MAKING SMOOTH TRANSITION FROM EMPLOYEE TO ENTREPRENEUR
This is not an easy journey, but we have some tips for you.
To change your career from employee becomes entrepreneur is not easy. I experience it by myself. After an extended maternity leave (around two years), I thought to be an entrepreneur because this is the most possible to do after I got a new role as a mother. My consideration was if I could build my own business, I have flexible time to earn money while babysitting.
It turns out, being an entrepreneur is more than having a rolling coaster’s life. At the early stage, you need to spend your time much extensively than when you are working for a company. Also, fluctuation in cash flow is another challenging thing.
The most notable difference is whenever effort you give to the company, you’ll have a regular payslip as a worker. But as an entrepreneur, your income depends on your endeavor. The bigger your step, the weighty your wallet has.
My statement doesn’t mean to discourage you. But there are some tips to make your transition from employee becomes entrepreneur goes smoothly, and here are the things.
Don’t quit your job just yet
A lot of people choose entrepreneurship to enjoy the flexibility and freedom it offers. However, if you want to see yourself among the top entrepreneurs, you cannot rush things. When you have the idea to set up a business, nurture it, polish it, and do everything necessary to set the stage for executing the concept. You can do all these without quitting your job.
Yes, you may eventually need to quit your job to spearhead your new venture, but until everything is ready, you should continue with your nine-to-five job as usual. If you left the job before making significant progress towards building your business, you would put yourself in a limited financial position. It becomes challenging to stay focused on your goal when you are continuously busy worrying about daily expenses.
Prepare for a tough journey ahead
It may sound discouraging, but entrepreneurship comes with a lot of hardships. You may already know for a fact that only 10 percent of startups can stay in the market for more than two years. While most startups run out of funds, some fail to set up a business model to earn a significant amount of revenue. Quite often, the struggle of an entrepreneur is overshadowed by their success.
So, you can understand the amount of effort you need to put in once you start your journey as an entrepreneur. Now, think as if you were in a school where you could ask for assignment help and get it from your tutors. But, right now, you are in a highly competitive market, where no one will provide you with assistance until there’s something in it for them. Being prepared for all sorts of obstacles will help you make a smooth transition from corporate employment to entrepreneurship.
Get used to more works and longer working schedule
Employees have a schedule. They enjoy weekends, vacations, sick days, holidays, and three-day weekends from time to time. You don’t. As an entrepreneur building a business, prepare yourself to work longer hours to add value to your company.
You may find yourself working for less than the hourly minimum wage, but as your company grows, it should become more valuable – value that can translate into a very nice payday in the future.
Schedule your activities each day
Time is always in short supply for entrepreneurs. It seems there are never enough hours in the day to get it all done. Create a weekly schedule and build in “miscellaneous” time to catch up. And don’t just focus on day-to-day activities. Spend part of each day developing a longer-term business strategy to reach profitability quickly.
Set up your business on a small scale
If you can, test your company idea by launching on a small scale on the side while still working your day job. This gives you a no-risk opportunity to test your ideas, get your first clients and see if the business will hold up over time before you leave the security of your current position.
If someone says to you that entrepreneurship is more fun than the nine-to-five job, they are suitable for the most part. However, running a business is no child’s play. If you are not feeling content with the job you already have, entrepreneurship may help you find your soul. However, it would be best if you also prepared yourself for all the challenges that entrepreneurship offers.
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