“Should you be an entrepreneur?”
“Am I ready to be an business owner?”
Maybe you’ve asked yourself those questions, especially if you’ve been wanting to start your online boutique.
The truth is you’re never really ready. Entrepreneurship is a decision and a commitment to stay the course. It’s about growing a positive relationship with risk and being able to live with the results.
Sounds a bit scary, huh?
But risk is at the very core of an entrepreneur. Don’t believe me? Just look it up.
A French dictionary from 1723 describes a person who undertakes a task with a financial risk.
Merriam-Webster puts it this way: “one who organizes, manages, and assumes the risks of a business or enterprise”.
Or how about Cambridge: “a person who attempts to make a profit by starting a company, esp. when it involves taking risks”.
Risk is in all of the definitions.
But what makes an entrepreneur different than someone with a 9 to 5?
After all, that traditional ‘safe path’ isn’t all that safe.
There are layoffs from downsizing, company acquisitions that change the workforce or even new technology that can literally replace what you do.
So the real risk is not in starting a business, it’s in staying somewhere that still offers you no guarantees.
The entrepreneur is the one that understands the risk, looks for the best path to success and takes action– despite the fears or uncertainty.
But entrepreneurship is not for everyone, especially when it comes to building a successful online boutique.
So how do you know if you’re cut out for it?
There are three good indicators as to why starting an online boutique may not be the best move for you (right now).
I’m sharing these not to discourage you from starting, but to give you a realistic perspective on everything that’s involved (and how you will have to evolve) to become a business owner.
1. You need money fast
Having a business is attractive for the potential to break through the normal income ceiling. But that takes time, effort, resources and the right strategy.
If you need extra cash to pay bills or just to make ends meet, then you should look to increase your income through a traditional job as a short term solution.
An online boutique, one that you’ll love and be proud of for years to come, is not a quick money play. It requires you to do things like purchase inventory and consistently market your business to have the best chance of success.
2. You need a guarantee
“How can I be sure this business/strategy will work?”
Most people want to know exactly how something will play out before they start. But guess what? That’s not reality.
Every day business owners shift and pivot and optimize to make what they do even more successful (or even shut down when they’re not).
Just think about some of your favorite brands and stores when they release a new product or change a display. Change is not only inevitable, it’s encouraged.
That’s how they stay relevant.
So if you’re expecting to start a business and not have at least a few bumps or turns along the way, then you’re not ready to really be an entrepreneur.
I’ve personally started 10 different online businesses! Six of them failed miserably. The rest I was able to grow and sell.
But the lessons from those failures were invaluable in helping those other businesses succeed.
The beauty of entrepreneurship is that difficulties happen but your response to them can make you so much better if you stay the course. The best entrepreneurs don’t run from the hard things but view them as a challenge and opportunity to grow.
They’re building the “muscle” it takes to evolve into the person that creates their own success.
3. You’re not resilient
Most people will fail once and quit.
I’m sure we all know someone who complains about their job…year after year.
They don’t leave because deep down, they don’t think that they could bounce back if they decided to do something for themselves and it didn’t work. “
Why should I leave if I’ll just end up right back here?”
Resiliency is incredibly important because it will push you to find solutions when people say ‘no’, doors seemingly close and options you expected to have disappear.
When you take a risk, it’s not only being thrilled when you win, it’s being okay with what that loss will mean.
I’ve personally invested over five-figures (as of writing this, over $10,000) in training and spent thousands more implementing the things I learned.
There were times things didn’t work out as I thought they would but I’d made the decision before buying in that the exposure to a new way of doing business (and most importantly a new way of thinking) was absolutely worth it.
I bet on myself and continue to do so because having the freedom to decide what I’ll do every day is the most important thing to me.
That’s what is at the heart of every entrepreneur: aligning everything they do with their own definition of success.
So what’s the one thing for you?
Before you start the journey, you have to be in touch with that ultimate goal and commit to making it your reality.
In the end, it all comes down to your mindset.
I had to push past my own limiting beliefs to get comfortable with investing in myself and what I wanted to achieve.
But once I did, it’s like a new world opened up to me.
The more action I took, despite feeling the discomfort or fear, the more I grew and the more I accomplished.