Are You Mentally & Emotionally Ready to Start Your Small Business.
How Emotionally & Mentally ready are you today to start your first small business? And if you are not quite ready now, what do you need to get there? This episode will help you identify how ready you are, including overcoming the fear of failure, so that you can realize your dreams or business ownership and becoming your own boss.
Free Download: Are You Ready Willing & Able?
If you have been listening to the How of Business podcast for some time, you know that Henry Lopez (the host of this episode) has been a small business owner for many years. He has struggled through some significant failures, and has also been fortunate to be part of some successful business ventures. He started his first small business with a business partner back in 1991. Since then, he has been a part of 10 different businesses. Henry has started businesses from scratch, bought existing businesses, and sold several businesses.
Henry has been helping others with starting, running and growing a small business for over 5 years now, and he has found that there are some common challenges most people face on their journey to becoming their own boss.
This episode is the first in a series of episodes on the topics of what it takes to start your first small business. Are you ready?
Topics and questions addressed in this episode include:
- Have you been thinking about starting your first small business and becoming your own boss? Have you been dreaming about this for some time, but can’t seem to get started? Maybe you have started on your business plan, but you got stuck and are not sure how to get there?
- You need to be completely honest with yourself in assessing what is really holding you back. From the real financial constraints you may have, to the mindset issues that may be the real reason you have not made progress on your business idea.
- Henry Lopez summarizes it this way: You need to honestly determine how Ready, Willing and Able you are to start you first small business. On this episode, Henry focuses on the “Ready” part.
- By Ready, Henry means are you Mentally and Emotionally prepared for what it takes to launch a business?
- Are you paralyzed by the Fear of Financial Failure? The real fear that you may put yourself and your family in financial ruin if the business fails?
- Or is it really the Fear of Embarrassment that is holding you back?
- How do you view failure? Is it to be avoided at all costs? Or do you accept that there is always a possibility of failure? Henry believes you have to be prepared to fail, but plan to succeed. Do you fear the lack of stability of your job?
- It takes Courage (which is not the absence of fear) which then builds confidence. Successful entrepreneurs harness that fear to fuel their intensity and desire.
- Some Questions to ask yourself:
- How do you view risk, and what type of risk (reputation or financial) are you really concerned with?
- Do you have a solid plan to succeed, but are prepared to fail?
- If the business fails, will that put you and your family in a dire financial situation?
- Are you ready to face and overcome your fears and get started? (Courage)
- Do you have confidence in your abilities (and of your partners and your team) to succeed?
- What is your worst-case scenario, if your idea fails?
Henry is a serial entrepreneur and business coach with over 35 years of diverse business experience, including successful careers in information technology, sales, sales training, real estate, and business ownership.
Resources:
Free Download:
Summary of the download document “Are You Ready?”:
“Are You Ready” by Henry Lopez, Serial Entrepreneur, Business Coach, and host of The How of Business podcast, is a comprehensive guide aimed at individuals considering starting their own small business. Here’s a summary of its key points:
- Assessing Readiness for Entrepreneurship: It’s important for potential entrepreneurs to honestly assess their readiness to start a small business. This document poses critical questions about your willingness to work hard, face constant challenges, learn new things, and have a passion for your business idea. It emphasizes the importance of being mentally and emotionally prepared, willing to make sacrifices, and able to afford the investment of time, money, and energy.
- Challenges and Sacrifices: Henry Lopez also shares the common challenges that keep many aspiring entrepreneurs from moving forward, such as fear of failure, lack of confidence, and financial constraints. He stresses that success in business requires discipline and sacrifice, often involving giving up personal time and hobbies.
- Understanding and Overcoming Fear: A significant focus of this download is on understanding and overcoming the fear of failure, whether it’s the embarrassment of personal failure or the potential financial implications if your business fails. Henry encourages readers to view failure as a learning opportunity and to build confidence in their abilities.
- Financial Considerations: The document highlights the importance of having personal finances in order, being creditworthy, and understanding the worst-case financial scenarios if the business fails. It also touches on the need for family support and maintaining good health and energy levels.
- Ready, Willing, and Able: The final sections of the document emphasize the need for an honest assessment to determine if one is truly ready, willing, and able to start a business. Henry advises that if the timing isn’t right, it’s crucial to identify and address the areas holding one back and to work on foundational components for future success.
“Are You Ready” serves as a motivational and practical guide for those contemplating the entrepreneurial journey, offering insights into the personal and financial commitments required for successful small business ownership.
Books mentioned in this episode:
[We receive commissions for purchases made through these links (more info)].
- Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek
- The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber
Related Episodes:
The How of Business podcast is focused on helping you start, run a grow your small business. You can find all previous episodes of The How of Business podcast on the Archives page.