You are your business

Whether you are already in business for yourself, or are thinking about it, one of the strangest hurdles to overcome is realizing that you are in fact, the business. The beauty of this is that since there is no one exactly like you, you are free to build your business on your skills and what you are best at.

Many people who are leaving the corporate world find the most natural and obvious shift is to become a consultant. But many (myself included) do not necessarily want a bricks and mortar office, employees and complicated structures to start. 

After all – for most of us, the attraction is a more flexible, humane way of earning a living that allows us to feel good when we look in the mirror.

Do spend the time to think about your end goal – and reverse engineer it. You don’t have to know everything when you start. You’ll figure it out, and be true to what you really want. If you don’t, you’ll feel like an employee in your own business before you know it.

The power of others in your business

I have just returned from a marketing workshop in LA, followed by some down-time for play and business planning. The session was amazing and far beyond what I expected. Often we think of attending conferences or other forms of personal and professional development in terms of gaining new knowledge and networking. Those of us already in business look at the cost – and often talk ourselves out of what might be the biggest hidden opportunity to skyrocket ourselves on a personal and business level.

When you are around others who are positive and hopeful, you can only feel positive and hopeful! If you surround yourselves (or watch and learn from) people who have already attained what you desire, you learn from their experiences.

Don’t be afraid to invest in yourself, and take every opportunity to surround yourself by those who can teach you.

Why you need to invest in yourself

Why employees become entrepreneurs

Every entrepreneur has a story to tell. More often than not, behind every successful entrepreneur is a story of toxic workplace experiences, and horrible contortions needed to fit a lone wolf into sheep’s clothing. Others have dipped and swerved their way through a variety of university degrees and radically different variety of jobs until they found their own way.

Organizational psychologists report these as the 12 factors of personal satisfaction in a workplace:

1. Opportunity for personal control or latitude in decision making
2. Opportunity for skill use acquisition and development
3. Clear goals
4. Variety in job content and location
5. Role clarity and feedback
6. Positive contact with others
7. Good pay
8. Physical security
9. Valued social position
10. Supportive supervision
11. Career outlook
12. Equity (justice for both the individual and the community)

Self employment is not for everyone. For some people, the perceived loss of security and fear of the unknown is enough to keep even highly dissatisfied people in a paid employment situation. And some are wildly happy with their chosen careers. But for the restless souls who get a rush out of creating and building something conceived in “the workshop of their own mind” venturing out into a self-made world is the only way.

Service or servitude?

Michael Katz over at It Sure Beats Working wrote a succinct and very astute post last week that brings up something important for all entrepreneurs, especially those who provide professional or consulting services. Having an “anchor client” sounds great until you remember the purpose of an anchor is to weigh an object, meaning YOU, down!

In the communications business, many independents would jump at the chance to have regular, retainer contracts that equate to a regular paycheque – monthly, long term contracts. But putting one’s eggs all in one basket leaves you vulnerable in more than one way. Not only do you risk a major crisis when or if the work suddenly ends – and you have spent no time marketing or bringing in other clients – but more importantly, you have done nothing to advance your skills. You have become pseudo-employee, without the pension plan, sick days or the benefits. You have lost the ability to be competitive. You are the entrepreneurial equivalent of the stereotypical government worker. And worst of all, you have passed the line of providing professional services, and are now in servitude.

I have actually had success working under these arrangements, but have never relied on one. I accept clients based on my own criteria, and what I think the assignment will gain me, financially, professionally and personally. If money and a regular payment ever becomes the driver, it will be a sign for me to Get a Real Job.

The other important thing to remember is if you are going to enter this arrangement as a business model, be sure you either take on enough that you can manage and do the work well, or plan before you need it, to get help. Murphy’s Law is such that the 20 hours of work needed by 5 different clients will all end up mysteriously due in the same week – despite your best efforts!

This business called life

I spend a lot of my time on personal and professional development. For me, there is little distinction. Especially as a small business, and one that sells “intangible” and “invisible” services, you are your brand, your human resources and your capital.

This is why it is so important, if you want to be in business for yourself, to build your business around what you love and are interested in, versus what will make you the most amount of money in the shortest amount of time. That model may work for some, but it won’t get me out of bed in the morning! Too much like a so-called real job. There are many examples of highly successful, and wealthy people who work every day, doing what they love.

There is a great story in Seth Godin’s new book Tribes – beginning with this quote: Instead of wondering when your next vacation is, maybe you ought to set up a life you don’t need to escape from.

He talks about being on vacation and unable to sleep one night, and going down to the hotel lobby to check email. He overhears a couple talking about how sad it is that he can’t tear himself away from work long enough to truly enjoy his vacation. But the truth for him is that he loves his work, and does not see it as an interruption in life.

Building your business as part of your life, purpose and what gets you fired up is not only possible, it can be surprisingly simple once you deprogram yourself from all the conditioning that equates success with things like: obligation, paying dues, working yourself ragged, sucking it up, putting in your time doing something you hate.