Business Starter Thought Leader: Monica Allen
I love entrepreneurship.
Though I wish it was as simple as the first drawing below. When we started our first business, I thought hard work would be enough and my walk would be more like this first image.
Source: WHAT ‘SUCCESS’ REALLY LOOKS LIKE (Dr. Kevin Snyder)
Is Entrepreneurship Right For You?
I learned differently pretty quickly and though the journey has not always been easy, I would not change the fact that I have now worked for myself for over 20 years. Do you wonder if entrepreneurship is right for you? There are a few questions you can ask yourself to assess if you are on the right track.
“It may be a new problem that people don’t even know they have yet.”
1. Is There A Problem To Solve?
First, is there a problem you desire to solve? A business is typically started to solve a problem. It may be a problem that some have already solved, but you think you can do it better. This is how my first business started.
My husband (boyfriend at the time) and I thought we could create better quality and more creative fraternity and sorority gear. We could deliver it better and provide excellent customer service that others simply were not doing.
It may be a new problem that people don’t even know they have yet. We have simply been dealing with things the way they currently are and don’t know that there is a better way. Think of the iPod. We had no idea that we wanted or needed 1000 songs in our pocket, but when we could have that, we loved it! From there came a computer in our pocket with the capabilities of a phone too.
Do You Enjoy Solving Problems?
Some people have been forced to solve a personal problem and starting a business was a result of that. For example, I have had guests on my podcast, Become Your Own Boss that wanted to be more available for their kids and family. Starting their own business gave them the flexibility that working for someone else could not provide.
Do you enjoy solving problems? As an entrepreneur, you will continue to solve problems throughout the life of your business. Perhaps when materials aren’t available or a customer has an issue, you will determine a solution. You will develop processes and procedures that will eliminate or reduce specific problems in the future.
2. Are You Fired Up And Passionate About The Problem?
Jack, the founder of Kuellife, is passionate about normalizing aging. I am passionate about teaching people how to build and sustain a successful small business. This type of passion will get you out of bed in the morning. It will fill your brain with thoughts and ideas around the clock. You want to talk about it, live it, breathe it.
“This type of passion will get you out of bed in the morning.”
3. What Is Your Purpose?
What do you want to offer the world? What is the purpose of your business? This is your WHY…the thing that drives you to accomplish and build your business each day. At this point in my life my why is my family. They drive me to want more success in my business. If you ask me why again…I will tell you because I want to continue to provide a nice home and experiences for my kiddos. I want to be able to travel the world with them. These are many of the things that I did not have as a kid.
I also want to provide the world with beautiful and quality embroidery for their organizations, businesses, teams and personal needs. I want to help other small businesses be better, avoid hardships, and be widely successful. Why? Because small businesses are truly the heartbeat of our economy. Don’t be afraid to ask yourself why.
Road To Entrepreneurship:
4. How Is Your Perseverance?
As mentioned earlier, the road to becoming an entrepreneur is like the second image in the picture. There will be really high ups and some not-so-great downs, but if you are willing to stick and stay, entrepreneurship could be in the cards for you.
Are you willing to take the blows and get back up again? Are you willing to hear “no”, but keep moving forward anyway? Back in 2008, we found the perfect space to house our office when we needed to move out of our basement. It had a storefront. There was an area that could be a production facility. It was perfect! We went to the bank to get a commercial real estate loan. We had great credit and thought it would be a breeze. And we were told no multiple times.
Perseverance Is The Key To Becoming An Entrepreneur:
Thankfully we met a banker who could see the vision and he kept fighting for us. After several months, the cashing in of some stocks and bonds, and sleepless nights, and much prayer, we finally got a “yes”.
Perseverance is when you keep going despite the hardships, despite the pushback, despite the rough and tough times.
Do you have a business in you? Think about it. Look around. Is there a problem that’s driving you crazy, are you passionate about solving it? If so, jump to it. You’ve got this and I am here to help!
About the Author:
Monica Allen is a serial entrepreneur who overcame the obstacle of growing up with a young single mother, living below the poverty line in a small town with very little opportunity. After obtaining her undergraduate degree from the University of Georgia, she worked in Corporate America and obtained a Master’s degree in business.
After 8 years in corporate she took the leap to set out on her entrepreneurial journey. Starting with just $700, she has since grown an 8 figure company and is now the host of the Become Your Own Boss podcast helping aspiring and early-stage entrepreneurs launch, grow and scale their businesses while also being the boss of every area of their lives. You can follow Monica on IG here.