Things To Do Before Starting A Business – As I was walking toward my head, I was getting scared. We were outside, leaving our open office for some outdoor privacy, on a summer’s evening.
In the following weeks, the project was in full swing, documenting everything I could for my colleagues, bye.
Things To Do Before Starting A Business
On June 28, 2018, I left this office for the last time and entered the world of entrepreneurship full time.
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. I wrote it in the evenings, weekends and lunch breaks. I wrote whenever I could; When I stood in line at the grocery store, I took audio notes to transcribe later, or added notes with my phone when something came up that I thought should be included in the book.
I started writing in March, submitted the book to my editor in October, and published it in January 2018.
It seems simple enough when I describe it this way, right? But the truth is, I thought many times that this book would never be written, let alone published.
I have three children. In 2017, my eldest child was in second grade, the middle child was in kindergarten, and the child was three.
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That year I worked over 40 hours a week in a technical/engineering project management role. My husband travels a lot for his work.
In the same year, my grandfather – himself an engineer – suffered a serious illness during the year and died before the holidays.
However, I was able to write a draft of an 80,000 word book that would be edited into a 60,673 word book.
The need to help other women, and make sure no one else has to learn what I learned the hard way, led me to post in January 2018.
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Although there were guides books on the way, I didn’t know what to expect. I got 1,000 downloads in the first week and had 2 requests to speak to young career groups within 30 days of posting. I took the weekend to travel to share a powerful message
I had been working full time producing a book, but the process showed me that I could turn a book into something else. I can start a mission driven project that can change the lives of thousands of engineers for the better.
Over the next few months, I thought about what my business could look like. I have worked on finding the right mentors to better understand the risks of entrepreneurial partnerships.
I was equally scared and excited, but I knew it was the right leap for me and the best leap I could take if I wanted to make the biggest impact in this industry. It’s time to dive off the cliff into the unknown, and not just take a small leap.
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The single most depressing statistic for the percentage of women in engineering is the number of small businesses that start and fail.
The Entrepreneurship track has a reputation for demanding long overtime. The truth is that most new business owners should expect to work hard on a small income with a statistically high probability of failure.
For these reasons and many more, entrepreneurship was a path that I hadn’t considered as an option for many years.
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Things You Should Know Before Starting A Small Business
When I think of an entrepreneur, I think of a visionary and inspiring person like Elon Musk, Oprah, or Steve Jobs… Then they became famous. I think of an entrepreneur as an inventor or risk-taker.
These qualities could not be greater than my personality. I take risks, but I’m usually a risk averse person. My creative side focuses more on problem-solving, teaching, mentoring, and writing than patent-holding.
I have also enjoyed my career in design/project management in the technical areas of engineering. I also loved the illusion of security that came with working for someone else, at least for a while.
One day I woke up and said: “Today I will open my own business.” Whispering: What if? They look very interesting. I shiver in the corner of my mind.
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Over the years and with some changes in my personal life, my job wasn’t as fulfilling as it was challenging, and I wanted to make a bigger impact on the world. I felt I had to do more and create a different way of seeing myself.
Those early whispers turned into noise when I learned that many entrepreneurs are making a living and making a difference through online business models that include books, online courses, speaking engagements, and virtual coaching. Wanting to write a book doesn’t seem like a one-time list activity (which, to be honest, I thought it might be when I first started writing).
Instead, it was like the first domino to fall in a very long chain in an unknown direction.
We’ve completed our first year in the business (and I’ve loved every minute of the trip so far!) and are well on our way to the two-year mark.
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While I don’t claim to understand everything, I thought it would be helpful to share four things I’ve learned on my entrepreneurial journey that you might find helpful if you’re thinking of starting your own business one day.
According to researchers at the MIT Sloan School of Management, small businesses run by people under the age of 30 are twice as likely to fail as other businesses. You usually have school debts and are not very well with your career in your 20s to really understand your strengths and abilities, and if you try to start a business at that time, it can be a disaster. With rare exceptions, you don’t have the cash reserves to weather the storm of full-time entrepreneurship in your 20s.
I was 38 years old when I founded Engineers Rising LLC. I’ve learned that very few companies make any profit until year two, and even then, that profit must usually flow into the business.
Despite the risks (which are the subject of this entire blog), my family and I made good financial decisions, including saving, investing, and living within our means. It means for
What You Need To Know Before Starting Your Own Business
One of the main reasons I was able to make the leap was because I wasn’t under pressure to turn a profit (which, frankly, isn’t a reasonable prospect for most new businesses). I was not directly dependent on my business income to pay the mortgage or support my family.
This means that I can focus on delivering maximum value to the people I serve and think of them for the long term, which is very important in establishing myself in the market.
She backed up my idea of a career with a book and spoke before committing to it full time, which gave me the confidence and self-belief to succeed. This is the path I would recommend to most engineers, especially if your business idea involves information, consulting, or service-type products.
The obvious exceptions are if you plan to start a company that will compete with your current employer, or if you sign an employment agreement that states that your employer owns all of your intellectual property rights. However, you can build your reputation in your field by posting technical articles on LinkedIn or even a blog for employers.
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It costs very little to create a YouTube channel, website, blog or podcast with potential commercial content. Creating a store on Amazon, Shopify, or Etsy is easy. The book is a big undertaking, but it was right for me (it may not be for you).
These “side projects” definitely take time, but if you do it yourself it’s not difficult, and if you allow a small budget for the automation software you need, a lot can be automated. If you really want to, you’ll make the time. If you can’t find the time… then maybe entrepreneurship isn’t the right path for you.
More importantly, such ventures always force you to step outside your comfort zone, which is essential for those considering the path of entrepreneurship.
Most of today’s most successful entrepreneurs built themselves. Overnight success stories are myths. Starting a side business basically allows you to use your day job to support your dream, and there is no financial harm in a half-baked idea that may not get marketed.
How To Start Your Own Business: 3 Things You Need To Know
We’ve all heard the adage, “If you build it, they will come.” This rarely works when you’re first starting a business, especially a service-based business.
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