Work for Yourself 101
Let’s face it. The flipping economy is so bad right now that jobs can be scarce and it is hard to find anything that resembles job security. If you have the mind to secure both your financial future and your employment then the best thing that you can do is to start your own company.
If you feel like you are finally ready to try your hand at entrepreneurship, here are a few things that you will need to know.
- Keep the ego in check. You can’t be successful in a business without having your ego in check and your priorities straight. Yes, you need to have confidence, but don’t go overboard with it or you will trip yourself up.
- KISS – Keep it simple stupid. If your idea is complicated then it is a stupid idea. You need to build a bare bones business that has no complexity to it. Create a product that is simple or a service that can be sold for x amount of dollars.
- Remember Murphy’s Law. If something can go wrong, it will. Be prepared for it. Each and every business decision needs to be thoroughly thought through. You should always hope for the best and plan for the worst. This way, if the worst happens, you will be ready for it. You need to always consider 3 alternatives for each decision so that you will be ready for the fallout.
- Don’t be original. There are millions of people out there trying to reinvent the wheel. However, if they succeed, that wheel will run right over them. Instead of being run over, focus on an item or idea and then make it better.
- Don’t throw good money after bad. If you are going to start a business, start one that can be efficient while not having too many monetary demands. Most entrepreneurs will have resources that are limited. For this reason, it is important to begin a business that takes as little cash as it can while allowing for a larger return of profits.
By keeping these things in mind, you will have a better chance of working for yourself and being successful at it.