Ok so you caught the entrepreneurial bug and you’re ready to invest in your idea. You’re at the fork in the road. Before you quit your job, design a logo, or change your Instagram bio to “Entrepreneur” , ask yourself these 3 questions.
1. Are you just unsatisfied with your job?
Define what inspires and motivates you. What about your idea makes you want to go out on your own? This varies widely among entrepreneurs. Some start by simply wanting financial and professional freedom like my friend Lou Majeed, founder of recruiting firm Basima Tony, “After quitting my software sales gig (not much success), I went full-time, identifying prospective leads and reaching out to try to close deals. It was call after call, email after email. Tons of rejection, but I eventually met some people who needed help. Started working with them and learning the trade. Today, it’s no different. I wake up knowing I have to continue to build something. My motivation in creating a real brand and reputable business in Basima Tony is what keeps me going.” Lou’s story is not the glamorous venture funded startup your read about in Techcrunch but a simple case of believing hard work and relentlessness pays off.
Others discover their true passion in life by devoting small amounts of time to a hobby or skill like Anthony, founder of Menswearmag.com, “I started blogging almost five years ago. It started back in college when my fraternity brothers asked me what they should wear on dates, to formals, chapter, etc.Taking everything I learned as a personal style blogger, I wanted to apply it to something with a broader audience (not limited to skinny jeans & converse). That’s when it hit me, MenswearMag.com I love all things men’s fashion & lifestyle - I want to share that with as many people as possible.” Anthony’s story is a prime example of how something small can take you to heights you never thought you would reach. I will share more on his successes in a later post.
To make it personal, I started Black Davis Management because I love marketing and business and wanted something that was my own. The ability to combine the creative, strategy and analytics excites me. Owning my own marketing business gives me the opportunity to build a legacy for my family while expressing myself while simultaneously giving me the financial freedom to travel and get the most out of life..The same goes for this blog, I never considered myself a writer but feel a responsibility to share the knowledge I’ve gained from my experiences and push myself to help others in any way I can. As a Black woman in management, I have a unique perspective that I feel should be shared so Millennial’s Guide to Business was born.
2. What problem are you solving?
Does your idea for a product or service solve a pre-existing problem in the market like Genius Scan for example or fix a problem people don’t know they have yet? If your answer is a defendable yes, then you are off to a good start. You have to have some factual basis for embarking on this endeavor no matter how far fetched it may seem. So many of the great startups, Facebook, Uber, Netflix started and succeeded because of the foundational problem they were solving not the potential scalability of a billion dollar idea.
My friend and founder of Open Kanvas, JD Bailey, shed light on a problem that many musicians face, “Open Kanvas started with a group of artists who all noticed a similar problem. Growing up in Los Angeles and the San Fernando Valley, we realized that as an up and coming artist, there’s only a few ways to grow and develop a career in entertainment. Most opportunities were either pay to play, or we had to be directly introduced to decision makers over a long period of time, hoping that an opportunity will come from it eventually.So we started throwing events to target the different resources needed from studios, photographers, Dancers, musicians and entrepreneurs to come together.”
I would not advise starting a business simply to make money, there's not a lot of longevity in it. Truly successful entrepreneurs have a passion burning inside them that simply has to be released. Jordan Gipson, founder of App Wotspot, believes in a similar sentiment, “I would like to say it was all about the money and financial freedom because that's what people think of when you want to start something new. It's looked at as being a get rich quick project, but truthfully that rarely crossed my mind. It was more about just making life easier.”
3. Are you ready to do whatever it takes?
Most markets are already highly competitive no matter what the industry. You have to be ready to potentially spend years working a 9-5 while pursuing your dream before taking it on full time. This means lack of sleep, missing out on experiences, and putting your business first.
One of many things all the entrepreneurs I interviewed said was, the initial leap is the hardest because of the fear of the unknown. Anthony, from Menswearmag.com, said,” sometimes the idea is so simple, yet so great that it’s easy to overlook its potential.” Jordan also had some great insights here, “When you get out of the theory and it becomes real, you need to get out of your own way and put your ego to the side and grind. The longer it takes for you to do that the more opportunities pass you by.” Entrepreneurship is a rewarding, sometimes scary, emotional rollercoaster that hopefully, at the very least, will teach you about yourself and bring your closer to your purpose.
Conclusion
The net of it all is be methodical, don’t settle, and just go for it! You only get one life.
This blog post is the first in The Entrepreneur Series, where I will cover the many nuances of entrepreneurship, share interviews with fellow business owners, and provide actionable tips & tools you can use at any stage of your journey.