Last Updated on March 1, 2023 by Journal Fact
Let’s just address the elephant in the room. Who doesn’t want to be rich? Most people grow up with dreams of making it big in some nebulous way. How they do it may not always be clear. But the more visible aspects of their goals certainly are. Huge luxury mansions, fast Italian sports cars, gourmet chefs, expensive wine, and the satisfaction of knowing you’re set for life. The fact that many popular modern-day entrepreneurs like Bill Gates, Elon Musk, and Mark Zuckerberg did exactly that only makes it seem that much more within our grasp.
Become Financially Stable Without Quitting Work
Struggling with tough work assignments and even tougher performance appraisal methods simply to pay the bills often makes many of us daydream about our entrepreneurial success. In fact, many workers do decide to follow their dreams and quit their day-jobs to focus on them to become the next Facebook or Google, or Apple. However, without an adequate financial cushion, this admirable decision can quickly turn into a disastrous one.
Remember, for every successful startup and entrepreneur, there are hundreds more that failed. The goal, therefore, should be more realistic and achievable, at least initially. Financial stability can often prove to be far more achievable than becoming a high-flying billionaire. That’s not to say you should let go of your long-term goals. It only implies that you need to expand your focus to the short-term as well, specifically how to sustain yourself and your dependents while working on building a business. Of course, at some point, you may not need a job anymore. But for those of you that do, here are a few ways you can achieve financial stability without having to quit working in favor of running a business:
Learn To Create and Stick To a Schedule
Without fail, discipline is a strong trait present in successful people across all demographics and walks of life. Discipline indicates strength of character and self-control, both of which are key ingredients for a successful leader, whether in politics, sports, or business. But of course, not everyone is born with a strong sense of responsibility and dedication. Many of us have to train ourselves to develop discipline, at least in our early adult life.
The best way to do that by far is to act as both your boss and your employee. In other words, go into “boss mode” when scheduling your week, assign deadlines and tasks the same way you would assign a key business project to your team at work. Make sure you make allowances to be able to execute your day job’s responsibilities effectively. Then, at the start of the week, enter “worker mode” and strictly follow the schedule your “boss mode” set for you. This is more than an organizational exercise. Self-scheduling will encourage you to be self-responsible, which means you’ll develop the ability to be accountable to yourself. This can often be a keen edge that entrepreneurs can hone for future business success.
Organize Your Tasks When Approaching Your Project
Of course, another key trait among many successful entrepreneurs today is their ability to organize effectively. Strong organization skills are valuable in any business role, whether you’re an entry-level worker, in lower or middle management, the president of a company, or an up-and-coming entrepreneur. Organizing your tasks (both work and passion projects) is a great way to make the best of the limited time available to you. Remember, there are always only 24 hours in a day, so there is only so much you can achieve trying to work on everything at once. Work and business aside, you’ll also need to make space for family, personal development, and the occasional vacation.
However, once your organizational skills begin improving, you’ll find yourself making much more efficient use of the time available to you. Coupled with the discipline training in the first section, your ability to organize and prioritize tasks will help you break large and complex tasks into smaller and more manageable chunks. This will help you incrementally work towards your goals, without having to neglect your work responsibilities and keeping your sanity by not getting overwhelmed by a huge To-Do list.
Continue To Revisit What Inspired You To Start a Business
The final piece of advice is the most important. Many young entrepreneurs start out with a great idea and excellent enthusiasm to become successful. But the modern business landscape can often be brutal and is almost always fluid. Challenges and setbacks are the norms, not the exception. Your ability to adapt to change and manage different variables will be key to determining business success. But even more important is that you continue to believe in your personal goals.
Setbacks can often prove to be discouraging to the pessimist. Nobody likes to fail, nobody likes delays, and nobody likes to watch their hard work go to waste. But like it or not, it will probably happen at some point along your entrepreneurial journey. So you have to keep revisiting what inspired you to pursue your passion project in the first place. Is it meaningful to you? Does it satisfy you? Is it a potential breakthrough that could change the world? Whatever your reasons are, remember that they are valid and hang on to them. It is also key to translate that renewed motivation into your day-job, which is still a supporting element in your financial position.