They Don't Teach Corporate in College (59 page)

Have realistic expectations.
Even if you're lucky enough to hold your dream job, there's no such thing as the perfect work situation. Every job has its ups and downs, aspects we love and aspects we don't love. And “dream job” doesn't mean “cushy job.” As your mom always told you, anything worth having in this world requires some effort. There will be some days you feel like shutting the alarm off and going back to sleep, but many more in which you feel more energized by the prospect of work than you ever thought possible!

The Small Business Administration (SBA) reports that there are about 28 million small businesses in the United States, and recent surveys indicate that 70 percent of Millennials want to start their own business. In addition, more than 80 percent of Americans believe they would be more passionate about their work if they owned their own enterprise.

So if you want to break out of Corporate America and forge your own destiny, you're certainly not alone. But how do you know if you have what it takes
to be among the successfully self-employed? Well, to start, the personality characteristics necessary for starting and sustaining your own business include a willingness to sacrifice, a service orientation, leadership ability, business intelligence and creativity, management ability and organization, optimism, a competitive nature, a sales orientation, and confidence.

Those are some lofty traits, and it's a cold hard truth that not everyone is cut out to be self-employed. You should think long and hard about whether you want to do it, in addition to whether you could do it. Many years ago, for instance, I thought I would make my living as a freelance PR consultant. I even tried it for a while, and attracting clients and generating a steady income were actually easier than I anticipated. However, I soon realized how much I missed the camaraderie and teamwork of working in a PR organization, and how much I hated administrative tasks such as invoicing and preparing status memos. When I worked for myself, I was responsible for every aspect of my business, even the parts I wasn't great at and didn't particularly want to do. If you want to be an entrepreneur, keep this in mind. It's not just the glory, it's the guts too.

Despite limited financial resources and start-up experience, and a lack of credibility with potential investors and clients due to their age, twenty-somethings are launching their own enterprises in record numbers. There have been endless how-to books on this subject, so I'll limit my advice to a few key points.

Work for someone else in the field first.
How will you know what works and what doesn't without a couple of years in the trenches, where you are free to take risks and try new approaches that won't spell the end of your dreams? Look at it as a paid research endeavor, and an investment in your future business.

Take business-related coursework.
Sign up for college or continuing education classes in finance, management, and entrepreneurship. You can also check out free resources such as SCORE (Score.org), a nonprofit that provides advice and training to new business owners.

Learn from the wise.
I talked about the importance of mentors in
Chapter 3
, and, as a new entrepreneur, it's imperative that you look for one in your prospective field who can offer advice, connections, and moral support. You might also want to join a support group or third-party industry association in your area so that you have the opportunity to brainstorm with your peers.

Write a stellar business plan.
The drafting process will help you to clarify and research your new offering, will provide a framework for growth over the first three to five years, and will be an important tool in your conversations with your mentor as well as potential partners and investors. Check out samples, and note the components of typical plans at sites such as
Bplans.com
.

Secure financial backing.
Try to minimize your personal investment or credit card debt, opting instead for a bank loan. There are also many types of grants offered to new entrepreneurs, including individual grants, business grants, and government grants.

Manage operations carefully.
Build a powerful team with strengths that complement your own, and save enough money so that you are able to live without income for the first six months of your business's life. Consult the SBA for logistical information such as how to acquire the right insurance, and enlist the services of a good lawyer and accountant.

Whether you've snagged a higher position on the organizational ladder or are planning a move that will forever change the course of your career, you can bet that the next few years will be an adventure. It is my hope that some of this book's lessons will serve you well. And now, onward and upward!

I had been out of school a year when I got really excited about a business idea I had for an online women's mentoring network. After getting some encouragement from a really successful entrepreneur, I dropped everything, took out a ton of loans, and launched the site. It became apparent quickly that I was in way over my head, and pretty soon I was out of money and had no choice but to shut down. I wish I could tell my younger self that starting a business is not as easy as it looks, and what's the hurry? I have so much more knowledge today that I could bring to that initiative, and I imagine in five years I'll have even more.

Lori, 31, Arkansas

Avoid job-jumping.
Hold on to each job for at least a year before you consider a change. Individuals who switch more often become known as chronic job-jumpers, and employers avoid these candidates like the plague.

Master the transition between jobs.
While you're in the process of transferring to another position inside or outside the company, be discreet. Don't change your patterns, talk about a potential move, or engage in job-search activities in public. Conduct yourself as if it's business as usual.