Entrepreneurship is not for everyone. However, if your dream is to create freedom while building financial stability, entrepreneurship can open doors that most people won't walk through.
Almost every single entrepreneur started as an employee at another company. Sometimes a shift in perspective or a longtime hope and dream pushes traditional 9-to-5 employees into starting their own businesses. The transition between these two worlds typically takes time, knowledge and careful planning.
Transitioning from employee to entrepreneur is as exciting as it is difficult. The decision to do so shouldn't be taken lightly. Before quitting your job, you need to ask yourself some tough questions about launching a startup.
Think about why you want to become a business owner. Do you have an entrepreneurial idea that you absolutely need to follow and see where it goes? Or, do you hate your job and need a change?
If you answered "yes" to the second question, starting a business might not be a solution, especially if hard work, high stress, and low pay are reasons you don't like your job. When you launch a new company, all three of these situations are inevitable. Finding work at another company could be the break you need.
When it comes to starting a business, a lot of folks talk about "taking the leap." You might picture the aspiring entrepreneur tossing a stack of papers into a wastebasket as co-workers line the halls and applaud. The person boldly kisses corporate life goodbye and dances out the door to a bright future.
In reality, this Hollywood dream can turn into an entrepreneurial nightmare. Business success doesn't come from taking one big leap and never looking back. If you want your business to have longevity, start small and start slow.
Save yourself time, money, and headaches by preparing before you quit your day job. Building your business in stages reduces risks and reaps more rewards in the long run. As you go from earning a regular paycheck to owning a business, take the time to hash out essential details. Being a business owner is not for everyone. But with passion and a solid plan, you are on your way to being a successful entrepreneur.
1. Think before you quit.
2. Have a prepared savings account.
3. Become a jack-of-all-trades.
4. Set short- and long-term goals.
5. Prepare for stress.
6. Develop your idea and find your niche
7. Test market trends
8. Get a business plan
9. Build your network
10. Make the move from employee to entrepreneur
You can start by addressing tasks one at a time. As you learn to think on your toes and handle your business issues one at a time, you'll likely find that your days are far less stressful.
Owning a successful company can be one of the most rewarding feelings imaginable, but you may have to be prepared to face many professional and personal trials. Transitioning from an employee to an entrepreneur can require a tremendous amount of growth and courage. The financial freedom and pride in your company that you may have once you do hit it big can be worth every ounce of stress and energy.
Not enough is said about prioritizing self-care as an entrepreneur. People often neglect their own well-being for their families, friends and work. Yet, there are times when self-care needs to be your No. 1 strategy. You may be tempted to go all in in your business and forget about that much-needed timeout. Instead of waiting for the right time to care for yourself, schedule self-care appointments as you would any other meeting.
Does your career allow you to honour your values, use your strengths and spark your passions and allow you to be your true self? If not, maybe it's time for a change!
Like any new endeavor, working with a coach can be challenging and even a little scary. But if you're brave, committed and curious, you'll find your coaching relationship can be a powerful catalyst to becoming the person you most want to be.
Adan's executive coaches have decades of experience working at the executive level with leading organizations around the world. We have expertise in leadership, productivity, organizational change, team building, marketing, sales and motivation.
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