Posted by JuJuan Buford @JSBUFORD
I DON’T WANT A BOSS ANYMORE
A common refrain that many people articulate for their desire to try entrepreneurship is that they no longer want to deal with supervision or having a boss. The idea of calling your own shots, determining who you work with and how you work, and how many vacations you can take is very alluring.
However, the reality of the matter is successful entrepreneurs understand an even greater degree of accountability is required of them than what the super-majority of people experience as an employee. Matter of fact, you actually have several bosses to answer to.
- Your clients
- Your employees
- Your vendors and affiliates, and others who become reliant upon your success
- People who provide you with technical expertise require reporting, documentation, and compliance: accountants, attorneys, marketing professionals, etc., etc.,
- Mentors and or mentees
- Various other relationships where co-dependencies exist.
In other words, if you’re taking aim at entrepreneurship with the hopes of no longer having to be accountable to someone or people, you’re in for a rude awakening.
I WANT TO DO SOMETHING THAT IS EASIER OR LESS INTENSE
“Choose a job you love, and you will never have to work a day in your life,”
It’s a cute, whimsical maxim that gets tossed around a lot. Except, it just doesn't carry much water, especially if you aren't born into money or social status.
In the beginning, you’re going to expend a lot of energy, time, and or capital without little to no return. In other words, you’re going to have to do a lot of things that you don’t get compensated for in the beginning, so you can be compensated later on for things you don’t have to do.
Most entrepreneurs should not expect to enjoy a profit (revenues subtract expenses) in their business for at least 2 to 3 years.
Imagine opening your doors at 6:00 AM and closing at 10:00 PM - preparation two hours before business hours, and closing procedures before you lock the doors for the night- five, six, perhaps seven days a week. You're answering an innumerable number of emails, phone calls, text messages (the happy and the very, very disgruntled alike) from everyone underneath the sun, day and night. You're interviewing, onboarding, training, and firing. Of course, there are 100 dials, 20 door knocks a day, midnight hours spent curating email and social campaigns, or some combination thereof. Plus, consuming voluminous amounts of content on an hourly and daily basis to develop your expertise.
Then there is the mental gymnastics associated with being completely submerged in the work, and coming to grips with the absolute acquiescence to your success that will be required because, in the beginning, you have to do what the business needs of you rather than what you prefer to do.
Two to three years of the aforementioned. Two to three years absent profits, meaning the inability to pay yourself a substantial income. At then the ultimate realization that you have to work three times as hard as you’ve ever had to work on your job, and that’s not the hard part.
Smile and don't be afraid of the work.
I DON’T BELIEVE IN NUMBERS, STATISTICS, OR PERCENTAGES.
I heard a fellow entrepreneur articulate that they don’t believe in or make decisions based on statistics. I don’t “believe in that stuff.” Well, they believe in you. And the financial institutions, investors, and your pocketbook don’t require that you believe in the utility of quantitative data, only your compliance.
Ignore demographic data, and you’ll find yourself investing in something tantamount to trying to establish an 8 track tape enterprise in a 23rd-century economy. Or buying a house with an ARV of $50,000 for $250,000 because of some emotional connection to it, or some anecdotal exception to the rule.
Business plans matter. Understanding your P & L statement matters. Understanding people’s buying decisions and behaviors matters. Being aware of whether the market is shrinking or growing will often determine your success to a greater degree than your talent, hard work, or intellect ever will.
Are there exceptions or examples of people who didn't have to deal with the aforementioned realities? Yes. Lottery winners exist too. However, do you want to base whether to expend your life's energies on those odds, or be clear about the cost of the promise?
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JuJuan Buford is a CEO, Co Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, and transitioned into business ownership and is enjoying entrepreneurial success in multiple industries: business coaching, real estate wholesaling, direct selling, business technical assistance provider, ghostwriting, and publishing.
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