Issue 1 of The road to entrepreneurship
Once you’ve embarked on the path to entrepreneurship, you’ll be opening the door to a world of opportunity. And by door, I mean doors. Becoming your own boss is filled with options and decisions - starting with determining what type of business will be the best fit.
Here are three options you’ll want to consider:
1. A Company of One is exactly what it sounds like – you will be working for, and by, yourself. This option could be a great fit if you:
· Prefer to do things a certain way (your way).
· Don’t want the responsibility of overseeing other individuals.
· Aren’t on the high end of the risk-taking spectrum.
2. Boss of a Few is the next rung up on the entrepreneurial ladder in terms of number of employees (one to five). This option might be the right choice if you:
· Tend to fall right in the middle of the risk spectrum.
· Are very comfortable with the decision-making process.
· Play well with others and recognize the value of collaboration.
3. Business of Many is a considerably different business model. There will be more moving parts to manage from employees to office space to expanded services or product offerings. This option might be the right one if you:
· Are motivated by challenge, complexity, and frequent change.
· Not intimidated by the higher cost of this business model.
· Confident in your business vision and how to get there.
Everything has its pros and cons.
Before choosing a particular entrepreneurial model, it’s important to breakdown the individual components. I’m talking about things like more money versus more stress and easier hiring versus trying to manage growth. Making a list will bring you one step closer to ensuring your (future) business is headed in the right direction.
Make a list of 5 things that what motivate you in your work life.