I remember when I first got that itch to start my own business.
I wanted to become an entrepreneur, be my own boss, but was scared to death as to how to make the transition. After all, I had bills to pay and responsibilities. I didn’t know it at the time, but I launched my first business by being a ‘Chicken Entrepreneur’.
I learned the phrase ‘Chicken Entrepreneur’ years later from author Michael Masterson who has created many successful businesses. The phrase was in one of his many books I have read. (His book Ready, Fire, Aim is a must read for all entrepreneurs.)
Essentially, a ‘Chicken Entrepreneur’ is someone who keeps their day job while building a business in their spare time. As Michael Masterson says,
“She is an entrepreneur, because she is taking the initiative to start her own business. She is chicken, because she's not willing to quit her current job and lose the income. The compromise she accepts is that she will have to work 60 to 90 hours a week for several years before she can either abandon her great idea or fire her boss.”
If you’re going to become a Chicken entrepreneur here our some things to consider:
Time. You will need to create the space and time to launch your new business. This will mean evenings and weekends that can cut into time with family and friends. The competition for our time can become very stressful. What’s the solution? Let your family and friends know your intention to start a side business. Get them excited for you and enroll them to be your cheerleaders. Some of them may even help you stay on track through accountability. Schedule the time to work on your new endeavor and stick to it!
Passion. The key ingredient to building a business is enthusiasm. So start a business you are passionate about. You have to really LOVE what you’re doing to get a business off the ground. If the passion is there so will be the enthusiasm, discipline, faith and persistence.
Knowledge. Become an expert in your new business. Learn how to sell to your marketplace. Read books, take classes, look for a mentor. Can your current job help you develop new talents and skills you will need for your business? Could you switch into a new department? If you are not currently working in the industry of your new business, can you change jobs? Find ways to continually learn to succeed in your new business!
Two things to avoid:
1. The most common mistake new entrepreneurs make is dictating to (rather than listening to) the market. Don’t waste precious time trying to bring something exciting and new to the marketplace. Be a chicken at product development. Start with a product that you KNOW will sell. Make yours better or cheaper. Get cash flow going by satisfying an existing demand.
2. The second biggest mistake is spending too much time and money on setting up the business (business cards, extra phone lines, a fax machine etc). 80 percent of your time should be on selling. In other words, find out if your product will actually sell – you can then use that cash flow to deal with business details later.
This will ensure success!
