3 Tips to Prepare You for a Leap of Faith Into Entrepreneurship

June 14, 2024

Entrepreneurship offers the promise of freedom to do what you want, when you want, how you want, etc. It also offers the satisfaction of building an outlet for one’s passions and the fulfillment of making a positive difference in the lives of others. As a successful female entrepreneur for the past 24 years and someone who has been coaching, guiding and leading travel entrepreneurs on their journey (the majority of whom are women) for the past 13 years, I wanted to share my tips for anyone considering taking the leap of faith and launching themselves into entrepreneurship. These tips apply not only to people considering entrepreneurship in the travel and hospitality industry but also to any industry.

1. Start with your passion

What are you most passionate about? What lights you up when you talk about it, think about it, read about it? The journey of entrepreneurship can be a rollercoaster with big ups, huge downward spirals, unexpected twists and turns, and even some loop-de-loos. When you build a business around your passion, it gives you staying power and keeps you grounded. The other important reason to start with your passion is because as I once read Bishop T.D. Jakes said, “Your passion leads you to your purpose.” When you start a business based on your passion, you are starting a business that is aligned with your purpose, which will wholeheartedly serve you in the long run. 

2. Identify the financial opportunity

This is where you have to travel from your heart to your head and get practical. When I took my first leap of faith into entrepreneurship, I spent my first six years as a travel advisor in the red. That was painful. The good news is that I dug deep and focused on figuring out where the financial opportunity was when it came to running a business selling travel. The answer I found was increasing the transaction sizes of my bookings, which came down to a simple shift towards selling luxury travel and group travel, which is exactly what we advise our students in our Travel MBA program to do. Be honest with yourself. Take the time to define what financial satisfaction means to you and do some research to see if your business idea can get you there. Our Travel MBA students come from a wide range of backgrounds. They are doctors, lawyers, corporate managers, teachers, etc., and they understand what’s possible for them financially before they take the plunge. 

3. Model someone else who is already succeeding

This does not mean copying. This means finding someone or something that has already carved out the path and following it while layering your own spin. It will save you time, money, energy, and years of mistakes. Is there a training program in which you can invest? Is there a coaching program in which you can enroll? Invest in the right help, guidance, and training. 

I’d like to close with a bonus tip – keep your mindset in check. The entrepreneurial journey can deliver all that you want and more. It will also bring to the surface all the doubts, fears, limiting beliefs, and scarcity programming that have been holding you back all your life. Be courageous and do it anyway. Make decisions from a place of faith and not fear. For more information on Gifted Travel Network’s Travel MBA program, go to www.getyourtravelmba.com