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#EPISODE 51
The no 1 mistake aspiring business owners make is using their heads to decide on a business niche while ignoring their hearts. The heart (in other words, what you love, what lights you up and that you happen to be really good at) has to come first.
THE TRAP
There’s no point putting all the effort that it takes to leave a corporate job to have a new business if it's swapping one unfulfilling job for another. If you start from a purely financial and practical position you are setting yourself up, if not to fail, then to be in the same position a few years down the line. Stuck, frustrated and unfulfilled in your work, only this time it's your business that is causing the pain, rather than your job.
I’ve seen other business owners who have fallen into this trap at the start. They either burn out because slogging away in something you don't enjoy is hard, and give up and go back to a 9-5 job, or they end up eventually pivoting to the business that they should have had at the very beginning.
Now, don’t get me wrong, I’m not saying that the financial aspect and aiming for a business niche that is profitable are not important. After all, I don't think anyone considers going into business just wanting to earn enough to pay the bills! They have aspirations, goals and a level of lifestyle they would like to achieve. But they should not be the first consideration.
WHAT LIGHTS YOU UP?
Now maybe the thing that lights you up is not a full-on life transformation, like opening a business abroad or setting up a yurt camp and retreat in the country, but it has to give you that feeling in your gut that makes you want to go for it. Because, not to burst the bubble, being an entrepreneur takes work just like your day job does and if you are not passionate about it and don’t really care about it then it will get harder and harder to keep yourself motivated.
It's different if you’re just doing some contracting or freelancing to earn an income while you're building up your own new business, that’s a whole other thing. Because you know that will be short term and it has a purpose, so even if you’re not that into the work, as long as it's easy for you, it does not need to be something you love.
WHAT ABOUT THINGS YOU EXCEL AT BUT DON'T LOVE?
Another mistake aspiring entrepreneurs make is thinking that just because they have experience in something, and are good at it, they should create a business out if it. Think first if it is something you actually love or do you just love being the expert in something?
When I was thinking about the direction I would take when starting my business all the advice I got was that I should work with corporates. In other words, I should either be a consultant and advise companies on talent development or recruitment, or I should be an external trainer to be hired to deliver training in Corporates like Banks and other financial institutions, or I should become a corporate coach. Basically, to do what I was doing as an employee but working for myself. I can see why this was the advice. To others looking in, it was a no brainer. I have the skills and experience and it would be pretty quick to get up and running.
There was only one problem, my stomach sank at the thought! All the reasons I wanted to leave the corporate world in the first place came flooding through my mind. Even though a lot of them would be solved by being my own boss, I would still be constrained by the rules or guidelines of the organisation hiring me and I was just not passionate about the work anymore. I could not imagine having years ahead of more of the same, despite the potential income I could have made.
So I chose to follow my heart and the business that excites me, that I believe in, is aligned with my values, that means something to me and fulfils me, and I haven’t looked back!
Former Apple boss Steve Jobs said “It was my passion that buoyed me up when I doubted myself and motivated me when things went off track. It was my passion that helped shape the business I wanted to have and has led to the fulfilment and happiness I now have”
This quote has always stayed with me since I heard it because that is the essence of what I’m saying now. That only passion and love for what you do will give you the drive, energy, creativity and resilience to achieve your dream business and life.
THE BOTTOM LINE IS…
If you’re planning on starting out on your own, becoming your own boss, make sure you’re 100% bought into your idea and you are working towards a business that you love from the get-go. Start with what you love, what you are passionate about and what you can do easily (even if you need to enhance it with more training).
Then, once you know what passion you want to pursue, you can then think about what ways you can make that passion work for you and what gaps in the market you could fill with your new business and all the other practical details. By starting from the heart, you will be assured to always have the motivation, inspiration and drive you will need to make your new venture a success
Dream big, go with your gut and don’t hold back. Life is just too short to settle for second best and your future self will thank you for taking that chance.
