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Are You Ready To Be Your Own Boss? Five Important Questions for the Aspiring Entrepreneur
Plenty of people have dreams about starting a business and becoming their own boss and with good reason. Entrepreneurship can be a fulfilling experience, and for many people, it is preferable to working 9-to-5 for someone else. Yet entrepreneurship can also be challenging work, so if you plan on launching a business, it is important to give the decision some serious thought rather than just jumping head-on into it.
There are five important questions that every aspiring entrepreneur should ask themselves before starting a business.
Question 1: The Discipline Test: Do I have the discipline it takes to start a business?
Starting a business can seem like fun when it is just an idea in your head, but in practice, it will be a lot of work. The U.S. Bureau of Labor Statistics reports that approximately 20% of new businesses fail during the first two years of being open, with only 25% lasting past 15 years of operation. If you want to be successful, you need to be ready to put in the work, so you need to consider if you will be motivated enough to push on through when the going gets tough, because trust me, they will get tough.
Test: Before you quit your job or anything practice/pretend for a few weeks what it would look like and feel like to be your own boss. See how motivated you are and if you have the discipline to do what you need to be successful without personal excuses. You are now technically your own boss so assess yourself and see if you have what it takes to be disciplined and self-motivated.
Question 2. The Idea Test: Do I have an idea that is amazing enough to attract customers to my business and leave my competitors behind?
So many would-be entrepreneurs go into the market convinced that they have a great product or service to offer, only to find out that no one really wants that product or service. This is why research is key to success: by doing your homework and researching your market, you will know what your potential customers are looking for and what your competition looks like. From there, you can determine if you have something with lasting value.
Test: Talk to friends and family about your idea and see what they think. Don’t be afraid anyone will steal your idea. Focus on getting feedback and information. Make sure you can take on critical responses so you can adapt. Also, be open to judgmental input which is all part of getting critical feedback. If you can’t handle the feedback you should reconsider moving forward.
Question 3. The Mentor Test: Your willingness and ability to seek out and successfully engage with a mentor who can help you succeed?
Even if you come in prepared with the necessary research, you’re inevitably going to make some mistakes as a first-time business owner. Some people are content to face these challenges alone, but the most successful entrepreneurs are the ones who seek out the expertise of others to support them in their endeavors. People who are too proud to seek help aren’t likely to last, so if you don’t already have mentors to rely on, you need to be ready to find them.
Test: See if you are ready for a mentor by presenting your idea and the story behind why you want to build your company. Doing this is the first step in being successful at selling your vision and encouraging critical feedback. This is extremely necessary if you want to build a business.
Question 4. The Passion Test: Is this a business that will make me happy, and proud and lead toward my life goals?
For some people, a business is their passion, something that they want to fully dedicate themselves to. For others, it might just be a hobby or a way to make some extra cash on the side. Before you start a business, you should have a clear sense of why you want to do it and what you hope to get out of it. If you are passionate about starting a business, it is worth the effort, but if you are only looking to make gas money, you aren’t going to be inclined to do the work needed to make a successful business in the long term.
Test: Gauge your passion and love towards the business during your research, review, and experiment phase. Please only work on businesses you are passionate about. Don’t spend your time doing something just to make you money. Passion will not only feed you with money it will feed you with success.
Question 5. The Money Test: Do I have adequate financial support to start a business?
One of the most common reasons that a business fails early on is simply that the money ran out. There are many reasons the money might have run out, but often comes down to an inability to find proper funding. Before even considering launching a business, you need to know how expensive it will be to start and operate, then determine if you have access to the funds to manage these expenses. Do you have investors lined up, or perhaps some financial support from friends and family? If not, you might need to take on another job to make your plans work.
Test: Do all your financial costing before you spend a cent. Ensure after purchasing everything you need to start your business you still have enough saved to support your living expenses. Make sure you test the money factor to make sure you will be profitable sooner than later. Being financially responsible is key to growing a successful business. So make sure you test your accounts to ensure this is a venture you can afford.
There is always going to be some level of uncertainty when starting a business, but if you answer these questions honestly, you can get a good sense of whether you’re ready to be your own boss. If you ARE ready, it’s time to start planning and getting your business in order. But if you AREN’T, don’t be discouraged! You might simply need more time to get prepared.
I hope you found these tips helpful. Be sure to share this with others who are thinking of starting a business. Stay blessed.
Stay blessed,
Chris Folayan
Award-Winning Author / Serial Entrepreneur / Founder
Top 10 Secrets Entrepreneurs Forget to Unlock:
- Delegate to Win: Trustworthy teammates are your growth rocket fuel. Hire with care, or start with consultants to find your perfect fit.
- Know Your Customer, Not Just Your Pitch: Marketing is a love story, not a sales battle. Understand your customers’ desires, then craft solutions they crave.
- Time is Gold, Automate Where You Can: Trade billable hours for scalable systems. Leverage assets and processes to build a wealth machine, not a time trap.
- Plant for a Forest, Not Just a Tree: Focus on long-term growth, not instant gratification. Sustainable profits blossom from nurtured roots, not quick fixes.
- Meaning Fuels Motivation: Your employees aren’t robots. Make them feel valued, connected, and like their work matters.
- Embrace the Pivot, Dance with Change: Be nimble, be ready to adapt. The future is unwritten, so grab your dancing shoes and lean into what’s coming.
- Learn from Every Stumble: Adversity is your best teacher. Embrace challenges, analyze mistakes, and turn them into stepping stones to success.
- Celebrate Every Milestone, Big or Small: Victories, no matter how tiny, deserve confetti. Keep your team motivated by acknowledging and celebrating progress along the way.
- Bet Bold, Win Big: Encourage calculated risks and affordable leaps of faith. Every game-changing company took a daring bet at some point.
- Find Your Tribe, Not Just Your Clients: Surround yourself with mentors, fellow founders, and genuine cheerleaders who believe in your journey.
Here are some additional pointers:
- Invest in Yourself, the Growth Engine: (your mind) Sharpen your skills, nurture your well-being, and fuel your learning fire. You’re the heart of your business, so take care of it.
- Build Your Support System: The entrepreneurial road can be lonely. Lean on a trusted network of advisors, allies, and friends who understand your struggles and celebrate your wins.
- Know Your Numbers, Inside and Out: Don’t be afraid of the books. Review your finances regularly, track efficiencies, and understand where your money goes.
Stay blessed,
Chris Folayan
Award-Winning Author / Serial Entrepreneur / Founder
Why You Are the Ultimate Hype Person in Your Life
We all know the feeling. The unsettled feeling you get before a big presentation to an investor, board member, or potential business partner. The dryness in your throat when facing a tough decision, the sinking heart when a setback throws a wrench in your plans. In these moments, it’s easy to crave external validation, the encouraging pats on the back and pep talks from loved ones. You will find 99% of the time no one is there right next to you to encourage you. What if the most powerful source of encouragement was already there with you 24/7 you?
That’s right, the best hype person you’ll ever have is you. Words you speak out loud are the most impactful words to your brain. Because if you say it then it must be true. The brain doesn’t think you will lie to yourself. So what it hears you say it believes to be true. For good and for worse. This is why you should always say good thing about yourself to yourself.
Here’s why self-encouragement is your secret weapon for success:
1. You Know Yourself Best so motivate yourself: Let’s be honest, even the most well-meaning friends and family can sometimes miss the mark when it comes to understanding your unique struggles and strengths. You, on the other hand, are intimately familiar with your own journey, your vulnerabilities, your strengths, and your potential. This self-awareness allows you to craft the most effective pep talks, tailored specifically to your needs. Always encourage yourself with a talk. Don’t worry, feel free to talk to yourself alone in the car and give yourself a few words of encouragement. I promise you I will not tell anyone.
2. Consistency is Key, keep encouraging yourself when things are good and bad: Life is a rollercoaster, and external sources of encouragement can be fickle. But your inner cheerleader can be there for you, every step of the way in good and bad times. By developing a practice of self-compassion and positive self-talk, you create a wellspring of motivation that’s always accessible, no matter what life throws your way. Make it a habit to say things like. “I can do that”. “I realize this is a process I can figure out”, “I got this”, “I am smart enough to figure this out”. Never stop speaking self-positive words to yourself.
3. Building Resilience: Every time you silence your inner critic and external noise and choose to believe in yourself, you build resilience. You learn to trust your judgment, bounce back from setbacks, and face challenges with newfound confidence. This self-reliance empowers you and others to navigate life’s uncertainties with grace and grit. Most of the world’s best CEOs have built amazing resilience and use that to motivate themselves and others towards success.
4. Science Says So: For those who love to have science back what they do this one is for you. It’s not just a feel-good notion; research backs up the power of self-encouragement. Studies have shown that positive self-talk can boost mood, improve performance, and even enhance physical health. So, giving yourself a pep talk isn’t just wishful thinking; it’s a scientifically proven way to thrive.
So the big question now is, how do you tap into this inner power? Here are a few tips I recommend that I have found to be extremely helpful:
- Challenge negative thoughts: When your inner critic starts to rear its ugly head, don’t just listen. Question its validity, reframe negative thoughts into positive affirmations, and remind yourself of your strengths and accomplishments.
- Visualize success: Take a moment to close your eyes and imagine yourself achieving your goals. See yourself overcoming challenges, delivering that impactful presentation, nailing that job interview. This visualization exercise can plant powerful seeds of belief in your subconscious mind. Faith is a very powerful things and this unlocks faith like no other.
- Surround yourself with positivity: Seek out supportive friends, mentors, and colleagues who believe in you and your potential. Their positive energy can be contagious, reminding you of your own worth and fueling your self-confidence.
Remember, self-encouragement is a muscle that needs to be exercised. The more you practice it, the stronger it becomes. So, the next time you’re facing a challenge, take a deep breath, silence the inner critic, and give yourself the pep talk you deserve. You’ve got this!
Anyone who knows me well knows I have one saying I always use, and I believe wholeheartedly. I always say, “It ends well.” This allows me to activate my faith and also realize that I can do this. It works for me and there is no reason why it will not work for you.
Stay blessed,
Chris Folayan
Award-Winning Author / Serial Entrepreneur / Founder
Fearless Failure: Why Embracing Challenges Is Your Secret Weapon for Growth
Let’s face it, no one wants a challenge. Many times, challenges crash our best-laid plans, send stress levels soaring, and leave us questioning decisions. But what if I told you these obstacles could actually be your secret weapon for growth? A simple example if your current life. If you think back to how you became the amazing person you are today challenges, you faced probably had a great deal. In short challenges have helped you grow and build wisdom.
Instead of seeing challenges as roadblocks, imagine challenges as steppingstones on a journey of continuous learning and improvement. I once started an eCommerce company because people in Africa couldn’t buy products from Macys, Walmart, Nordstroms and other USA and UK retail online stores. In building that business we had to create new purchase, payment and shipping processes for emerging market eCommerce. It was so challenging, sometimes almost unbearable. But I knew deep down all the challenges I was facing only got me to think outside the box and figure out things no one else had ever figured out. It ended up being one of the largest eCommerce platforms in Africa. So, I do have firsthand experience on this topic I have gained over 20 years and 6 companies later. I can tell you this “Challenges help you grow”.
So, how do you shift our perspective from obstacle aversion to challenge embracement? Here are my 3 key steps to turn your fear into fuel:
- Start with the mind: Reframe Your Narrative:
Instead of labeling a challenge as a “problem,” try reframing it as a “puzzle” or a “learning opportunity.” This simple shift in language will instantly change your emotional response, making it less daunting and more exciting. Remember, “challenges are not problems to be solved, but opportunities to evolve” (Albert Einstein).
- Seek the Silver Lining:
Every challenge, no matter how big or small, holds within it a valuable lesson for all to learn. Ask yourself: “What can I learn from this? What skills can I develop? How can I use this experience to improve in the future of my business or myself?” By actively seeking the positive in the midst of the challenge, you turn frustration into fuel for growth. I always look for opportunities when challenges arise, so should you. Every challenge I have found has an opportunity just waiting to be uncovered.
- Celebrate Small Wins:
Don’t wait for the grand finale to celebrate your progress. Acknowledge and celebrate every small step forward, every hurdle cleared, every lesson learned do me a favor and celebrate. This positive reinforcement keeps you motivated and reminds you that even the toughest challenges can be conquered with the right mindset and small steps.
Remember in business and life try not to go at it alone! Surround yourself with supportive mentors and colleagues who believe in your potential and can help you navigate challenges. Remember, growth is a shared journey, and having a cheering squad along the way makes all the difference.
By embracing challenges as steppingstones on the path to growth, you unlock a hidden superpower: the ability to learn, adapt, and thrive in any situation. So, the next time you encounter an obstacle, remember this: Challenges help you grow and open up a whole new world of opportunities. So always look around for what opportunities changes may bring you..
Stay blessed.
Chris Folayan
Award Winning Author / Serial Entrepreneur / Founder
Forget Work-Life Balance, Embrace the Boundary Blueprint
The “work-life balance” mantra? Let’s be honest, it feels like a myth for any entrepreneur, let alone a founder juggling a startup wearing multiple hats. With all the companies I have built I have found most of the time: chasing that balance might actually be setting yourself up for failure, personal defeat and ultimately burnout.
The very first rule to success is achieving that which is within your control.
Let’s hold onto that though. Now think of boundaries not as rigid hard walls, but as flexible fences shaping your ecosystem for success. Boundaries should be seen as walls that move in time based on how well you do with them in place. If for example you are not doing well with a boundary you set in place to not check emails after 10PM for example then maybe start with 11PM and move that back to 10PM as then 9PM and so on. Till you reach a desired time that fits your personal goals.
Did you know:
- A study by Stanford University found that setting clear boundaries between work and personal life boosted job satisfaction and productivity.
- Research from Harvard Business Review revealed that boundaries actually enhance creativity and problem-solving, leading to better business decisions.
So, how do we translate these insights into action? Here are 4 key takeaways to build your personal “boundary blueprint”:
- Define Your Non-Negotiables:
What are the activities that absolutely recharge your batteries? Maybe it’s that daily meditation session, a jog in the park, breakfast with the family, or a cozy dinner with loved ones. Block these sacred hours in your calendar like VIP appointments, fiercely guarding them from work encroachments. Remember, a rested and rejuvenated entrepreneur is a force to be reckoned with. Also remember if you are not taking care of yourself, you are not taking care of your company. It’s that simple.
- Master the Art of “No”:
Saying “no” to unnecessary meetings, endless email threads, and late-night work sprints isn’t selfish, it’s strategic. Your time is a precious resource, and learning to politely but firmly decline requests that don’t align with your priorities empowers you to focus on what truly matters. Delegate where needed and honestly if you feel the meeting isn’t necessary and we all have been in those meetings. Simply excuse yourself from such. Trust me the world will not end.
- Craft Your Communication Cadence boundaries:
Being “always available” isn’t a badge of honor, it’s a calling card that says “please use me I have nothing better to do”. Set clear communication processes and expectations with your team, clients, and even family. Designate specific times for checking emails, taking calls, and responding to messages. This not only protects your personal time, but also promotes effective communication by allowing for focused attention during designated windows. I realize this may be hard in the beginning, however, always remember the end result is a better version of you. So, focus on the prize while implementing the process.
- Remember, Boundaries Evolve:
Your startup journey is dynamic with pivots and obstacles you never saw coming, and so should your boundaries. What works during a launch phase might need tweaking as your company grows. Stay flexible, listen to your body and mind, and adjust your boundary fences as needed. The key is to be intentional and proactive about creating an ecosystem that sustains both your venture and your well-being.
A Personal Tip: Remember, setting boundaries isn’t about building walls, but bridges to help you be successful. Openly communicate your non-negotiables with your team and loved ones. Explain why these times are important to you and how they ultimately benefit everyone.
By embracing the power of boundaries, you’re not denying yourself the joys of entrepreneurship, you’re actually setting yourself up for a more fulfilling, sustainable, and ultimately, thriving journey as a founder. So, ditch the pursuit of “balance” and get busy building your boundary blueprint. I am positive your future self will thank you for it. So will your co-workers and family. 😊
Remember to share this with anyone who you feel could benefit from this.
Stay Blessed:
Chris Folayan
Serial Entrepreneur and Award Winning Author