Transition from an employee to entrepreneur
Building a business is like building a house: Starting with a strong & solid foundation is very important. Your start will define your destination and will set a direction for the same. Validate the reason and motivation that you have to accept the TRANSITION from an employee to an entrepreneur, it’s important to start with clear objectives. You need to consider some pointer for a successful transition.
DESPERATION should not be the reason to start your journey
The transition from an employee to entrepreneur is not a job change therapy for your discomfort with your current JOB. Dissatisfaction with your job / workplace / colleagues / boss should not be the reason for your transition.
Your desire for this transition should be purely due to your passion. Oh, the idea in your head of starting a business represents a dream job, then my friend you’re well placed your first step. Please reexamine your true career goals if business though us not driven by your passion / your dream. If you are out of work and “TIRED” of searching job, then you will soon be tired in your transition to be an entrepreneur. Being tired at any point in the process of becoming or being an entrepreneur is highly dangerous.
IT’s about identifying WHY? WHY? WHY? WHY? WHY?
CONFIDENCE & CLARITY
So what do I mean by having clarity and confidence, it’s about answering HOW and WHAT?
How your ideas will materialize? What your idea will amount to? Project or Business or Freelance business. So your confidence and clarity should bring up a Business Plan. Describing the product or service you want to offer. What is your target market? How will you reach your target market? How will you present your passion to the market?
FINANCIAL WORTH OF YOUR IDEA / BUSINESS / VENTURE
If your IDEA is not about charity then it has to earn you money. Money to Sustain and Money to GROW. Even if your idea is a part time assignment/s it has to earn you money. It should earn you more than what you have invested in terms of cost and time.
Being well-acquainted with your finances is important
SET YOUR BUDGET – Know your monthly personal expenses, business expenses, and your initial start-up costs. Financial checks and projection are the basics to build a strategy for any career or business change.
Interview yourself like it happens in any other job interview, know what are your skills, strengths and weakness. Your past experience and study will help you understand, about what tools you have or need to start your business.
What you have? What skills do you possess? are some of the questions you need to ask yourself. Soft Skills, Technology knowledge and Skills, Creativity, etc. can be some filters for you to classify your areas of strength and weakness.
DO YOU HAVE ENOUGH FUEL
Business is about: marketing, sales, operations, customer service, design, organization, communication, etc. These skills are to be build and continuously updated by educating yourself.
You can get yourself up and running with the available resource and skills but always remember to further scale up your knowledge with continuous training. Starting a Business is not tough but to sustain is the key, and it takes awareness about your market and surrounding entities to take correct action.
Employee to entrepreneur – transition is a career change and not a job change
Motivation, Awareness and Determination is all that you need.