How to Become Your Own Boss

“You're thinking about too many outcomes that are negative rather than what is the potential of the upswing of this. Some people can be overly optimistic and fail too, but I'd rather you think about what if it succeeds."

Key Moments

01:07 Getting started as your own boss.

04:01 Losing job can lead to starting business.

09:40 Embrace failure, focus on positive outcomes.

11:45 Staying positive helps overcome challenges in entrepreneurship.

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How to Become Your Own Boss

Every entrepreneurial journey begins with taking the first step. Yet, as exciting as it is, there are a lot of mixed emotions that come along it. It’s a mix of euphoria and dread that comes with being your own boss. Much of that stemming from the realization that you are the one responsible for solving problems and making decisions. Ultimately, the definition of becoming your own boss varies for everyone, so make sure to acknowledge the milestone moments that mark the start of your entrepreneurial journey.

An essential hallmark of establishing a business is the influx of revenue. That is often best seen by having tangible financial transactions. It serves as evidence of a viable business. In order to keep that momentum it is important to keep tabs on customer satisfaction. The presence of paying customers indicates a major shift from ideation to action. But that's just the beginning - it's what you do with that money that determines your success.

The steps to getting started may seem daunting. Break the process down into a few practical steps. Get a website & company name secured, form an LLC, and set up a business account. Then comes the best part; start selling your product or service. Make sure you also protect yourself and your business by legally covering your entity. Avoid personal guarantees and separate your personal assets. It's all about treating your venture like a business from the get-go.

A common fear among prospective entrepreneurs is the 'What If' mindset. It’s important to shift that focus from the negative 'What Ifs' to the positive potential of success. Confront your fears and embrace the potential for success. Often, the fear of failure can be paralyzing, preventing individuals from pursuing their dreams. Embrace the journey, stay positive, and ask yourself, "Why not take the leap?"

Make sure to listen to the full episode for more on navigating the world of entrepreneurship and taking the leap to become your own boss. This may be the episode that helps you push through challenges and find success within your own business journey.