I have been an entrepreneur my entire business life. There are good parts and bad parts. But, for me, the good far outweigh the bad.
Whether you work for yourself or not, it is my view that you need to always think like an entrepreneur. Here are ten suggestions as to how to do that:
1. If you have an employer, do not rely on your job security. Whoever he or she is, your employer is presently or will at some time be under pressure to cut costs. You may be one of those costs.
2. If you have an employer, make yourself indispensable. A buddy of mine joined a large law firm. He asked his boss what the time frame was to make partner. His boss said: "You will make partner if and when your client base or unique expertise makes it more economical for us to keep you than lose you."
3. Constantly add value to YOU, INC. - the aggregate of skills, contacts and education you bring to any party. A lifelong program of learning and networking is your greatest financial security.
4. Kill for your customers. These people are paying for your lifestyle.
5. Outwork your competition. There are plenty of people who can do what you do.
6. Do not expect your clients or customers to use you because of a personal relationship. Many of my clients are friends but I do not want to rely on their business because of our relationship. I want to rely on their business because I am giving them the best service available.
7. Anticipate change. I don't know many entrepreneurs who sleep soundly at night. They know that what is working today may or may not work tomorrow. So, they are always thinking (worrying?) about what is coming around the bend.
8. Keep your eye on costs. When times are good many of us spend as if the good times will never stop. Then when the world changes quickly - as it often does - we are caught with too much overhead or not enough capital.
9. Time is your enemy. Every day young talented people enter the workforce. The world is changing with increasing speed and that means energy, enthusiasm and creativity are more important than experience. You need to run as fast as you can so that the younger and stronger do not catch you.
10. Find courage to make a change if you are marking time. The reason most people become entrepreneurs is that they want to pursue a desired endeavor. If you are not engaged in (passionate about) what you are doing, the likelihood of success is slim.
Jim Randel is the author of The Skinny On books, a series about financial literacy and personal achievement. To take our "Financial Smarts Challenge," e-mail and ask for a copy ... anyone who gets 90% should be very pleased with himself or herself. Also for a shorter quiz on your Credit Card knowledge try our “Are you Credit Card Savvy?” quiz on Facebook.
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