This is for those of you thinking about going out on your own – whether to start a business or to become a freelance independent contractor. There is a no more noble endeavor.
However, a few things to consider before you take the leap:
1. If the success of your business requires you to find investors. Consider another way.
2. If your new business will succeed only if you make a big splash and capture a huge market share, you may want to recalibrate.
3. If you are assuming you will be the next Twitter, Facebook or [fill in blank], stop immediately and lock yourself into a closet for a week until you come to your senses. Yes. there are those you’ve read about that have become billionaires from a great idea, great execution and capturing the market. But those stories are few and far between. It’s like banking on your son becoming a pro basketball player. Yes. Some do become pro basketball players. But your son probably won’t.
Instead – if you have skills that others need, and you meet those needs with competence and a smile, you can do quite well. Be creative, be the unique you, keep expenses and overhead down, don’t take on debt and try to have no employees or just a few employees. And grow slowly. Slow and steady wins the race.