Episode 3: When Should You Go Off On Your Own?

entrepreneurship Apr 08, 2020

One of the biggest questions people face when going out on their own is simply, when? When should you take the plunge to become an entrepreneur? How do you know that it’s time?

Before Jacob and I became entrepreneurs, we each had experiences letting us know we were ready and it was time. For me, it was a string of bad jobs and failed business ideas. I felt stifled and fed up, especially after getting fired from a corporate job. Then I realized people were constantly asking me to speak, write and create content for them, which has now turned into my own business.

Jacob built his business on the side while working full time. Once his business was successful enough that he could afford to live on it, he was able to quit his other job and go full time.

Each person has their own journey and experience that gives them the nudge that it’s time to take the plunge. But before you jump into the world of being your own boss, here are seven things you should know how to do:

  1. Self-motivate. When you’re your own boss, no one is watching to make sure you hit deadlines and get things done. You must be motivated to build something for yourself.
  2. Be self-aware. Entrepreneurs are cautious but bold. They know what they don’t know and are aware of their own brand. They can self-edit and control what they put into the world.
  3. Manage highs and lows. Creating your own business comes with uncertainty and ups and downs. You must be able to manage your emotions when things slow down and stay motivated and engaged as you wait for the next big thing.
  4. Draw boundaries. When you set your own schedule, you are in complete control. You have to set boundaries and learn to say no without overextending yourself.
  5. Run a business. You may be a great marketer or developer, but that doesn’t mean you’ll automatically be a great business owner. There are lots of other responsibilities, including building a team, managing finances and finding clients. To be successful, you have to have a growth mindset to step outside your comfort zone and constantly learn.
  6. Take risks. Setting out on your own comes with risks, no matter your stage of life. You have to be confident in yourself and your idea to go all in.
  7. Be a people person. Even when you are your own boss, you still have to work with other people. To be successful, people have to want to be around you. They need to believe you and want to follow you.

If you don’t have all of these skills, take time to develop them while you’re still in the security of a full-time job. There is never a perfect time to go out on your own. Our experiences were each different, and each person will have their own path and journey. Entrepreneurship is all about mentality. If you are in the right mindset and have the right skills, you can be ready to take the plunge whenever it’s right for you.

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