“Success can be attained in any branch of human labor. There is always room at the top in every pursuit. Concentrate all your thought and energy upon the performance of your duties.” – Andrew Carnegie
START | SCALE | GROW
Firstly, CONGRATULATIONS! Becoming an entrepreneur is one of life’s hardest and most fulfilling of career moves. You have the ability to change the world, change the lives of others and provide products or services better than your predecessors and competitors. And also, be rich and successful both financially and philosophically.
It’s also the most scariest and loneliest jobs ever.
And that’s why I’m an Entrepreneur too! My job is to help you be the best Entrepreneur for you and all around you. It’s to ensure you’re doing all you need to do for you whilst focussing, planning and executing your life’s dream. Working with inspiring people is one of the best bits of my job and I will support you and your journey so it’s enjoyable and rewarding.
I’m your Wendy and you my Axe – Billions
(you need to watch this show)
Working with a Coach needs to be on your priority list. You’ll need someone consistent whom you can trust, you’ll need someone to bounce off ideas and decisions with, you’ll need someone who’ll listen to your lofty dreams and make them a reality. You’ll also need someone to kick you into action when you’re being lazy, you’ll need someone to help you move forward when you think that you won’t succeed, you’ll need someone reminding you to get off social media and focus on your strategies, you’ll need someone who will ensure your mental wellbeing stays in tact, no matter the paths your venture takes – Read this award-winning article for the realness of Entrepreneurship: The Psychological Price of Entrepreneurship – Inc.com
1. Abandoning another career
If you’re going to dedicate yourself to starting and nurturing a business to success, it’s going to be nearly impossible to simultaneously manage another career. You might be able to manage the infancy of your business on the side, during weeknights and weekends, but if you want a chance of growing significantly, invariably you’ll have to quit your day job.
Experienced entrepreneurs don’t have it easy when it comes to funding a new business, but they do have a few advantages over newcomers. They might have a pool of capital from a business they previously sold or a steady stream of revenue they can use to fund a new business’s cash flow.
This is especially hard if you’ve never run or managed a team before, but even if you have management experience, picking the right team for a startup is stressful and difficult. It’s not enough to find candidates who fill certain roles — you also need to consider their cost to the business, their culture fit and how they’ll work as part of your overall team. Such considerations are exceptionally hard when you’re under the pressure of filling those positions as soon as possible.
4. Being the visionary
As the founder of your startup, you’ll be expected to come up with the ideas. When a competitor emerges, it will be your responsibility to come up with a response plan. When your team hits an impenetrable obstacle, your job will be to come up with an alternative plan to move forward.
5. Dealing with the unknown
How long will your business exist? How profitable will your business be? Will customers like your product? Will you be able to give yourself a steady paycheck? None of these questions has a solid, reliable answer, even in startups based on great ideas with all the resources they’d theoretically need.
It’s a rarely mentioned problem of entrepreneurship, and many new business owners aren’t prepared for it until it happens. Being an entrepreneur is lonely. It’s a singular position, so you won’t have teammates to rely on (completely). You’ll be working lots of hours, so you won’t see your family as often. And your employees will be forced to remain at a bit of a distance.
It’s fun to be the boss until you have to enforce something. Sooner or later, you’ll have to come up with the rules your business follows, from how many vacation days your workers get to what the proper protocol is when filing a complaint about a coworker. These details aren’t fun to create, and they aren’t fun to think about, but they are necessary for every business.
Believe it or not, this is probably the most stressful challenge on this list. New entrepreneurs are forced to make hundreds of decisions a day, from big, company-impacting decisions, to tiny, hour-affecting ones. Decision fatigue is a real phenomenon, and most new entrepreneurs will experience it if they aren’t prepared for the new level of stress.
- Increased levels of self-confidence and self-esteem
- Greater self-awareness and higher levels of emotional intelligence
- Healthier lifestyle, with improved energy, fitness and wellbeing
- Greater motivation and purpose
- Fresh perspectives on personal challenges and improved beliefs
- Much clearer direction of where you’re going and why
- Greater leadership skills
- Enriched relationships with family members and work colleagues
- Enhanced life-work balance
- Improved personal time management, so you have more free time
- Greater interpersonal effectiveness
- Improved communication skills
- Higher work performance
- Smarter planning and decision-making skills
Ready to be the Ultimate Entrepreneur?
If you’re still wondering how a Coach can help, book in for a FREE 90 minute Strategy Session and I’ll show you how. It’s sometimes a lot easier to understand how Coaching can help you specifically to understand its benefits.
And if you’re wondering about my credentials – I’ve successfully launched many businesses for the last 20 years and Frankly Coaching does pretty well too! During the Strategy Session, I can talk more about my experiences and share case studies of my Coaching practice.