As an entrepreneur myself, I’ve had my own share of hits and misses. I started my own small business when I was 23 but went back to corporate work after I finished my MBA. I got into franchising as a side business when I was in my late 20s. That lasted for just a few years. When I lost my job right after I got married, I went into freelancing for a couple of years until 2008, when my wife and I launched our conference and seminar business. And we kept on growing over the years.
Our plan is to launch new online businesses. Years ago, we tried our hand in the then hot group buying business. We were too niche and a bit late and we folded it after several months when it failed to gain traction. Did we regret it? No. You win some, you lose some.
And that’s what being an entrepreneur really is about – take some calculated risks to meet a market need and earn a financial return. Sometimes you fail, and sometimes you succeed. Obviously, being an entrepreneur or freelancer is never easy. There are times you will question yourself, times when you get tempted to go back to the corporate world. And for practical purposes, you really do have to keep your options open. But there are times when you just need to hang in there a little more. And that can pay off.
There was one point when I lost some of my sources of regular income and our business was earning just enough to keep us afloat month to month. I seriously thought of going back to being an employee here or abroad. But after much consideration, we felt we’re still in a good business, there’s plenty of room to grow, and we just need to cut back on business and personal expenses to weather the storm. We stuck it out and got out of the rut. And now, we’re experiencing tremendous growth.
But I have also experienced when closing down makes more sense. As I mentioned, I had to close my first business and went back to business school. We had to shut down our franchise business after losing a lot of money. And then we had to shutter our Internet business when it didn’t gain traction. It can be heart-wrenching – all that money, effort, and psychological and emotional energy down the drain.
As they say, no pain, no gain; no risk, no reward. Every time, I had to pick myself up and try again. There is no shame in “failing,” only regret in “not trying.”
I understand that becoming an entrepreneur is not for everyone. But thinking like an entrepreneur is for everyone. So even if you’re working for someone else, if you think like a business owner, you will become more entrepreneurial. That means you’ll be the kind who’s always looking for new opportunities for your company, taking calculated risks in trying something new, finding ways to be more efficient and cost-effective, volunteering to try your hand in various functions, and making a contribution to the bottom line. Guess what? You will end up being so valued by your employer you will get a raise and a promotion sooner rather than later. You might end up running the business yourself – and even be offered equity if you’re really that good.
But if you’ve really decided that corporate life is not for you or you’d rather go off on your own, start your own small business. Or get your feet wet by freelancing or solopreneurship and later transition to setting up a corporation with employees.
I’m telling you, once you become your own boss and find that you make more money, get to do what you love, and have control when, where, and how you work – and who you want to work with – you’ll never want to go working for anyone else for the rest of your life.
Photo by Brooke Lark on Unsplash
