Today's show finds me reading "Chapter 2: Getting Over The Fear" of my new book, Unemployable™.
I talk about the pros and cons of being a solopreneur, and how to turn your fear into opportunity. All of that and more on episode 374 of The Solopreneur Hour - hope you dig it!
One of the greatest feats we will ever face as solopreneurs is simply the fear of doing it, and that's one of the reasons I devoted an entire chapter to the subject. The purpose of this chapter and of this episode is to help you get past those fears, to face them and do the thing you're going to do anyway.
Before we dive into some of the material I cover it's important to understand the format I chose for each chapter of the book.
First it starts with a quote about the theme of the chapter. Since chapter 2 is about fear I chose a quote about fear. Second I share a story of a successful solopreneur. Third is the meat and potatoes: the chapter's topic, and then I wrap with the resources from that chapter.
Now in this particular section of the book, chapter two, I cover things like turning your fear into opportunity, the pros and cons of being a solopreneur, how to tackle some common beginning solopreneur problems so you can better face your fears and mindset techniques to also help you face your fears.
On This Episode You'll Also Hear:
- What is the key to your future solopreneur success?
- How I transitioned from working behind the scenes to being in the spotlight.
- Why time freedom is worth so much more than money.
- What is wealth according to Rich Dad/Poor Dad?
- How you can use your mortgage to your advantage.
- And much, much more!
When it comes to facing your fears of solopreneurship it's important to be transparent about the pitfalls and the opportunities. Let's start with the downsides: you are completely responsible for your success or failure, financial instability, and the stress that goes along with that.
Being 100% responsible for your success or failure is often one of the reasons people become solopreneurs. For me I was tired of working for middle managers who wouldn't know a good idea if it hit them upside the head.
Being a solopreneur means there is no more middle manager and you can implement any idea you come up with. That also means you are responsible if it fails, and if it succeeds. You need patience to see things through to their ultimate success or failure, and you also get the joy of exploring your own ideas and the fulfillment that comes with it.
Another downside is the financial instability. Most of us will need to take steps to prepare for this because we live paycheck to paycheck. On this episode and in the book I give you ideas on how to do so. But it's important you are aware of the instability from the beginning. Much of your life, including your finances, will fluctuate as a solopreneur. This can add real stress to your life, with your spouse/partner, your friends and in your other relationships.
But there are significant upsides to going it on your own. The big three are time freedom, financial freedom and location freedom.
Time freedom cannot be overestimated. As I get older I am much more focused on having experiences, and the more time freedom I have the more experiences I can be open to creating. I recently spent 10 days with my brother helping him move, and it was a true bonding experience for us. That was something I could not have done if I had had a regular job.
Financial freedom is another great benefit to solopreneurship. No one decides how much you earn but you. There are hundreds of ways you can make money as a solopreneur, both long-term and short-term. And once you master just a few of those (which the book will help you do), you'll become amazed not only when you lose track of zeros in your PayPal account but also how you can generate cashflow in a pinch. Again two things you can't do if someone else is calling the shots.
And finally is location freedom. I chose to live in San Diego because it's San Diego. Where would you live if you could live anywhere? That's a question you'll get to answer as a solopreneur, another priceless benefit to your choice.
On episode 374 of The Solopreneur Hour I also help you prep for entering into the battle of solopreneurship, including three specific (and free) ways to attack your fears. Listen in and let me know what you think. I'd love to hear from you: is something missing from this chapter? What was good: what worked and what didn't? Reach out and let me know, thank you!
QUESTION OF THE DAY: What fears have held you back and how did you overcome them? Let us know in the comments below!