I grew up believing that I need to finish school (with flying colors) to be employed by a company that could offer me a lucrative job. I guess there’s nothing wrong with that ONLY if it was presented to me together with other options. The scary part of my growing up years (I realized) is that it NEVER occurred to me that I can come up with my own business and be an employer years (even decades) before retirement age. I had a lot of misconceptions with regards to owning a business. I used to think that all you need is money to be able to start one. So you picture yourself getting your retirement fund and finally making your dream of being your own employer come true. Surprisingly, money is actually the least of your worries. Are you with me?
Let’s go back to the picture. So you consulted friends, relatives and successful business owners on what kind of business to invest on (missing the idea of even asking how did they actually became successful). You are eyeing the product/service, not the business system itself. If you’re lucky and the business is a hit (for now), you reached ROI in no time. Unfortunately, lack of entrepreneurial experience slowly dragged your business down. You then found yourself closing the business and saying goodbye to the last money you have.
What to do?
1. Know yourself. What are your strengths and weaknesses? Are you a visionary who loves to exploit new possibilities and has the passion for creating better future or an implementer who efficiently completes current work, solves immediate problem and into details? This is important so that you will know who to partner with or what type of people to hire eventually.
2. Have an investment fund where you can put money on a regular basis. If there is a need to make a loan, go for it. Just as long as financial feasibility has been established addressing cash flow and ROI.
3. Educate yourself through school, seminars, training and/or books.
4. Experience it. Don’t wait for retirement age, please! Don’t be scared to fail. And fail as many times as you can. Failing is worth all the money you lost. When you are losing during your salad days, you have all the time and energy to recuperate and try again (this time as a better business owner). My suggestion just to make the ball rolling? Join those networking businesses. Why? Because they offer FREE seminars and training on how to market and sell, you meet seasoned entrepreneurs and of course the hands-on training of trying to do it yourself.
5. Be humble enough to admit that you need more than yourself to succeed.
Now that I have 3 growing children, I try to educate them financially as much as I can. I tell them that life is not all about winning, what’s important is being a better person after every failure.
More so, I am opening their eyes to a lot of BETTER options.