Are you thinking changing jobs and considering starting your own thing as a secondary source of income or looking for work due to cutbacks related to the pandemic?
Not everyone wants to be an entrepreneur. But if you feel it in your blood and have an itch to start your own thing, you should consider doing it now. The reward is not just the money. In fact, most businesses fail. But why am I still encouraging you to start your own thing?
You need INCOME security because JOB SECURITY is no longer reality.
Consider Frank Wang, the Founder and CEO of DJI, the world’s largest drone manufacturer. Wang founded DJI in 2006 and ran it out of his dorm room at the Hong Kong University of Science & Technology. He started part-time and within 14 years, he amassed a net worth of $4.8 BILLION.
Here are 10 insights he shared during an interview that are quite different that what successful people often share as “secrets to success”.
1. You Will Delete The “What-ifs” In Your Life.
Most of us are passionate about something. And if we are talented enough to be good at what we’re passionate about, surely, we’d want to turn that into a career. But competition might be fierce. The market might be tough. Finances might not be available. So, we choose the 9-5 because it makes us feel safe and secure.
But what if you’re bored in your job? What if you’re not excited about going to work? What if you’re looking forward to doing something with your passion and having the freedom to do what you want with your own time?
Starting your own business might sound scary but it’s a sure way to get rid of the “what-ifs” in your life. You have nothing to lose but a whole lot to gain.
2. You Will Accelerate Your Learning Curve.
One of the things you will discover when starting your own business is learning.
Being an employee, you learn about your role and your industry. By being your own boss, you have to learn everything from marketing to accounting, operations and finance. You will have to keep up to date with new technology, tools, consumer trends, and industry news. You will learn like never before. Before you know it, you will become a lifelong learner who loves the challenge of learning about something new. You will take life as a progressive journey as you do with business. There is no better way to accelerate your learning curve like starting your own thing!
3. You Will Learn to Be Independent in Your Thinking and Trust Your Instinct.
Starting your own business requires you to think on your feet a lot. Whether you start on your own or with a business partner, you will have to make decisions without a boss or team members who are there for you bounce ideas off of. Over and over, you will learn to make decisions independently and become more decisive as you grow. You will learn to trust your gut instinct because no one else knows your business like you do.
It is a wonderful feeling to know that every decision you make is solely dependent on you. You don’t need to compromise with different opinions from your boss and your colleagues anymore. You make your own decisions and you are responsible for them.
4. You Will Wake Up Every Day Driven and Motivated.
Surely this is one of the main reasons why people start their own thing. Nothing feels as exciting as following one’s passion and dreams. You might have a few sleepless nights because reality keeps you up with excitement thinking about different ideas and strategies, stalking your competitors, and dreaming about the possibility of your dreams coming true. Even during down times when you’re not making any sales, you’re still motivated to go to work, fix the bugs, pump up the sales, and make it happen. Because the business is yours and yours only. You’re not working for somebody else, so work hard and make it happen. The reward will be worth it.
5. You Know What It Feels Like to Truly Follow Your Passion.
Some people might never understand why some people decide to become a struggling artist or businessperson instead of doing something else for a living. After starting your own business, you will understand how fulfilling it feels to actually follow your dreams and your heart. The reward is not necessarily the money. The reward is in being your own boss and creating something that you truly own and love. You will learn what it’s like to sacrifice external things that make you happy like partying and watching TV for things that make you happy like making your business succeed. However, what truly drives you is not the money; it’s the passion and fulfillment you get from following your dreams.
6. You Will Become More Daring and Fearless.
Starting a business can be scary for any first-time entrepreneur. You have to believe in yourself and make daring decisions over and over. Becoming an entrepreneur will get rid of your self-limiting belief like never before. You will learn that there is nothing is to be scared of. You will learn that your comfort zone keeps expanding every time you get out of your comfort zone. You will learn to initiate contacts and approach people. You will learn to make things happen and even if you have no idea about something, you will learn about it in every way you can without doubt and without fear. Over and over, this way of thinking becomes a habit. You will get used to getting out of your comfort zone. Important News.
7. You Will Become A Person of Action, Not Just Words.
A lot of people talk the talk but don’t walk the walk. As an entrepreneur you can’t just talk and not take action. In fact, things will not happen unless you take action. You cannot ask someone else to do it for you or expect a colleague to help. You are on your own and only your actions will bring your ideas to life.
8. You Will Realize That There Are Many Talented and Ambitious People Out There.
Being an entrepreneur can be lonely at times. But if you make friends with other entrepreneurs in your community or even around the world, you will realize that there are many talented and ambitious people out there. You’re not alone. You’re not on your own. And these people are usually more than happy to share with you their experiences, advice and recommendations. Suddenly, the world seems not so small anymore. There is a whole world out there waiting for you to discover, to learn and to grow. The more you get immersed into the entrepreneur’s world and interact with other entrepreneurs, the more opportunities you will spot and the more driven you will become.
9. You Will Never Doubt Yourself Again.
Starting your own business takes guts. To be able to take a leap of faith in yourself and jump, you will have already gotten rid of your self-doubt. And in the process of working on your own business, you will become even more of a firm believer in the saying, “Whether you think you can, or think you can’t, you’re right.” Most important of all, you will never hesitate to invest in yourself because it is the only thing that always multiplies and can never be taken away from you.
10. You Will Want to Do It All Over Again.
You might have succeeded. You might have failed. But the fact that you have learned so much along the way makes it all worthwhile. Starting your own thing gives you a sense of control in your own life and joy and fulfillment in doing something that you truly love. The rush, the excitement, the fear, the tears, the sweat and the countless nights sleeping next to your laptop. They are experiences you would never have had if you never started your own thing.
- You Don’t Have to Be Top of Your Class
Franks Wang’s academic experience was not stellar, dashing any hope of him securing a place at universities like MIT and Stanford. Opting for the Hong Kong University of Science & Technology, he majored in electronic engineering. It was not until his final year that he got back on track to his dream of building a helicopter flight-control system, which unfortunately, failed the night before he was scheduled to demonstrate it during a presentation.
Fortunately, his professor recognized his efforts, group leadership and technical understanding and accepted him into the school’s graduate program.
- It’s Okay to Start Out of Your Bedroom
The flight control system he was working on was built in his dorm room where he would work sometimes until 5 am. After graduation, he founded DJI with 2 other classmates. Together, they moved into a three-bedroom apartment within the manufacturing hub of Shenzhen. When the company first started out, the only capital they had was the remainder of Wang’s own university scholarship funds.
- Start by thinking about your true passion – what you want to wake up to doing every day.
- Think about a killer business idea and test it with the market. Make sure there is a demand for it and who your target customers would be. Get to know them. Learn as much about them as you can.
- Consider the skills that you have and that you lack. Hire someone to complement your weaknesses.
And most important, remember these 2 secrets to success:
1. Your income will almost always be in direct proportion to the number of people you serve.
2. You’ll become what you think about most of the time.