Freedom of entrepreneurship
Moving from being an employee to becoming an entrepreneur is a challenging journey.
In this article, we’ll delve into the fundamental challenges of initiating any business.
The right to be entrepreneur.
If we would take legislation of any country, then the general rule normally would be as follows:
To become a private entrepreneur, one has to register as one.
In other words, society and government consider our natural status rather as an employee, than as an entrepreneur. And educational system works respectively.
As employees we perform some limited amount of duties and get paid some limited amount of money. Our working time is also limited.
While entrepreneur is unlimited in almost every respect. We could even say, that entrepreneur is a free person.
And this is not exactly a good thing.
Freedom comes with responsibility, which most of us just cannot handle quite yet.
Challenges of free entrepreneurship.
Entrepreneurship is a demanding activity which is based upon a focused and diligent work.
Thus, ability to keep focus and work persistently are the ones to decide the final outcome of any business venture.
From another side, it looks like the main reason why we stay away from entrepreneurship, is a concern of not being able to generate enough income.
An itchy noise, that if I fail, then how shall I pay my bills and my rent and other stuff?
This is a reasonable concern, since nothing is guaranteed in business activity.
It all depends on our ability to find the right people and to create meaningful communication with them.
Meaning that the main challenge of any business is finding out if there are people interested in our product/service and if they are able to pay enough to maintain our business.
Looking for the right people
Build a railroad for your train.
Being an entrepreneur for around 14 years already, after some falls and rises, which eventually just happen, I can say that entrepreneurship is like building a railroad in front of a moving train.
And the bigger a business appears to be, the faster this train moves.
The railroad is your income and receivables. While the train is your expenses and payables.
And we are constantly trying to make our income to be “longer” than our expenses.
We do it by improving the value of our product/service and by finding correct people – our customers.
We are not building a railroad just for fun. We are building it for specific people.
Enough is never enough.
Instead of being worried about “how would I pay my rent”, we should be thinking of “how could we find our people”.
Our people are the ones which will allow us to generate enough income.
The word “enough“ is crucial here.
If we are able to generate at least the amount of “enough”, then our business model is sustainable.
The formula of enough is simple:
Er = Be + Pi
Er – enough revenue.
Be – all business related expenses.
Pi – reasonable personal income.
If we manage to maintain the stable flow of “enough” income, then we can consider ourselves as a successful entrepreneurs.
Important to remember – we do not get our income from a thin air.
We get it from the people which are interested in our product/service.
Know your how.
Second important word is “how”.
We cannot generate any income, if we do not know how to do that.
Good news is that generating income always goes in the very same way:
Create value > find the right people > establish meaningful communication.
In other words: we exchange our value with people, which want that value and ready to pay for that.
It works the same way for any business, for any industry and for a company of any size.
So, as entrepreneurs willing to generate enough income, we first want to answer following questions:
1. Do we know how to produce any payable value?
2. Are there people willing to pay “enough” money for the value we produce.
As we can see, you always start with your ability to create the value.
Only then we go to the market to inform everybody about our value and to find the right people.
Start your business today already.
Reality is simple: being inspired, highly motivated, mind opened and comfort zone independent person has no impact on our actual ability to manage a sustainable business.
What does have impact: ability to create value and people willing to pay for this value.
If we do not have any established business yet, it does not mean that we have to sit and wait for grass to grow under our feet.
We can always utilise a simple cycle to kickstart any type of activity:
Think > Plan > Create
And Record all that.
First we think about our venture, then we plan some results and actions to achieve these results, then we undertake the planned actions and record achieved results.
Then we think again.
As we can see it is a very simple cycle we can always follow.
By always we mean today and today only.
How to become an entrepreneur?
As we already know – our attention is our personal currency.
Let’s not waste this attention onto media, short videos and social networks.
Let’s better invest it into some meaningful activities:
1. Slowdown a bit and put our everyday distractive and reactive activities aside.
What are we paying attention to?
2. Think about what we know and what we can do to create value.
What is our value?
3. Look around and imagine which people or businesses could want our value for their activities.
Who are our customers?
4. Explore, what could be an efficient way to inform the people from p.3 about the value from p.2.
What are our promotional channels?
Now focus, concentrate and start doing something.
Step by step. A little. Everyday and every week.
No rush, no pressure.
In a while all the questions from above will be solved upon the actual data.
We will see our reality and understand our chances of generating enough income.
Our transition from employees to entrepreneurs will happen in a natural manner.
What are you doing?
In the very end it is not about being able to become an entrepreneur.
We are all able, since we are all born as free entrepreneurs. Entrepreneurship is a natural skill hardwired into our genes.
The only question is – what are you doing about that?
ByCycle tool for free entrepreneurs.
We designed ByCycle with the idea to help people to start something on their own.
Our goal is to increase the success rate for small and medium sized businesses.
Our goal is to help students to start a business after graduation, rather than waste energy on seeking for a job.
Give ByCycle a try, and see how it works for you.
NB! Use browser version for registration. Mobile version is under development.
