Brian Tracy authored an article, “Are You Cut Out to be an Entrepreneur?” which ran in Entrepreneur Magazine. In the article, Tracy outlines what is needed to be a successful entrepreneur.
“Entrepreneurs are optimistic and future oriented; they believe that success is possible and are willing to risk their resources in the pursuit of profit. They are fast moving and flexible, willing to change quickly when they get new information. Entrepreneurs are persistent and determined to succeed because their own money and ego are at risk. Entrepreneurs are skilled at selling against their competitors by creating perceptions of difference and uniqueness in their products and services. They continually seek ways to offer their products and services in such a way that they’re more attractive than anything else available.
They are excellent problem solvers and are continually seeking solutions to the obstacles that inevitably arise. Entrepreneurs are capable of setting up the internal business systems, processes, procedures, and bookkeeping necessary for operating a successful business. They have a natural instinct for the financial condition of their businesses. And they’re intensely focused on sales, cash flow, and revenue at all times.”
As we work with hundreds of professionals who have taken their expertise and skills and leveraged them into entrepreneurial consulting practices, we find Tracy’s thoughts to be spot on. However, we would add one other important thought to consider, which is you don’t have to and, perhaps, you shouldn’t do it alone. Taking on all things necessary to run a successful company, albeit a small one, can lead to unforeseen mistakes and ultimately costs.
We help our consultants assess their skills and determine where they should be best spending their time or, more bluntly, put their billable hours. If you are charging $200.00 per hour, should you be spending time building a web site, managing your social media, or managing your newsletter campaign? And if you are not doing these types of activities during billable hours, then what personal or family time goes to the wayside when you decide to do these activities on non-billable hours? As with life, managing a business is about balance and utilizing your time in the most productive way.
Partnering with a virtual “home office” has really helped many of our consultants.
Again, the real consideration is how you are spending your billable hours. Would you like to spend a significant percentage of those billable hours in front of a client? If the answer were yes, then how would that positively impact your business’s revenue? What would that additional revenue do for the growth of your business; how would that additional revenue impact you, your family, or your lifestyle?
We enjoy working with our consultants and have the ability to witness the positive impact we make everyday. Finding a partner … may be a path worth exploring.