderly. They have however been around for years and still continue to provide value. Dan Miller is one of those and is well respected.

He site is a great resource for people who are transitioning and looking for how to move to the next stage of their working life. It is helpful whether you want to work for yourself or in stay employed. People send him questions and he answers them on his podcast. He also has a great blog you can read.

There are links in the show notes if you want to learn more. Go to financialgymforbusiness.com/002

 

FURTHER INFORMATION

If you really want to deep dive into reasons business may or may not be for you. Check out my book, Firmer Figures – Fess Up or Mess Up. First couple of chapters go into great detail about how to decide what you want and what type of business may suit you. You will find it at firmerfiguresbook.com

 

For the links to any of the resources I mentioned; go over to financialgymforbusiness/002 where you will find them in the show notes.

If this was useful to you please would you consider going over iTunes if you are an apple user or Stitcher if you are an android user; and give me a Rate and Review.

I love bringing information to you and would really love to know if it helps.

Every 5*rating that I get; not only tells me that I not just talking to myself; it also tells iTunes and Stitcher. That way when people are searching for a show like mine, I show up.

Full step by step instructions on how to do this can be found on my site at financialgymforbusiness/podcast

And if you don’t want to have to remember when I am next on, just click the subscribe button on whatever platform you are listening in on, so you get notified.  In fact why not do it now.

Thank you so much for being here. Take care until next time, bye.

Disclaimer

This episode, or any resources mentioned, is not a substitute for obtaining proper financial and or legal advice from a qualified professional who is familiar with your specific situation. Also be aware that the information contained may not be suitable for every person or organisation.

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Show Links and Resources 

A Star was Born

Wolf of Wall Street and Jordan Belfort

48Days.com and Dan Miller

 

Download your 5 Tools to Freedom

Get the Book

How to Rate & Review a Podcast in iTunes

http://serialpodcast.org/how-to-listen (This is brilliantly done)

Email [email protected]