tVB 76: IS PRIVATE BUSINESS FOR YOU?
Business
Training
tVB 76:
IS PRIVATE BUSINESS
FOR YOU?
I
HAVE OFTEN HEARD
paid employees wish they too were in Business after hearing about the
mouthwatering deals of some private Business people. On the other side, it is
interesting to note that many business people admire the stability in income of
people in paid employment. So, what is your desired career direction? Truth is,
starting a private Business is not a venture for everyone. Being self-employed
is very different from being a paid employee. How can you know if private
Business is your kind of thing?
The following Six
Traits Of A Potential Self-Employed Person reveal the thought and behaviour patterns of self-employable persons, and will
help you see if you have the necessary entrepreneurial mindset.
1)
YOU HAVE TO BE FLEXIBLE TO BE SELF-EMPLOYED
If you start a Business,
you no longer have "one" job with clearly defined duties and
responsibilities, but multiple jobs,
which will be often interrupted by unforeseen crises (particularly in the
startup phase). While employees perform largely predictable activities;
self-employed people do not. Once you start a business, you will have to make
decisions, deal with crises and solve problems that confront your business.
2)
YOU HAVE TO BE A SELF-MOTIVATED INITIATOR
You have to direct your
own actions as a small Business owner. Your effort is the major factor that
draws clients in. Nobody will point out what needs to be done. This feature of
private business is the hardest adjustment to make for many long-term full-time
paid employees regardless of how successful they were.
3)
YOU HAVE TO BE ABLE TO RECOGNIZE OPPORTUNITIES AND GO AFTER THEM
If you start a Business,
you need to be the one constantly scanning the horizon for opportunities and
seizing them when they come. Many leave the fate of their Business to employees
only to regret in a short time. To intending start-ups, I usually say, “God
made all things first, then He employed man to manage it!” It is your duty to
‘create’ your business before employing people to manage it. Much like God did
not leave creation of anything to man. We only manage creation.
4)
IN PRIVATE BUSINESS, THE BUSINESS OWNER MUST BE ABLE TO PLAN AHEAD
Unlike being an employee,
if you start a Business, you must develop expertise in both short-term and
long-range planning. You must learn how to create the plans yourself - and
adapt the plans to changing circumstances.
5)
YOU NEED TO BE PREPARED TO PUT IN A CONSTANT AND CONSISTENT EFFORT
Starting a business takes
energy, and 100 percent commitment! You cannot just coast along or go through
the motions. Your customer and/or clients need to know that you are devoting
100 percent of your talent or skill or attention to them. They will go elsewhere if they do not feel this is the case.
As a self-employed
Business owner, you have to go in every Business day and give it your best
effort no matter how you feel. Be prepared to step in when an employee cannot
be on the job. Decades ago, as an undergraduate, I was at the park of an Inter
State Transport service. A driver whose bus was filled and ready to leave
refused to show up. The CEO of the company came out to the park, got into the
bus, instructed the accountant to pay off the erring driver, checked if the
passengers were all ready, and promptly zoomed off – from Benin to Lagos!
6)
YOU HAVE TO BE ABLE TO DEAL WITH UNCERTAINTY
As a self-employed
entrepreneur, there is no guarantee that the products or services you offer
will be in demand six months from now. There is no guarantee that your
customers will pay their bills on time or even pay them at all. There is no
guarantee that your current big client, who seems to be perfectly happy with
your work, will not drop you next week. There is actually no guarantee that you
will make any income this month or the month after. For many ex-employees who
are used to having a Pay Cheque arrive regularly, the uncertainty of being
self-employed can be very difficult to deal with.
The point of this article
is not to scare you off, but to make you aware of how you have to re-adjust
your thinking from employee mode to self-employed business owner mode.
Truth is, when it comes to
being self-employed, awareness is more than half the battle! If on the other
hand you find yourself saying, “I can do this", then let me encourage you
to the next step. Decide on your intended line of business!
Best Regards
TOPE A. BANJO
Business Trainer and
Author
Trains you to Start-Up profitable Business;
and, Manage Business profitably!
Enjoy Tope’s Business Training Services and Business
Training Books available for purchase as: i) Epub Version @ Okada Books OR ii) PDF
Version @ Vision Builders Resources
Contact:
Tel: 0803 3075 969
Tel: 0803 3075 969
To
identify if private Business is for you, Click
To Listen to:
1)
FREE Business Seminar.
To
Start-Up
and Manage Your Business profitably:
5) Request our FREE Choosing A Business Idea Self-help
Questionnaires. Simply SMS: Start Up Self-Help/Your Name/Your Email to 0803 3075 969
Instagram: @topebanjo
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#TrainToStartUpAndManageBusinessProfitably
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