Monday, October 12, 2015

There's no room for Lazy...

Entrepreneurship, is NOT for the faint of heart. It's where you put everything on the line. The success or failure that you experience puts you in contact with your real self. Among the questions that flit through your mind, this one stands out; "Do I have what it takes to be a winner?"

Some people embarking on the journey say in an off handed manner that they want to be their own boss. Making their decisions and so on. The reality is that you are accountable and to more people than you initially realize. To mention a few:

  • Yourself
  • Your family
  • Your customers 
  • Your investors 
  • Your supporters
  • Your suppliers 
  • Your various members of your public who are waiting to see if you are for real.
Often when you start up, you will be placed in the unfamiliar zone of loneliness. There's no longer a superior offering you instruction by way of orders or suggestions. The directions and instructions now originate with you. Have you thought them out well enough to recognize that they have far reaching impact on various aspects of your business? The decisions that you make wil; contribute to your success or failure. 

You're no longer entitled,,,,

  • Paid vacation leave
  • Getting paid for showing up for work 
  • Vacations, if not carefully planned are never experienced
  • The freedom of speech must now be tempered with the impact that it will cause
  • Sick benefits, are you kidding me? Get into the work environment and forget about going to bed because you feel ill
The buck stops with you. It's no longer turn up, collect your paycheque, ensure the money's correct and then leave. You have to create the safe environment. In other words, the following is your responsibility:
  • Creation of a safe, functional work environment
  • Planning customer interactions so there's always steady revenue streams 
  • Taking responsibility for minimizing expenses that are unnecessary
  • Cash management and all that it entails - working capital, management of accounts payable / receivable, ensuring there's adequate stock / inventory 
  • Meetings with investors, staff, prospects, clients, banks, accountants, and the list goes on. 
Everything that happens in your business will be a result  of the effort that you put in. To get to the stage of residual income, you have to work hard initially at the systems required to develop the active income. In instances where you don't know what you need to know, you will have to take classes / hire consultants / develop competent teams / research information. All of these areas require the investment of both time and money. 

Do you still want to be your own boss? Does this skeletal outline look like the part of the sacrifice you are willing to make? Understand this, when you are getting into business; read what I'm about to say at least ten (10) times so that it will sink in. THERE IS NO ROOM FOR LAZY! 

Hospitality - the business of businesses

  When you're working in hospitality, there's one sure thing: all your days will be different. The industry comprises various moving...