Kim Brown is a thought leading NLP Coach and Practitioner with clients all over the world. Having a TEDx Talk that blew up the internet and went viral certainly contributed to that. Kim has acquired a vast amount of knowledge and wisdom from years of study and experience and shares some of that gold in this article.
“There are so many people that hope to be living the entrepreneurial dream, be your own boss, run your own show. Work towards your own dreams and goals instead of contributing to someone else’s wealth. Sound familiar?
So why is it that 60% of small business start-ups fail in the first 3 years? (Australian and UK small business statistics) And how can you avoid being one of those tragic statistics?
There is more to running your own business than being good at the technical stuff. Just because you are good at cutting hair, doesn’t automatically qualify you for opening a hair dressing salon that will service the rich and famous. Just because you can cook well, doesn’t mean you should open a restaurant. We have all seen Gordon Ramsay’s “Kitchen Nightmares” right? Your skill as a technician does not automatically mean you will run an amazing empire. You need to learn some great skills first.
There is so much more to being a successful business owner running their own show that most employees don’t realise. The reason their job may have been so easy (or boring) was because the business owner had systems, proper legal and financial advice, and discipline. Lots and lots of discipline!
Here are some myths you can avoid if you are looking to start your entrepreneurial journey:
1) Working for yourself will give you time freedom: let me just smash any fantasy you may have about being self-employed giving you time freedom! Most entrepreneurs end up lugging their new businesses around with them on their hip, like a needy child! Initially at least, it will take up every working thought, every waking moment. Of course,it won’t necessarily stay this way, but that’s where it will start.
2) Working for yourself will be easy, you will be a good boss: guess what! You can’t blame your boss anymore for any failures because you are the boss! It all stops with you! The good, the bad and the ugly are all yours. And if you are on your own, this can be the loneliest place! There is no boss to scold you, rescue you or give you words of encouragement. You’re it! It all starts and stops with you.
3) My family and friends will support me: Here’s your reality check! Most of your family and friends won’t understand your passion, will think you’re nuts and will wonder why you are risking your pension to go out on your own. Your bravery and courage will scare the heck out of them! Unless they are an entrepreneur themselves, they simply won’t understand your desire to evolve. Be prepared for many pep talks and safety talks while they adjust to your newfound entrepreneurship.
4) I can do it all without a coach or a mentor: the truth is, you can. But will your cashflow last long enough while you make all the mistakes to get the lessons instead of hiring an expert from the start. Having a coach or mentor from the start can help you save time, go in the right direction from the start and save the heartbreak of the many costly lessons along the way. If nothing else, a good coach or mentor will keep you accountable and stop you feeling so lonely in your journey.
5) I just need a pretty website and business cards and the clients will come whilst these tools will help your business, they will not create it. Income producing activities need to be the highest priority. No one cares how pretty your website is if you go broke from lack of cashflow. Get the paying clients in the door or the products sold, period. Sell first, make later. You don’t need to invest thousands of dollars to get started. Pay someone later to make you a great website from the great cashflow you will have by gaining paid opportunities first.
Being an entrepreneur and creating your own wealth can be the most fulfilling thing you do with your life. Turning your passion into purpose and profits can certainly bring joy and fortune to you and those you love. Your empire can employ hundreds of people and impact many families with your success. You can leave a legacy for your family and for worthy charities.
My advice would be to avoid the “all in” approach that so many people suggest. Burning your employee bridges and diving full steam ahead into a new business venture has danger written all over it! Build your new venture while you’re still employed, then when it has a bit of momentum, you can go all in from there. At least you won’t be trying to get it moving from a standing start.
Use the cashflow from your job to contribute to your business success. Then when the time is right and you have built momentum, invest your time and energy fully into your own success. Be sure to be working on your mindset because the lonely journey of entrepreneur life will need a good steady belief system to keep you going when the going gets tough.
Be sure to work on your physical health, mental health, mindset,and work / life balance continuously. You can’t go to the gym once and expect to be fit for life. These areas need consistent and disciplined work. Just like your business. You must look after the captain of the ship, you. You can’t run an empire if you’re sick. So, dedicate time to your health and your wealth. Learning NLP (Neuro Linguistic Programming) will help you develop the strategies and mindset for this.
Surround yourself with like-minded entrepreneurs whenever you can. Join Masterminds or support groups. Attend personal development seminars. Be around like-minded people. Keep evolving. Heal your past. Get support whenever you can. Do whatever you can to do more, be more and become more.
You and your business deserve it.