The Starting Path To Becoming An Established Entrepreneur

For some people, becoming an entrepreneur is a dream. As is usually the case, dreams require hard work and lots of it. Entrepreneurs eat, sleep and breathe their business. If you were to ask any one of them what their typical workweek looks like and they will probably reply:

 

-There’s a meeting with the patience department every Monday. 

-The best “business detective work” occurs on the weekends. What is slipping through the cracks, how is money being allocated? Saturday and Sunday are when you have time to uncover those answers.

-The expression “round the clock” exists for a reason. Between client calls, emails and networking, business mode is 24/7.

-Experiencing a case of Jack Of All Trades syndrome is not a bad thing. Entrepreneurs are usually diversified in skills.

 

After that list, it’s easy to assess that entrepreneurship may be a little challenging at first BUT that doesn’t mean you should refrain from pursuing the path of entrepreneurship especially if it is an important goal to you.

 

Over three years ago, I went from the stability of a salary to dancing the tango with entrepreneurship. This is my second go round at it as I recently did a soft launch for my business, Jaclyn Mullen Media.

 

If you’re ready to step forward down the self-employment path, here are a few tidbits of advice to remember as you start out.

 

• The most valuable currency you have is not CASH, it’s your time. You can spend money; you can spend time. As an entrepreneur, it is critical that you manage your time as you would a bank account. This always seems to be a challenge when you start off as the Business Development Person/Customer Service person/Accountant and Operations manager the first day you launch your endeavor. In addition to writing a daily to-do list, I recommend that you start blocking out your time. Instead of scheduling lunches or morning coffee where time can escape you, try and schedule 9am to 2:00/3:00 pm as a block where you will handle emails, service your customers needs, manage the money. I have had to get really strict about implementing this for myself especially since a phone call can easily take up a half hour of my time when I am in the middle of a task. Do you know what half an hour “feels” like? They say time flies for a reason. Set a timer. This will ensure you improve your ability to be efficient and not work longer on your tasks than is really necessary.

• Know thy margin. As a “business owner” you need to be sure that the gross rate you are currently charging is not the amount you need to net. For example, let’s say to cover your costs of time, taxes, and operating expenses, you want an hourly rate of $50.00 then you need to charge at least 25% more than that (to ensure when all costs are accounted for that you net $50.00). There is a big difference between $62.50 an hour which has a margin built in to cover your self employment taxes, cell phone, internet, transportation costs vs the $37.50 or less you will net when you charge your client $50.00 an hour. That’s a difference of $26,000, which you will not see over the course of the year. Knowing thy margin ensures you are “right on the money” as they say.

• Make motivation a part of your business fundamentals. Remember the tango analogy from earlier in this post? Entrepreneurship is a series of dips, turns, back and forth just like dancing with a partner. Some days, you will feel as though starting the path of established entrepreneurship was the best decision you ever made; other times you will feel as though you aren’t too certain of your future. By reading motivational material, you can calm your anxiety and fears while also remaining in a positive frame of mind. Watch motivational movies, read quotes, try and learn from the legends who have pursued their own dreams. Whether you want to experience a Michael Jordan moment or find solace in Tony Robbin’s tapes, the method you choose to find motivation is entirely up to you. Just do it and do it daily!

In closing, if you have chosen the path of established entrepreneurship, congratulations. Hopefully this blog posts reminds you not to: overlook the importance of your time, under price your services without accounting for a margin or neglect motivational material. Remember, like the tango—you must embrace what comes your way while remaining flexible. Enjoy the movement; savor each step and dance down the path to established entrepreneurship.