All signs indicate that the economy is getting better. The Dow Jones Industrial Average is above 12,000 for the first time in a couple of years. A lower employment rate and a better economy shouldn't be far behind.

But there is a brave new world out there. Some people have stopped looking for a job and taken the initiative to start a business of their own. Others are dumping their "secure" corporate jobs and opting for starting their own business.

A friend of mine, who works for a major corporation here in Nashville, has made the decision to leave behind a 6-figure income in his corporate position to start a business.

More and more people are deciding to take the leap and it's probably a good decision for most people if they are prepared.

Unfortunately most people are not prepared. So today I want to give a few tips to all of you brave souls out there who are ready to take the leap.

1. Learn how to manage your time. This is the most important skill you can develop in your business. Read books on time management, attend seminars, and do whatever you have to do to become an expert time manager.

2. Make sure you are prepared financially. Create a budget and make sure you know what your living expenses are every month. On the conservative side, you should have enough money saved to pay for one year of living expenses.

3. Be prepared emotionally to take this journey. This is a very difficult, but rewarding, path to take. Your family life will be disrupted periodically and it can sometimes be a huge strain on your relationships. Make sure you have the support of your family. If you don't have the emotional strength and the support of your family, it will be much more difficult to make it as a business owner.

4. Get a mentor or coach as quickly as possible. Check their credentials and get references on anyone you choose to work with. Don't work with a coach or mentor just because you like them. Make sure they can get you to where you want to be.

5. Be prepared to fail ... periodically. If you do not learn to embrace failure, you will not make it as a business owner. When you do fail, stop for a moment to figure out what you can learn from this failure and keep moving forward. I run into people all the time who were born on third base and think they hit a triple. It's easy to go through life and be happy when everything is going well. It's when things are falling apart and you are facing failure that you discover what you're truly made of.

There is much more that can be added to this list but these are what I consider to be the most important.

If you don't have a job, then now may be the perfect time for you to assess your strengths, find your passion, and do what you have always dreamed of doing.

If you have a job, but you've always dreamed of starting your own business, then maybe it's time to start using your evenings and weekends to develop your exit strategy for leaving the "security" of your job and to pursue your dream.

There is never a perfect time to take the plunge. Sometimes you just have to take a leap of faith to move forward in the pursuit of your dreams.

As Ray Bradbury said, "You've got to jump off cliffs all the time and build your wings on the way down."

 

To Your Success,