One of the most disturbing facts of life is this: Over 70% of Americans hate their job and have no passion for the work they do, yet they spend over 90,000 hours of their lives at work.
This alarming statistic makes it easy to understand why so many people have fantasies about firing their boss and starting a business.
They want to fire their boss and replace the role of their boss with themselves. By becoming their own boss, they will create limitless potential for themselves. They’ve heard the stories about people who start a business and climb their way to wealth.
However, there is a right way and a wrong way to go about their plan. First, entrepreneurs who quit their job and start their own company shouldn’t do that because they hate their job income and their boss. That’s not a good reason.
Instead, become an entrepreneur because you see a need in the marketplace where you’ll add value, you have a thought-out business plan, and you’re fit to be an entrepreneur.
How To Increase Your Success
The Bureau of Labor Statistics recently reported that ½ of small businesses fail in the first five years, and ⅔ fail within 10 years. If you don’t want to be included in these unfortunate statistics, then don’t jump off that cliff unless you know how to swim.
A big reason why businesses fail is because they’re started by inexperienced, ill-prepared entrepreneurs. Poor planning and weak leadership will result in failure. Failure also happens due to a lack of market demand, low cash flow, and a poor sales strategy.
It’s true that remaining handcuffed to your 9 to 5 will prevent you from reaching your full potential in terms of success, fulfillment and wealth creation. You can’t, however, just decide to become an entrepreneur because it sounds like a better life.
You have to know what demand you can fill in the marketplace. Also, you need a long-term vision complete with the necessary funds, strategies, and business skills. If you don’t plan well, then over time your business could fail.
True, you can potentially earn a lot more money than at your job, but you have to be armed for the journey ahead. Below are the 3 signs you’re ready to quit your job and start your own venture.
1. Market Validation
Success is largely based on demand. If your business doesn’t fill a need in the marketplace, it’s unlikely to succeed. Market research, an understanding of consumer needs, market validation and proof of concept are all essential before starting your own business.
A recent report from CB Insights found that 42% of business owners failed due to an unforeseen lack of consumer interest or lack of demand in the marketplace. This is proof that many entrepreneurs fail to complete appropriate market research before leaving their job.
The key is to get market validation. Start your business while you’re still employed by working on it on weekends, evenings, and even lunch breaks. Lay the groundwork, build your website, and get your first few clients.
Ensure people want to buy whatever you’re selling. Prove that your business is valuable because it fills a need in the marketplace. This is proof of concept and market validation, which demonstrates that your business plan is feasible.
2. High-Income Skill
You need skills – specifically high-income skills – to make it on your own. A high-income skill is a skill you can earn $10,000 per month with. Even if your business fails, you’ll always be okay if you possess a skill like this. One of the best high-income skills to have is sales skills – the skill of closing a deal.
Knowing how to sell is everything in business. How are you going to get customers if you can’t close? If you don’t know how to close a sale, then you don’t know how to generate revenue for your business, and an absence of revenue will cause you to go out of business.
A lack of cash flow makes it extremely difficult to grow your business, and the day-to-day operations of your business will be put in jeopardy as you cut corners, creating a substandard business practice.
Closing is the skill that brings in the revenue, and the ability to close is the number one skill you need in business. This is the skill I teach in my High-Ticket Closer™ Certification Program. Not only do I teach my mentees how to develop an optimal selling strategy and close high-ticket clients – I also teach them how to charge high-ticket prices.
In the business world, everyone is giving out deals and discounts – and many entrepreneurs don’t know how to charge more for their product or service. If you learn how to do this, your business will be much more likely to succeed.
Closing is a transferable skill that must be mastered and taken with you when you start your own business. If you know how to sell, there’s a good chance your business will succeed because you’ll be able to close clients, customers, vendors and investors.
3. An Entrepreneurial Mindset
Only a particular type of person can be a successful entrepreneur. It’s the entrepreneurial spirit or an entrepreneurial mindset that separates the wantrepreneurs from the entrepreneurs. This mindset is something you either have or don’t have, and you need to be sure you’re fit for entrepreneur life before you pursue it.
There are certain signs that prove you’re fit to be (and meant to be) an entrepreneur. You have to be a person who doesn’t get easily discouraged, isn’t afraid of failure, and isn’t afraid to take risks. You have to place a high value on your freedom, and be motivated by possibilities.
To be a successful entrepreneur, you must be confident, self-disciplined, strategic, mature and passionate. You should be a creative, out-of-the-box thinker who creates opportunities and is always looking to learn.
A real entrepreneur is motivated by rejection and failure, not intimidated by it. You should be the type of person who acts on ideas instead of just talking about them. You’re eager to step outside of your comfort zone if it means you get to live life on your own terms.
As someone with an entrepreneurial spirit, you fantasize about the possibilities and want more for yourself. You’re hungry for success. Your business is a reflection of who you are, which is why having all of these qualities will positively impact your business venture.
Final Thoughts On Why You Should Start A Business
Starting a business is not for everyone. Before you quit your job, do your research to find out if there is a need for your type of business in the marketplace. Ideally, you want to have a high-income skill to give you the needed cash flow.
Most importantly, don’t start a business unless you have an entrepreneurial mindset. Too many inexperienced entrepreneurs with weak leadership skills start a business. To be successful, you must be determined, self motivated, willing to learn, and unafraid of failure.
If you want to know my story and how I developed my entrepreneurial mindset and some of the entrepreneurial mindset secrets I’ve discovered from going $150,000.00 in debt to becoming an 8-figure multi-millionaire – click here.