“Why not go out on a limb? That’s where the fruit is.”
If you have ever sat back after a particularly long day at work for someone else and pondered what it would be like to chart your own course, you’re far from alone. Of course, when that pondering turns to real, in-depth thought, many of those idle dreamers will turn their minds elsewhere–entrepreneurship poses serious challenges to all those who dare embark upon it.
As with everything, there are positives and negatives to going into business. The positives come readily enough to mind when imagined as an alternative to the status quo:
- You are free to be your own boss
- You fear no pink slip
- You earn as much as you make possible
- You exercise your mind and creativity
- You control your own hours
But then the negatives intrude on your thoughts:
- You see risk in every decision
- You fear failure (or your may even fear success)
- You put in as many hours as necessary to stay afloat
- You earn as much as customers/the economy allow
- You face pressure and responsibility
In my experience assisting small business owners, the assumption of risk often has stuck out as one of the biggest entrepreneurial obstacles.
You’ve heard the saying–”No pain, no gain.” Pain, even if it amounts to no more than stress and fear, is the inevitable price of reaping the rewards of your work. The risk involved will never be completely removed. Which is not to say, of course, that there aren’t great ways to manage that risk.
You need to find that perfect equilibrium between risk and reward that will allow you to soar. As a creative business lawyer, I have helped many first-time entrepreneurs put in place the safeguards that enable them to rise to the challenge while limiting unnecessary risk. The legal system has tools in place to help you manage the dangers posed by starting your own business–with the help of a particularly talented attorney, of course!
If you are determined to be your own boss, we can help you discover if you have what it takes to start your own business and guide you through the steps to successful entrepreneurship. You may be a good candidate for entrepreneurship if you can see yourself having these qualities:
Courage. Courage isn’t the absence of fear, it’s moving forward despite the fear. Entrepreneurship is scary, especially when you have put everything on the line and all the pressure is on you to perform.
Perseverance. A good idea is great, and talent is great, and an education is helpful. But what really makes the difference between success in entrepreneurship and those who close up shop before they get off the ground is perseverance.
Mindset. Attitude, beliefs, and openness make a huge difference. Successful entrepreneurs are positive people who believe they can make it, and are open to the opportunities and people who come their way.
Follow through. You can talk about your dreams and ideas all day long, and you can have the most amazing and inspirational mindset in the universe, but if you don’t actually take action, you will never get anywhere. Successful entrepreneurs know when to stop planning and to start implementing.
The great thing about all of these qualities is that they aren’t inherent – in other words, people aren’t born with them (like eye-color) – they are learned and developed. That means that you can develop them, too, if you really want to.
As an attorney, I offer advice on entity formation and taxation, the intricacies of structuring solid business agreements, protecting your intellectual property, hiring and firing, and much more. As a fellow entrepreneur, I can also offer advice on courage, perseverance, mindset, and follow through. After all, I’ve been through it before.
Whether you are new to entrepreneurship or already operating a business, you can call on us for the advice you need. call us today at (612) 206-3701 or fill out our contact form to set up a business consultation session.
Image courtesy of Koratmember / freedigitalphotos.net