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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Sheila Rashid's Androgynous Approach To Unisex Clothing Is A Lesson In Embracing Individuality
The ItGirl 100 List is a celebration of 100 Black women who aren’t afraid to pull up their own seats to the table.
For Sheila Rashid, it all started with some free-hand drawings and a few strokes of paint.
The Chicago-based clothing designer and creative director of Sheila Rashid Brand recalls using her spare time in high school to hand paint designs on t-shirts and distressed hoodies, distributing them to classmates as walking billboards for her art.
Rashid sought to pursue fashion design at Columbia College in Chicago but eventually took the self-taught route to build upon her knack for crafting one-of-a-kind, androgynous pieces.
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Thanks to the mentorship of local designers taking her under their wings, Rashid was able to gain valuable experience in putting together collections and creating patterns; equipping her with them with the necessary skills to pursue her own collections.
After two years of living in New York, Rashid returned home to the Chi and uncovered the unique flair she could offer the city. “I moved to New York after that because I wanted to be in the fashion capital world,” she tells xoNecole. “That's when I really got a leg up. I found myself when I moved back to Chicago after moving to New York.”
For the Midwest native, inspiration comes from her time around creative peers and the city’s notorious winters — known to be a main character in many Chicagoans stories. “It's a different perspective and mindset when I'm making stuff because of the weather here,” she explains. “When we get summer, it’s ‘Summertime Chi’ — it's amazing. It's beautiful. Still, I find myself always making clothes that cater to the winter.”
"I moved to New York after that because I wanted to be in the fashion capital world. That's when I really got a leg up. I found myself when I moved back to Chicago after moving to New York.”
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Many designers have a signature aesthetic or theme in their creations. In Rashid’s design story, dancing between the lines of femininity and masculinity is how she’s been able to distinguish herself within the industry. Her androgynous clothing has garnered the eye of celebrities like Zendaya, Chance the Rapper, WNBA star Sydney Colson, and more — showing her range and approach to designs with inclusivity in mind.
“I think I do reflect my own style,” she says. “When I do make pieces, I'm very tomboyish, androgynous. My work is unisex because I feel like everybody can wear it. I cater to everybody and that's how I try to approach my clothes.” From denim to overalls, and color-drenched outerwear, Rashid has mastered the structure of statement pieces that tell a story.
“Each collection, I never know what's going to be the thing I'm going to focus on. I try to reflect my own style and have fun with the storytelling,” she shares. “I look at it more like it's my art in this small way of expressing myself, so it's not that calculated.”
"My work is unisex because I feel like everybody can wear it. I cater to everybody and that's how I try to approach my clothes."
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Still, if you were able to add up all the moments within Rashid’s 20-year career in design, one theme that has multiplied her into becoming an “ItGirl” is her confidence to take up space within the fashion industry as a queer, Black woman. “Being an ItGirl is about being yourself, loving what you do, finding your niche, and mastering that,” she says.
No matter where you are on your ItGirl journey, Rashid says to always remain persistent and never hesitate to share your art with the world. “Don’t give up. Even if it's something small, finish it and don't be afraid to put it out,” she says, “It's about tackling your own fear of feeling like you have to please everybody, but just please yourself, and that's good enough.”
To learn more about the ItGirl 100 List, view the full list here.
Featured image Courtesy