Want to set your own hours? Be your own boss? Have more say in what goes? Girl, I hear you. But owning your own business means more than that. Are you willing to put in the long hours, make the hard decisions and take the big risks that also come along with being a entrepreneur? If you think so, but you’re not sure, you’re in the right place.
A lot of women wonder if they have what it takes to be a mompreneur — a woman who works every day to balance her business and her babies. In a lot of ways, being a mom prepares you for taking the entrepreneurial track. According to Entrepreneur, running an early-stage startup requires multitasking, working long hours, self motivation, an undying spirit and a great support system.
So if you think you’re ready to say goodbye to being a worker bee and hello to being the queen bee, here are a few points to consider.
There is Risk
Whether you love or hate your current job, with it comes something that won’t — at least not in the beginning — come with being a mompreneur: a steady paycheck. According to the Bureau of Labor Statistics, only about 20 percent of businesses make it past 20 years — most fail before then. That statistic isn’t to scare you, but to cause serious reflection. If you’re not afraid of a challenge, if you’re a serial self-starter and if you’ve got enough saved up to take that leap, then you might just have what it takes to be successful.
But, if that risk is too much right now (we get it, baby food, diapers, ballet lessons and math tutors are expensive), there may be another way. Consider starting small toward owning your own gig. Try a freelance platform like Fiverr or Taskrabbit or an entrepreneurial opportunity like Amway or Jamberry and see how things go after a few months.
Commitment Is Required
In the 2015 Amway Global Entrepreneurship Report, researchers found that the two main reason respondents wanted to start a business were to be their own boss and to find self-fulfillment while realizing their ideas and goals. Of the nearly 50,000 men and women aged 14-99 interviewed, 70 percent said fear is the No. 1 reason keeping them from taking that leap. Before starting out on your own, consider everything that could go wrong or everything that you’re afraid of: financial burdens, personal or family disappointment, reputation loss, etc. What if no one likes your idea? What if you run out of money? What if, what if?
While it’s important to think about and plan for these obstacles, if you’re really going to succeed, you have to be committed to your company. According to Greg Writer, CEO and founder at Angel Investors Network, it’s the first thing he looks for before he even considers investing. You have to have passion, tenacity and a tolerance for ambiguity.