HE SAYS:

There is a sense of security in having a steady job with a good salary and benefits.   I call this security your Golden Handcuffs because you have the value of a regular paycheck but it comes at the price of your freedom.   It can be a difficult dilemma to be in when you need to have a source of steady income but you also want to strike out on your own and pursue your dream of owning your own business.

Before you take that plunge, you need to carefully weigh your options and, just as importantly, you need to be able to do a personal assessment to see if you have the right temperament for self-employment.   Being your own boss is not for everyone.    You must, by nature, be a risk taker.    I believe you cannot survive in business if you cannot accept and tolerate a certain amount of risk and uncertainty.

You, also, must be able to make decisions quickly.   I feel that sometimes even a bad decision can be better than no decision.   Being indecisive can be disastrous for your business.

Finally, you need to be a bit of a perfectionist and have a very low tolerance for mistakes, particularly, if it is as the result of poor preparation or attention to details.

I, early on in my career, knew that I would not and could not work for anyone but myself.   I was prepared to take the risks in return for my freedom.   I started out each year not knowing how much I would make or even if I would make enough to support myself and my family.   All I could rely on was my belief in my abilities and the confidence to feel that I would find a way to succeed.    It was not always easy, but I always found it to be rewarding even if I had a lean year once in awhile. 

If you want to be your own boss and start a business, my best advice is to do your homework, have a realistic business plan, be prepared to take some calculated risks, and do not get attached to those Golden Handcuffs.

WHAT DO YOU SAY?