Is running a business for you?
Aim to Make A Contribution
If you took a sample of a thousand successful people and asked them, they would all tell you they love what they do. And from this we often draw a broad conclusion: you only find success if you do the things you love. While it might be true, it doesn’t always hold.
For starters, passion can be hard to prioritize. Growing up, there are probably subjects you were good at, like math or history. Could you say you were passionate about them? Or do video games and singing fall in the “passionate” category? On the other hand, it’s much easier to figure out what you are good at.
Second, what you were passionate about at 16 is not necessarily what will hold your attention when you’re 35. Third, you may not necessarily be good at your passion. A lot of people are passionate about singing, but they don’t qualify for American Idol.
So rather than focus on passion, focus on your contribution to society. Find what you are good at and put effort into getting better. Because the better you get, the more you help the community around you become a better place.
Business gurus often talk about a business idea meeting three criteria: it’s something you are good at, you love, and has market demand. Passion makes up a third of the equation. Your career decisions shouldn’t be driven by what lights a fire within you; it also should help make an impact and positive contribution to the world.
Michael Clasby is a professional photographer who is thankful the career he chose was driven by more than just passion: his work has helped make a positive impact in the lives of many.
Running your own business can be exciting and worthwhile. Besides being the shot-caller, you set your daily schedule and earn a living pursuing your dream. However, getting to that point requires a lot of legwork, specifically planning, hard work, and smart decision making.
The following qualities are associated with entrepreneurship. Do you associate with them?
Being the boss means you’re the person making the decisions. As a small business owner, not every situation will be crystal clear. In those uncertain moments, the future of the business might depend on the risks you take. Not all risks lead to negative consequences, plus you can learn how to take calculated risks.
As an entrepreneur, you have loads of independence. You have to trust your instincts on more occasions than not, and learn how to accept rejection and disappointment.
Entrepreneurs are able to think creatively to take advantage of new opportunities and breaks. Creativity doesn’t necessarily mean coming up with new ways, it also translates to being resourceful with what you have. If you have insights into how to utilize new business prospects, entrepreneurship may be for you.
You might have the best idea, but if you can’t convince lenders, partners, or customers to accept it, running the business may be hard. Work on your communication and marketing skills, with a focus on being compelling and concise.
Michael Clasby runs a photography business in Fresno, California, having established it a few years ago. He’s learned a lot in that time, and encourages young entrepreneurs to follow their passion.
Find Financial Freedom
With more people looking to become financially stable, especially at a young age, it helps to know the right strategies to do so. Indeed, finding financial freedom is the foundation for success in personal and business finances. Universally, there are a number of ways that apply to businesses and individuals. Familiarity with a particular strategy begins by performing proper research and getting the right advice from qualified professionals.
Dealing with debt
Debt is an anchor that has the potential to hold you down for a long time. As long as you owe money and aren’t taking the necessary steps to clear it, you may find it hard to experience financial freedom. If at all possible, avoid taking on debt. Where it seems necessary for particular reasons, always have a sure plan on how to repay the debt.
Once you have cleared your debts, the next step towards experiencing financial freedom is by saving as much as you can. Savings help you grow your personal and business finances, with the extra money being used to expand the business or pay for education that advances your career. See where you can cut back on expenses and make the most of available resources. Avoid impulse buying, for instance, and track your budget to get a feel of how much you spend.
Lastly, don’t forget the benefit of marketing your personal or business brand. By communicating your strengths, clients get to learn why they should hire you or choose to associate with you.
Michael Clasby is a California-based photographer who alongside loving his work, acknowledges that proper financial planning goes a long way in growing a business.