Thou Shall Be Broke: 10 Things That No One Told Me About Entrepreneurship
In the age of instant gratification, it seems people think that entrepreneurship and being an entrepreneur is just a matter of changing your bio on social media.
One might even “fancy it up" a bit and upload a photo or video of their “productivity," neither of which involve any real risks…and entrepreneurship is all about risks. The true definition of an Entrepreneur is “a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so."
I told myself that once I successfully became a real entrepreneur and reached $10,000-positive in business capital, I would write a blog post to inspire others that wanted to embark on the journey of entrepreneurship. As I arrive at that benchmark, I'm not sure if this blog post will inspire or if it will send people running for the hills of job security. But as promised, here I am, telling you the 10 things that no one told me about being an entrepreneur. (Or maybe they did, but I was too hard headed to listen.)
Let's call this, "Chantia's 10 Entrepreneurial Commandments":
1. Thou Will Be Broke
I invested over 8K to get Mantle Learning Center started, 8K that I had to pay back in order to advance my business credit limit. Even once the 8K was paid off, I was still broke because it's not your money, it's the business's money. Even being over $10,000-positive in business capital, the money belongs to the business and should be used to maintain the business and help it grow. Sure, you are out of the red once you are cash positive but you, personally, are still broke and will be for a long time coming.
2. Thou Will Be Tired And Overworked
You are the business owner, the janitor, the financial advisor, the bookkeeper, the employee, marketer, etc. It is chaos. There are barely any days off. You will be tired af. I'm talking 0–4 hours of sleep most nights, bags under your eyes, on the verge of tears tired. You will learn to operate in this state, hopefully.
3. Thou Shall Gain Weight
No, but seriously, even entrepreneurs that open fitness businesses fall off the wagon. You are literally not sleeping, overworking, and barely eating. That is a recipe for weight gain. Be mindful so that you can hopefully mitigate any damage done as a result of your circumstances.
4. Thou Will Be Taken Advantage Of And Taken For Granted
When you start your business, you are grateful. If you are lucky enough to have revenue coming in, you can begin to feel like your customers are doing you a favor. The issue with this is, you forget that you are providing a service or product that they want/need. Therefore, the gratefulness should be double-sided. To the entrepreneur being taken advantage of or being taken for granted, remember: just because customers don't see your value, doesn't mean it's not there. Know your worth, then multiply it. If you're providing something that people want, your target audience will find and appreciate you.
5. Thou Will Have No Time For A Personal Life
This was a hard pill to swallow. My first year of being a true entrepreneur, I missed two friends' weddings, my Godson's christening, my best friend's baby shower, and numerous other things. My fiancee and I hang out on the weekends and say a handful of words to one another during the week. This year has brought about what it really means to be “too busy."
6. Thou Shall Keep A Precise Record Of Income And Expenses
Major Key Alert! I thought I was so organized! I just knew that my records were on point...until it was time to submit them to an accountant and I was scrambling to write stuff off in order to prove that my expenses outweighed my income. Research things that can be written off and I recommend, in your first year, trying to keep your expenses and income in one account. Write off any and everything possible because we all know not to mess with the IRS.
7. Thou Shall Start To Secure Their Future
Sometimes it frustrates me that I didn't come from a family that could teach me about investing, reinvesting, 401(k), stocks, ownership, etc. I am not an expert in the area and I won't pretend to be. I will tell you that a business or personal savings account isn't good enough. The interest rates are too low to matter or make a difference for your future. I will also tell you that entrepreneurs don't have money going into a 401(k). Therefore, it is wise to look into a Roth/Vanguard account. This will help secure a retirement savings account. Please click the underlined terms to learn more.
8. Thou Shall Doubt Themselves And Their Decisions Everyday
This is just a part of the package. It will feel like you're flying and liberated one moment, only to feel as though you are going to crash into something the next. My best advice would be to write down affirmations every morning to serve as a reminder of your purpose. The 5 Minute Journal is super useful in helping you keep your eyes on the prize and organizing your thoughts. I would also try some form of meditation to ease your anxieties.
Finally, find a little time to read books that will help you work through doubting yourself. My favorite one as of late is Outwitting the Devil by Napoleon Hill. Hill discusses how fear, doubt, and procrastination all serve as forces of “evil" that keep us from realizing and reaching our truest potential.
9. Thou Shall Know When To Walk Away
This is a major key alert too! Just because it's been a dream your whole life or you gave it too many years doesn't mean that you should spend your whole life trying to get it off the ground. The when, why, and how will ultimately be up to you. For me, when you're drowning financially, emotionally, or creatively, it's time to take what you've learned and pivot to a better idea.
10. Thou Shall Learn From Their Mistakes
Entrepreneurship is hard and exciting. The best part is that it provides you with lessons and experiences that no job can. You learn to budget for yourself, for a growing business, you learn balance, you learn the true meaning of customer service, you learn how not to give up at the first hint of failure, and so much more. You also learn whether or not entrepreneurship is for you or if you function better as an employee. You'll learn that it's not something you do just because all the “cool kids are doing it." You must be willing to risk it all.
I wish you well on your journey of entrepreneurship and hope that you find light, laughter, and inspiration in the 10 "commandments" detailed above. If you do, please recommend, drop a comment below, and share!
Chantia Singleton is a children's Author and an Educator. You can find her series, "The Little Girl With the Big Hair" at www.littlegirlbighair.com. Keep up with her on social @littlegirl.bighair.
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ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LIST HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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Stress Awareness Month: Sneaky Workplace Triggers Affecting Black Women, And How To Cope
We all know about the major stress triggers of everyday life, from relationship woes to monthly bills to unexpected emergencies, but there are small, subtle triggers that impact Black women in a big way, especially when it comes to work. It’s good to be aware of these sneaky stressors in order to maximize your day and find ways to incorporate solutions into your self-care routines.
Since it’s Stress Awareness Month, we caught up with Keanne Owens, LCSW, founder of Journey To Harmony Therapy Center, to talk about these triggers and what Black women can do to manage and cope.
Owens is an experienced South Florida-based counselor and social worker who offers her services via Grow Therapy, a therapy and medication management platform. She has worked with Black women professionals to unpack issues related to workplace stressors. “One is the pressure to perform–having to meet deadlines and deliverables. And a lot of times, these subtle stressors from performance are put upon ourselves as Black women. We want to make sure we’re doing our best. We don’t want to be critiqued in certain ways.”
Excessive micromanagement leading to fear of overly critical bosses is another subtle trigger that can negatively impact Black women in the workplace.
“Whenever something is done wrong, or we experience some type of injustice and have to report it, it’s the fear of retaliation–[fear that] we won’t be taken seriously or [our words] will be taken out of context because of being deemed as the ‘angry Black woman,’” she said.
Black Women And Workplace Stress Triggers
Her sentiments are backed by research. A recent report by Coqual found that 28% of Black women (compared to 17% of White men) say their supervisor uses “excessive control or attention to detail” when managing them. There’s more: A survey by the National Employment Law Project found that Black workers were “more likely to have concerns (80 percent) and twice as likely as white workers (18 percent) to have unresolved concerns at work, with 39 percent reporting they were “not satisfied with the employer’s response or did not raise concerns for fear of retaliation.”
The survey also found that 14 percent of Black respondents said they “avoided raising concerns to their employer for fear of retaliation—more than twice the average rate of 6 percent for all survey respondents.”
Owens pointed to the fact that these subtle stress triggers can negatively impact our physical health and our career advancement. “A lot of time it’ll affect our productivity,” Owens added. “We start to have negative thoughts of ourselves. The stressors can also cause fatigue. We’re no longer meeting or working up to our desired potential.” Other challenges as a result include insomnia and increased insolation, withdrawal, and lack of motivation to apply for jobs or promotions even when qualified.
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How To Manage Subtle Stress Triggers
While there are systemic issues at play for Black women at work that has less to do with us and more to do with major overhauls that must be addressed by the powers that be, there are steps we can take for the betterment of ourselves and our mental health. Owens offered the following tips:
Tap into a support system, whether it’s a coworker you trust, a family member, an organization, or an outlet like a hobby.
Create a good work-life balance before burnout even starts. “Having certain boundaries [is the goal] such as, for example, if you get off at 5, you get off at 5. If your job description is this, you don’t go above and beyond because that brings you to a lot of burnout,” Owens said.
Prioritize self-care, whatever that means for you. “If you don’t have a routine, create one. Practice mindfulness and even some meditation,” she added.
Create structure in your life outside of work. “Even if you have a family, applying some structure in your routine helps relieve stress,” she said.
Get into grounding techniques. “Do a real quick square breathing exercise, that’s literally 30 seconds, or you can do a grounding technique that’s less than two minutes, right there where you are. You don’t need any other materials. That’s something you can do with just yourself and your body.”
Ask for help. “As Black women, we don’t ask for help enough,” she said. “Find where you need to ask for help. A lot of times, people think that’s indicative of weakness, but we need to rewrite that narrative. It’s okay to ask for help where you see fit. [If] you’re a mom, [it could be] every Wednesday from 5 to 6, your children are with the dad. You have to carve out that time.”
For more information on Grow Therapy, visit their website. You can also find out more about Keanne Owens, LCSW, via BeginYourJourneyToHarmony.com.
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