Welcome to 20min coaching pills. In 20min you can redesign something profoundly big, excruciatingly scary or eye-wideningly wonderful. We don’t need more than that. Actually we advise you to STOP after 20min! Out of this exercise: Take what you get. So grab a timer and off we go!
Are you not loving your job, but too scared (sceptical) of entrepreneurship?
Here’s something for you!
Before you start your timer
Get pen and paper. Tap yourself on your shoulder quoting the amazing movie of “Invictus“: “I am the master of my fate, I am the captain of my soul!” Now you start.
- already have a (more or less concrete) idea about what your step into entrepreneurship could be
- have at least a moderate idea about how you would have to continue (e.g. seeking advice from a business consultant, quit your job or just found a company)
- are HOWEVER vaguely fearful about getting started
In this article you will understand how by “pinpointing” your worst fears, you can create the very conditions to overcome them. Sounds cool? Read on.
How to take this coaching pill
What are your top 3 fears when it comes to becoming an entrepreneur?
The goal of this whole coaching pill is to: Pinpoint your worst fears and create the conditions to prevent or to deal with them.
Often times the FEAR of a certain scenario is more scary than the actual scenario itself.
Sure the entrepreneurs I know were scared of a situation where they’d be running out of cash. Truth be said: It happened to almost all of them. But once it happened, there was no fear. Most of them were way too busy trying to get more cash to be fearful.
When the actual situation that we have been fearing so much knocks on the door: often times we loose our fear (or at least we are too busy fighting or escaping).
The question behind this: What would be your worst case scenario? What’s the abstract idea behind that really makes you shake ‘n shiver?
AND (the powerful counter question): What is your red line the crossing of which would cause you to stop your entrepreneurial plans?
Do not forget that you do not HAVE to be an entrepreneur! There is always a choice to go back!
- Are you the kind of person who would put a mortgage on the house? Or would you rather stop earlier e.g. when you have only 6 months of runway on your bank account?
- Will you go back to your old (or a new) job when your partner is threatening to leave you cos you have no time? Or will you continue ALTHOUGH that person slams the door?
These questions are just a small intro for what is next!
They are harsh.
BUT they (or at least the fear of them) are likely to pop up on your journey.
And it is because we do not have figured out our answer to these harsh questions, that we are vaguely fearful of following our endeavour.
So, let down your pants and have an honest conversation with yourself.
Now take your top 3 fears and ask:
“What is the maximum sacrifice I am prepared to make?”
In other words: What needs to happen for you count your plan of entrepreneurship an “experiment gone wrong” and go back to the world of employment? What does it take for you to pivot? How much pain are you prepared to bear?
Health, finances and relationships.
So here’s some inspo for “maximum sacrifices” you might (or might not be) prepared to make:
Regarding your HEALTH
- Hypothetically: How long are the working hours you are willing to tolerate?
- Hypothetically: How “burnt out” can you become? Will you need to be diagnosed as burnt our and be forced into a clinic or is it “enough” for you to just feel inexcusably exhausted and empty for a couple of days?
- Hypothetically: How many sessions in the gym are you willing to miss? How much weight can you gain?
Regarding your FINANCES
- Hypothetically: What is your financial runway if you have NO extra income? How much runway do you need to keep a clear head?
- Hypothetically: What how far are you willing to go to get money from third sources? Family/ friends? Banks? Investors? Mortgage? Sell your stuff?
- Hypothetically: How much are you willing to lower your burn rate i.e. the money you are currently using on subscriptions, leisure, rent, new clothes?
Regarding your RELATIONSHIPS
- Hypothetically: To which extent are you prepared to look your friends/family/partner in the eye and say “I am having a hard time”?
- Hypothetically: To which extent will your friends/family/partner tolerate you CONSTANTLY talking about your business and nothing else? (trust me, this is an issue!)
- Hypothetically: To which extent are you ok to feel misunderstood by your friends/family/partner if you are constantly talking about issues in your business, but they simply do not have the energy any more to listen?
- Hypothetically: How much conflict are you willing to tolerate? Temporary silence? Temporary disconnectedness? Fights? Someone cutting ties?
These sounds like harsh questions. YES THEY ARE!
HELP YOUR BRAIN UNDERSTAND THAT…
THE WORST CASE SCENARIO IS PRETTY UNLIKELY.
“I want to do [the name of your business] with more impact, more focus and more energy.
But I am scared that: [your top 3 fears from step 1].
Yet, I am not powerless. I myself am the director of the movie of my life I am about to create.
Before [maximum sacrifice #1] happens, I will [put an action that you can implement to prevent/ deal with maximum sacrifice #1].
Before [maximum sacrifice #2] happens, I will [put an action that you can implement to prevent/ deal with maximum sacrifice #2].
Before [maximum sacrifice #3] happens, I will [put an action that you can implement to prevent/ deal with maximum sacrifice #3].
I have nothing to fear.”
Potential side effects and possible cures
- Temporary cash drain
- Long lasting courage
You might be surprised to hear that…
…we DO NOT necessarily advocate to just leave your job.
Making money is tricky. Do not do something rash! Honestly: Do you think that – merely by using your hands and your brain – you can produce something that is paying you your current income and more? If yes, you are indeed wrong to be employed. If no, do NOT quit! Entrepreneurship is f****** hard. And it is not for everyone.
Our assumption instead is:
You CAN be inspiring and great at your current organisation.
As an entrepreneur the talents you are having and the leadership you radiate won’t be much different (exceptions included).
At the end of the day by starting a company you are creating the very shell that you are currently trying to leave.
Bad habits in your current occupation might just replicate itself onto your startup. And magically you are waking up one morning with the same dumbfounded culture that you had run away from.
Just that now YOU are the person responsible for it.
So: If you DO have an idea that can generate you a living (preferably better than the one you now have – at least in the long run), GREAT!
If you are doubting, there is nothing wrong with staying in your current job and become the most skilled/ sought-after/ inspired/ [fill in the blanks] colleague. Be that one boss that makes GOOD work.
Start your timer N.O.W.
Now that you have read through all steps, take your pen, paper, stop watch and actually do the exercise.
After the timer is finished: Your pill is now working.
Let it sink in.
Understand that you are powerful.