- November 9, 2017
- Posted by: nathanwebster
- Category: Consulting
After a great vacation or stressful weekend, you sit there thinking about your future. The long stressful days. Many weekends of work with no play. The countless millions that go to work every single day, that’s called a job. A temporary position until it’s no longer available.
Another saying for a job is the acronym standing for, “just over broke.”
Have you asked yourself, “how safe is my job?” Or actually, the real question is “don’t you want to work for yourself?” You can be your own boss, make your own hours and have the quality of life you’ve always desired. Let’s really get down to it and be honest, you want to be an entrepreneur.
The life of an entrepreneur is hard, plain and simple. My choice of this lifestyle is to help others where the ‘commercial’ or ‘existing’ solution wasn’t for me. It doesn’t help to realize that my “firings” from jobs were a telling sign that I didn’t belong. What’s even crazier than what I felt, at these jobs, many asked me “what are you doing here?”
Have you ever wondered, asked these questions or said the following 10 statements?
- I could make more money if I did it myself.
- How did that person become my boss?
- I’m wasting my time here if there’s no promotion or pay raise.
- Where is this job going to take me in a year?
- My retirement fund is at $0 and I don’t know what to do about it.
- Why isn’t there more livable wage jobs in my town?
- This company doesn’t have any values.
- When is it my time to show my skills and abilities?
- I need a 2nd job to pay the bills.
- Working sucks.
Types of Entrepreneurship
Not every person wants to start a company and have millions of employees. Matter of fact, those days are slowing fading away. Manufacturing with lots of labor is coming to an end. If you believe you can start a business, you need to understand there are types of businesses to start.
The types of entrepreneurship I’m going to list are mainly the structure of the business. Each business is different. I’ll provide my own definitions, not a college textbook or dictionary.
- Sole Priopertership– the slang term for this is “sole pop.” This company is a team of one. Most small businesses in America are these types. The owner has all of its equity.
- Partnership– is a company of two or more people. The equity is divided by the number of owners.
- Corporation– also known as a “c-corp” for a conventional corporation. Typically, these businesses are poised to scale and leverage resources to their advantages.
Again, there are multiple definitions of the aforementioned, but I want to use my own. With a smirk, I get tired of quoting others. I’ve spent enough money on education to quote my own stuff. (okay, now I have a really big smile).
With all that being said, I highly recommend speaking with an accountant and/or lawyer to determine which classification will be best for you. Do your due diligence of researching which will yield the most benefits for your opportunity.
I can’t tell you how to make money with your idea. However, I can tell you to start with what you have. Don’t overthink it. You’ll have support within your inner circles, and some of those will be your biggest naysayers. Your passion will be critical to launching your efforts off the ground, but it’s not enough to sustain you.
One of my favorite videos is from Eric Thomas’s TGIM, “The Only Way I Eat.” This is probably the best videos that captures the entrepreneurial spirit. Watch it and then keep reading.
To start this endeavor will be one of the most empowering experiences in your life. The next best feeling is when you get your first sale. Being an entrepreneur is more than going to work a job, it’s a lifestyle.
The Entrepreneur’s Lifestyle
I’m biased, but this lifestyle has its sacrifices. The security of a guaranteed paycheck is a luxury. You’ll create that expectation for employees, but you’ll get paid after all the expenses are cleared. It’s a risk that most don’t want to take.
Ultimately, that’s what entrepreneurship is. The risks and challenges are daily. Enjoying the life of the rich and famous is the norm of a basic startup. A business owner has to fail forward more than he or she assumes. There isn’t a place for comfort until your brand is working for you.
In my experiences of working for Nike as a security officer while in college, I watched their brand multiply year after year. One of Nike’s maxims (aka, values) is “There’s no finish line.” Every building I walked into during 23:00 to 07:00 hours was about excellence, especially for the employee working at 2am in the morning to finish their task. Well, it’ll be no different from you.
Be ready to adjust and adapt. Don’t get comfortable. There will always be competition, especially if you’re on top. You will have a bullseye on your back.
Keep Your Feelings Out of It
To close on a positive but “real” note, I want to share a video that says it better than I could write it. Now, I don’t promote the vulgar way in which it’s done or promote his views, but Gary Vaynerchuk likes to keep it real.
In my search to devour as much information as possible, I’ve learned there’s a thought leader for everyone. Male or female, there’s someone out there for you. Not every motivation speaker is a great fit to “coach” you on your journey, so find one who can help you mitigate as many risks as possible.
I write this because my business is personal because this service is for the advancement of all humanity. My failures and successes are for your gain. No strings attached.
Nathan A. Webster, MBA
Consulting | Marketing | Web Design