The Pitfalls of Starting Your Own Business

In the recent New York Times article “Maybe It’s Time for Plan C,” lawyers, stock-brokers and IT professionals lose or quit their high-profile jobs and pursue their passions to become entrepreneurs. But they soon find that the “dream job” of owning a business includes a lot of pitfalls.

Owning your own business, according to the article, involves long hours and the added stress of being the driving force behind nearly every aspect of your self-fashioned career. According to the article, the majority of new business fail due to a lack of preparation and experience. While many of the subjects enjoy their new lines of work, the article asks readers to think long and hard before they try being their own bosses.

Starting your own business talks up a tremendous amount of time and effort. If you’re considering self-employment, here are some important executive coaching tips according to what I see as effective:

  • Identify your reasons for starting a business. There are major risks with going into business. Questioning your motives is an important executive coaching tool to help focus on what you really want. What’s important? Family? Job security? Personal freedom? How would starting your own business help you get what you really want out of life?
  • Keep your new business in balance with the rest of your life. Being your own boss may make you feel fulfilled in one area, but it can also throw off aspects in your family, spirituality and community spheres. A sudden change in your career means you’ll have devote time and effort to balancing out the rest of your life.
  • Determine your strengths and weaknesses. If businesses fail due to a lack of preparation, a good coaching technique is to list your best and worst traits and skills.
  • Talk to an entrepreneurial coach. The right executive coach can help you if you want to start your own business. They can help in a variety of areas such as how you’ll prepare and implement your ideas and plan for future growth.

Starting a business is a huge risk. As you think about what sort of business you’d launch, consider your motivations, and make sure you’re using all the resources at your disposal when you take the entrepreneurial plunge.

Have you considered self-employment? What is your experience?


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