Starting a Business Vs Remaining an Employee: Which Is Riskier?
Laura February 8, 2022 ArticleStarting a business is definitely a risk. But so is remaining an employee. You just don’t always notice it.
Your continued biweekly paycheck is no sure thing. It’s important not to put all of your financial eggs in one basket, especially a basket as precariously positioned as the national unemployment rate.
As a salaried employee, it’s easy to become complacent. But don’t let your biweekly paycheck lull you into a false sense of security. That paycheck could stop at any time. If you’re thinking of your employment as a rock-solid fact, you’re doing yourself a disservice as far as getting an accurate picture of your risk.
There are risks involved in being an employee.
If 100% of your income comes from one single source, what will that do to your family’s finances if that source runs dry? Starting a business is a great way to take your destiny into your own hands.
As an analogy, consider your investment strategy. A diverse portfolio is a strong portfolio — if one of your investments tanks, it’s not going to cause you to dip into your retirement funds in order to survive; you’ll be buffered by your variety of other investments, and your investments will begin to even out again.
It may be valuable to think of your salary in the same way. If you lose your job, without additional sources of income, it’s going to be difficult, if not impossible, to stay afloat.
But I’m a great employee — no one is going to fire me!
How many people caught up in the foreclosure nightmare of recent years though this exact same thing when they signed on the dotted line?
Even if you, personally, are confident in your relationship with your management and could never see yourself being laid off or fired, there’s another risk involved here: the future of the company itself. In the economic upheaval of the times, depending on the size and level of establishment of your organization, your company may suddenly find itself struggling to stay afloat (despite your individual dedication to helping it succeed). In other words, it’s hard for management to retain a valuable employee like you when there’s nothing to manage.
Starting a business doesn’t have to mean quitting your job.
Diversifying your income means just that: diversity. What are your personal strengths and skills? If you’re a graphic designer, consider starting a business on the side that you can manage during nights and weekends. If you’re an English major, consider freelance editing. You might even consider taking some classes to gain knowledge and experience should the unthinkable occur.
If you can build some individual credibility in your field on a freelance or part-time basis, you have a safety net to fall back on if you should suddenly lose your job. Without a second option, you could suddenly find yourself at square one.…
Motivating Employees – Motivating the Challenge Driven Employee
Laura July 25, 2021 ArticleMost good leaders and employees are motivated internally through challenging themselves to improve their own skills, experience, and productivity. Internal motivation is very powerful when present, and can be easily quashed by micromanagement and ineffective delegation. The key to keeping challenge-motivated workers at their best is to develop your company culture to encourage autonomy and professional development across the board.
Building a challenge-motivating culture can be difficult for some entrepreneurs. The same self-assurance and drive to do things right that makes an entrepreneur successful can also make it difficult to trust employees to work on their own. But, if you plan to grow your business, you will have to rely on your staff to do things right on their own. Good employees will not only cover the tasks that you don’t have time for, but will also contribute their own knowledge and skills to drive the success of your venture.
Good leaders are masters of delegation — telling workers what needs to be done but not how to do it. Set clear objectives in the job descriptions for each position, clearly communicate those objectives to your staff, then get out of the way and let them work. Get to know each employee’s individual skills and talents. Assign tasks accordingly and encourage your staff to utilize their skills. Also, find out which areas your employees wish to improve and develop opportunities for them to do so. For example, most people wish they were better at public speaking. Consider starting a lunchtime Toastmasters club for your staff or sponsoring your employee’s memberships to an established club. The better your worker’s skill sets, the more they can contribute to growing the business.
For those employees who are particularly challenge-driven, it is even more important to encourage them to push their limits. Be careful not to burden these workers with too many mundane tasks. Give them assignments that allow them to show off their skills and develop new ones. Let them know how much their skills and willingness to improve are get out of their way!
Building a challenge-driven culture is critical to the growth of your business idea. The stronger your staff is in the skills that drive success, the stronger your business will be. As an entrepreneur, the odds are that you can relate to challenge-driven motivation better than any of the other motivators. Think about the environment required for you to be the most productive, and build your company culture around these ideas.
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