Tag: #Entrepreneur #Business #SelfEmployment #SmallBusiness #SharkTank

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Why work at a company vs for yourself?

I hear people, often millennials talking about wanting to strike out on their own to work for themselves. Most of the time the reason they site for wanting to do this is because they would rather work on behalf of something they can be passionate about, versus simply collecting a paycheck. When I hear this, I generally think about two things. The first is will they actually have what it takes to do this and be successful? The second thing is, have they thought through what they are saying to a really deep level of understanding and appreciating what they are bargaining for?

The benefits of working for a company can really stack up much higher in the positive column than you might think they would, especially if you start to list them. The biggest positive attribute of working for a company is a consistent paycheck. This would be followed by your healthcare/dental coverage being paid for at some percentage level, paid vacation, sick days, holidays and potentially other company benefits such as tuition reimbursement, matching 401K plans and daycare services to name a few.

Other benefits such as daily social interaction if you are in an office, generally free coffee or snacks at most mid to large size companies, and access to a wealth of experience and other resources you take for granted such as printers, the IT staff and communication services all just steps away from where you are sitting.

When you work for a company, they are also taking care of a myriad of other business services you might not be taking into consideration on a daily basis: Sales, Marketing, Accounting, Human Resources, Operations to name a few of the foundational company departments which make a business run. Legal and contract work is sometimes taken care of in-house, but is sometimes outsourced depending on the requirements of the company. Other big ticket items such as the rent, general office operating expenses, sales tax and benefits payments are also overlooked when peering through the vail of striking out on your own.

The first advice I give to people who want to strike out on their own, is to sit down and draft a business plan. It does not have to be an incredibly in-depth business plan, but it should cover the essential elements of what it will take to start up and run the company, with the goal of reaching profitability within a set amount of time.

The second piece of advice I give is to have the person make sure they have at least one year, possibly two, of income reserved before striking out on their own. You could split the difference and have 18 months of cash on hand, but this will be different funding than what you will utilize as operating capital to run the business. You will need to determine if you are going to borrow money to start up your business, or whether you will be self-funding it. Generally, when you self-fund it, you can do so via either family and friends investing in you, or via crowd funding sourcing options such as Fundable which is exclusively for business, Indiegogo a global fundraising site, Plum Alley which is specifically for women and Tilt which has fees cheaper than most other crowdfunding sites. 

Providing you have a solid business plan, a product or service which solves a problem and that people truly need and will pay for; I’m going to assume you have done the research to support your business concept. You will also need access to business advisors who can help you navigate through the start-up obstacles you will encounter, and enough cash to help fund your business.

Now, I challenge you to do one last thing. Honestly think long and hard about your answers to the questions below. If after reviewing your responses you are still game for striking out on your own, then I wish you the best of luck and success in your new adventure. Here are the questions: 

  • What is really driving me to want to strike out on my own?
  • Have others told me I should become an entrepreneur, or does the appeal of this option seem irresistible and something I am 100% compelled to try and be successful, or potentially fail at, and be okay with doing so?
  • Do I have a backup plan or a timeframe in mind in terms of how long I can “test” whether this concept of being a business owner is the right option for me at this present time?
  • What is my definition of success as defined and outlined in my business plan? Is it realistic?
  • Is this something I have always wanted to really do, and believe this point in time is the best time to carry out my plan?
  • What will the impact of my decision to strike out on my own have on others who depend on me either emotionally or financially?
  • Am I prepared and have I ever really had to truly sacrifice just about everything I own or have worked for to make being a business owner a reality?
  • How risk adverse am I on a scale of 1-10, with 10 being the most risk adverse?

If after reviewing your responses to the questions above you are still convinced you want to start-up your business, then roll up your sleeves, dig into the process and go for it!

Kathleen E. R. Murphy is the Founder, Chief Performance Strategist and CEO of Market Me Too.She is a Gallup Certified Strengths Finder Coach, author of two business books (e.g.,  Wisdom Whisperer, Evolve! With the Wisdom Whisperer), and is a well-respected motivational and social influencer with a global following from her numerous speaking, print, radio and television media appearances. She also is the creator and Host of a TV Show and Podcast called Murf & E Unfiltered – Zero BS Biz Talk.

Essentially every team is dysfunctional in some way. Our expertise is in uniting, motivating and bridging dysfunctional teams (sports & business), and turning them into epic ones.

Market Me Too also works with individuals from students to C-level executives. The individuals, business and sports teams we work with are coached on how to leverage and apply their peak performance talents on a daily basis. Our coaching produces repeatable, measurable and amazing results personally and professionally. Need proof? Just talk to our clients, or read through our testimonials.

If you want better and different results, let’s talk. We know how to help you get them. Contact Kathleen at kathymurphy@me.com or (339) 987-0195.

“NEW!” Guide for Teams:

Every team is dysfunctional at some point.  Click on the link below to obtain a “free guide” with (5) Proven Strategies To Turn Your Dysfunctional Team Into An Epic One

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Coaching isn’t therapy. It’s people product development.

I was thinking about how to simply describe what I do professionally recently. In the simplest form, I would tell you that I am a “People Farmer”. Yes, this may sound odd, but since I love analogies, this one really resonated with me. Why? Because like people, farming is complex and multi-dimensional.

Although I have not spoken directly to any farmers recently, I would imagine they take great pride in seeing their work come to life. I’m thinking mainly of farmers who plant and grow things. If you have ever planted something, you would likely agree with me that there is immense satisfaction in seeing something you grew from a seed, and then turn into something that takes on a completely different appearance.

When I think about the work I do with people, I have often considered taking a photo of them when I first start working with them, and then one after I have been coaching them for a while. Do you think they would see a difference in how they look? Actually, I do. As a matter of fact, I have a number of people and teams I have worked with that look quite differently after I have been working with them. Although I am not a personal trainer who would have the benefit of seeing their client literally reshape their body, there are aspects of how people who are developed via coaching look differently. Hold onto this thought.

Consider someone you know who has lots of confidence. Do they project confidence in their photos? Most of the time I’m sure they do. How about people who are generally known to be happy? Can you tell from their photos whether they are having a really great day and are happy? Yes, most of the time, even if they have a more serious expression on their face.

My point is that with coaching, and like farming, there is equally great care and focus applied to the development of both. Like farming, the intention of coaching is to help the individual  develop what is being focused on to go beyond and become stronger and more capable than they are when coaching was initiated. Developing people takes time. As a coach, you need to be able to focus on finding multiple ways to draw and bring forth the talents of those who you are coaching. It’s not easy, but in my humble opinion, it is one of the most rewarding experiences you can humanly have.

As a parent, I look at my role as both a care taker, as well as a coach. They are different roles, and both are critically important. For some, both roles come naturally, and I believe they both come naturally to me. It doesn’t mean I am the best parent in the world, it just means I thoroughly enjoy both roles immensely. In full disclosure, I rely solely upon my instincts to guide me in my roles versus having read countless books on each topic. I’m not saying I would not have benefitted from having read books on these topics, I’m simply acknowledging I did not feel the need to rely upon them.

We are now living in a time when more people are classifying themselves as Coaches. I think this is wonderful! As I have written about before, I strongly support the philosophy that we all need coaches and people to mentor us . Yes, these can in fact be quite different types of people, and they might also use different methods to work with us, but the end result is that we will benefit from working with each of them.

Do I have a Coach? I sure do. As a matter of fact, I have a handful of them at any point in time. Some of them are formal Coaches, but most are informal ones that I consult with periodically. All of my Coaches are different types, and I am constantly learning new ways from them to apply and enhance my development expertise to be applied to the people and teams (e.g., Sports and Work) I engage with.

If you or your team think having one Coach is enough, have you considered what it would be like to have a Coach who focuses solely on developing you and your talents differently? Perhaps in a way your current coach hasn’t been trained on how to do so? Please give this some thought. Also consider whether engaging with a Coach who focuses on developing you or your teams’ innate talents, with the goal of taking them from great to superior, would be of value to you or your team.

Kathleen E. R. Murphy is the Founder, Chief Performance Strategist and CEO of Market Me Too.  She is a Gallup Certified Strengths Finder Coach, author of Wisdom Whisperer  and Evolve! With the Wisdom Whisperer (published in December 2019), and is a well-respected motivational and social influencer with a global following from her numerous speaking, print, radio and television media appearances. She also is the creator and Host of a TV Show and Podcast called Murf & E Unfiltered – Zero BS Biz Talk.

Essentially every team is dysfunctional in some way. Our expertise is in uniting, motivating and bridging dysfunctional teams (sports & business), and turning them into epic ones.

Market Me Too also works with individuals from students to C-level executives. The individuals, business and sports teams we work with are coached on how to leverage and apply their peak performance talents on a daily basis. Our coaching produces repeatable, measurable and amazing results personally and professionally. Need proof? Just talk to our clients, or read through our testimonials.

If you want better and different results, let’s talk. We know how to help you get them. Contact Kathleen at kathymurphy@me.com or (339) 987-0195.

“NEW!” Guide for Teams:

Every team is dysfunctional at some point.  Click on the link below to obtain a “free guide” with (5) Proven Strategies To Turn Your Dysfunctional Team Into An Epic One

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10 Ways to Determine If You’re a Secret Entrepreneur

My grandfather worked with Dr. Edwin H. Land, the inventor of the Polaroid Land camera and film, and my uncle was the first architect to design and build a million-dollar home in Massachusetts. My brother runs his own company, and I started a business as a self-challenge, to determine whether I could support myself.

Even though I worked for a number of companies over the years, I always felt compelled to work for myself.  Sound familiar? Perhaps you have considered this on an especially frustrating day at work, or when you feel as if you are a proverbial cog-in-a-wheel, or hamster spinning ‘round and ‘round and getting nowhere, fast?

If you find yourself dreading Mondays then maybe you should consider changing companies, or even careers. Perhaps it’s time to start thinking about whether being self-employed might be an option.

Of course, the security of having health insurance is one of the main reasons most people cannot consider leaving the Mother Ship. Benefits such as a steady salary, a 401K plan, paid vacation, life insurance, and other perks are certainly hard to walk away from.

Careful planning and research into whether the idea of being an entrepreneur makes economic sense, could be the catalyst you need to consider this employment route.

There are certainly perks that come with working for yourself. One of them is that you are the boss and get to decide how to grow your company. Another is that you will know that you can support yourself financially and be independent.

Granted, when you work for yourself, or are in the process of growing your company, you will likely work more hours than you can imagine. Of course, you may already be working crazy long hours or multiple jobs to support yourself.

The satisfaction of being able to say, “I built or developed X” from the ground up is also gratifying, but so are happy clients and the reward of knowing you are making a difference with the service or product you introduced.

So, if you are ready to start thinking about whether you might want to be an entrepreneur now, or in the future, here are some points to consider before you begin drafting that resignation letter.

  1. Create a timeline to embark upon your entrepreneurial journey.

 

  1. Think about whether your service, product, or concept is unique or something offered by numerous others? If it is similar to other companies, what will make you stand out from the competition and be economically viable?

 

  1. Put together a budget to see how much savings you will need to begin striking out on your own.

 

  1. Develop a business plan that outlines what you will be doing, your go-to-market-plan, how you will make money, and in what time frame, as well as a list of your actual and projected expenses. This suggestion is overly simplistic, but these are the basic concepts you need to consider.

 

  1. Pretend you are going to pitch your product, service, or concept on Shark Tank, to determine whether your value proposition is battle ready enough to merit investment from a venture capitalist. Deliver your pitch to a mirror until it feels comfortable and real.

 

  1. Develop a fallback plan. Build an out clause into your business plan in the event you get to the point it makes more sense to hit the eject button and wind down before you are in an unrecoverable position.

 

  1. Create and then nurture a business and personal support network. You will need both to get through times when you think you are either not able to move forward, or need advice on how to handle situations with which you are not experienced.

 

  1. Join networking groups or Chambers of Commerce that attract people from various disciplines. Many are willing to give complimentary advice, or even barter for your product or services.  Some of these connections may become members of your Board of Advisors.

 

  1. You will need to rely on certain people in your network for advice essential to running the business. You are going to be the boss and chief decision maker, so consider which skills you will either need to further develop, or rely upon to grow your business. One of the key elements entrepreneurs need is a strong sense of how to market and sell their company. If these are not talents you possess, either start learning, or ask others for help.

 

  1. Research as much as you can about how other entrepreneurs have made mistakes. Ask them to share with you how to avoid the early and elementary mistakes they made. You do not have to re-create the wheel when it comes to being an entrepreneur, so be open to taking advice from those who have had success and are willing to share their business wisdom.

 

  1. Does the appeal of being an entrepreneur seem better on paper as a concept, or do you feel, as I did, compelled to try this employment route? If you can’t stop thinking about being an entrepreneur, then maybe it’s time for you to start making plans! Harness and then leverage the energy and enthusiasm you have, and go for it.

The United States is known as the land of opportunity, so go ahead and pursue the ultimate American Dream. If you don’t, the only regret you will have at some point is not having tried. Good luck! Enjoy the ride!

Kathleen E. R. Murphy is the Founder, Chief Performance Strategist and CEO of Market Me Too.  She is a Gallup Certified Strengths Finder Coach, author of Wisdom Whisperer, and is a well-respected motivational and social influencer with a global following from her numerous speaking, print, radio and television media appearances.

Essentially every team is dysfunctional in some way. Our expertise is in uniting, motivating and bridging dysfunctional teams (sports & business), and turning them into epic ones.

Market Me Too also works with individuals from students to C-level executives. The individuals, business and sports teams we work with are coached on how to leverage and apply their peak performance talents on a daily basis. Our coaching produces repeatable, measurable and amazing results personally and professionally. Need proof? Just talk to our clients, or read through our testimonials.

If you want better and different results, let’s talk. We know how to help you get them. Contact Kathleen at kathymurphy@me.com or (339) 987-0195.

“NEW!” Guide for Teams:

Every team is dysfunctional at some point.  Click on the link below to obtain a “free guide” with (5) Proven Strategies To Turn Your Dysfunctional Team Into An Epic One