Then again, a suit can look pretty sharp when it's cut right and sits well. And you do feel like a million bucks? But you have to be corporate, a suit, pigeon-holed by the cut of your cloth. "They" say it's better to be rich and unhappy than poor and unhappy. The anti-they's say that j.o.b. stands for Just-on-Broke; the more security you have, the less freedom.

The Transition
Many of us have made the transition from j.o.b. to being self-employed, by choice or otherwise and it does take longer and cost more than you thought when you started. Breakeven point, IRR, ROI, ROE and business plans are for other people, you have a business plan in your head, and that's ok you tell yourself.

The value of a new business is measured based on the investment in that business, and if you multiply your old salary by the time you've been self-employed, and add the cost of office furniture, memberships, seminars attended and sleepless nights at the end of each month, you come up with one answer. Delusional, definitely delusional.

But boy, it's fun doing what you want to do! It's a bit like being a student. You're not sure where the money's coming from but there's always just enough. Master of my destiny, Captain of my soul.

Maturity
As your business matures, patterns start to emerge, and personal subsidy turns to return on investment, or ROI. There is hope on the horizon, and you steadily move closer to the mythical 10 000 hours, when you will be magically transformed into a master craftsman, wielding your coaching sword, one hour at a time, battling the negatives, writing that book you always dreamed about, and being invited to speak to those suits, about how to be a better suit, faced with the conundrum of whether to wear a tie or not.

How do YOU measure your ROI: Do you call it Return on Investment, Return on (sweat) Equity, or Return on Emotion? And what is your currency: Joy, love, passion, freedom, family, time, money, objects? Perhaps you aren't measuring at all, just carrying on regardless.

Success
The success of an entrepreneur depends on the strength of four pillars:

• You
• Your business
• Your team
• Your customers

The sword of Damocles hangs by a horse hair above your head, but it is your choice as Dionysius, to rule over your own dominion and you know the risks.

You have the entrepreneurial mind set or, perhaps you have a need to serve. Just knowing the risks however is not enough. What choices have you made to improve your return on investment? Managing risk means consciously deciding to accept, avoid, mitigate to an acceptable level, or ignore some risks, and reviewing these, regularly. This includes looking after yourself. Are you building a business or building a hobby? If you build a hobby, that is what it will stay. If you build a business, that is what will manifest and you will see a return accordingly. Are you having fun? When last did you have fun? What are your business offerings? Do you have any of this business written down in a business plan yet? Hobby or business?

Who is on your team? Do you interact with your peers, attend COMENSA meetings, are you under supervision? A service business grows more slowly than a business with products, especially if you are the sole service provider, but there are ways to leverage your time, including utilising your team. Without customers there can be no business. Are you available to your customers, and who are your customers? What have you done to find your customers? Have you drawn up a marketing plan? Do you listen to your customers? Are you being proactive, beyond excellent, or are you a reactionary?

Measurement and Control
If you don't know what to measure, and don't measure, you will not know whether you are being successful or not. The rules that you apply to your coaching clients, apply to you too. A vision without an action plan remains a dream.
I welcome the posting of comments about your own coaching journey.

You can read this article and many others in the COMENSA Newsletter by following this link:
COMENSA Newsletter Nov 2010  Marius van Niekerk