I worked for few years during my university days and few months after graduation before setting out to be my own CEO. And since then, I have been in a position where in I get to advice a lot of my friends (that are in high paying jobs and wonder how I keep up with the low income from my business) on how it’s a SINK or SWIM game. The number of people I advice increased within the first 18months of operation when my business began to experience landmark growths and expansions despite my own icebergs. This section of Pastor Dele’s ALGORITHM perfectly describes part of the strategies I applied then, so I believe you’ll find it very resourceful.
No enterprise is unsinkable; the Titanic sank its first time out. Plenty of entrepreneurs have made and lost millions on their rise to the top.
But when you act like a CEO, you’ll create such a solid foundation and framework for your business that only en enormous iceberg could knock you off course.
- Assess your strengths and challenges: The stability of your business comes not only from how you handle day-to-day routines, but more importantly, from how you engage your strengths when an iceberg pops up unexpectedly. Challenges may involve limited expertise, competition or getting along with a difficult client. By knowing what you have in reserve and frequently reassessing the waters ahead of you, you can manoeuvre with confidence. Be honest with yourself. A fair, honest assessment will help you develop the necessary strengths or marshal the outside resources you’ll need.
- Be willing to risk hitting icebergs: You have to sail before you can fail. You can manoeuvre around icebergs, but if you never leave the dock, you’ll never have an enterprise to keep afloat. If you’re not out there in a big way, you won’t risk but you also won’t win. Often it’s not hitting the iceberg but the fear of hitting it that drowns you. How many people resist changing jobs only to realize after they do that it was the best decision they ever made?
- Have a rescue plan: Knowing and planning for the worst contingency alleviates the worry that can prevent you from making bold choices. When I start out in business knowing you wouldn’t sink entirely will give you courage.
- Write your rescue plan: Look at your savings, your earnings and how long you’ll need to float your business before it generates adequate income. You’re probably in better shape than you suspect. If not, you have two choices:
- Go all in any way or
- Set a reasonable time period to succeed then engage your rescue plan. Just don’t bail out too early or too easily. Either way, atleast you’ve launched your ship.
Do you think you need to quit what you are doing and do something better with you skills? Think again! When done, you can give me a call and we can chat and see what you can fashion out before planning to hit the iceberg.