Founder and CEO, LQ Logistics LLC.
Entrepreneurship is a popular career path for many people. Consider this: According to the Global Entrepreneurship Monitor “around 33.5 million U.S. respondents were starting or running new businesses, and nearly 18 million were running established businesses.”
Yet, despite the prevalence of entrepreneurship, making the leap from corporate to entrepreneurial life is a major change that many fear. As someone who left a long corporate career in telecommunications to become a serial entrepreneur, here’s my advice for anyone considering making the switch.
1. Decide If Entrepreneurship Is The Right Path For You
Entrepreneurship provides a level of freedom and flexibility that’s tough, if not impossible, to find in traditional roles. A 2022 survey conducted by online business insurance company Thimble found that “90% of Americans would give up a key work benefit”—like a yearly bonus or PTO—to run their own company.
A major reason why I decided to become an entrepreneur was that I wanted to combine the various skills I’d learned in the military and the workforce and move up in my career without the limitations and obstacles typical of the corporate world. I wanted to be my own boss and shape the work environment I desired for myself and my employees. But while entrepreneurship is often touted as a great professional choice, it’s not for everyone. Being an entrepreneur means navigating challenges, risks and uncertainties, as well as long hours. Some people understandably do not want to deal with those factors; they might prefer the pace of corporate life.
To decide if entrepreneurship is right for you, tune into your inner voice. If you’re religious or spiritual, consider praying about the decision in a way that aligns with your beliefs. If you’re not religious or spiritual, strive to connect with yourself in a way that works for you, such as meditation. Furthermore, think about whether or not entrepreneurship has been repeatedly tugging at you over the months or years. For instance, if you’ve dreamed about running your own coffee shop since you were a child, now just might be the time to go for it.
2. Determine Your Focus And Do Your Research
If you decide that entrepreneurship is the right path for you, your next step is to determine your focus area as an entrepreneur. Identify your passions and interests, and reflect on your existing skills and experience to pinpoint opportunities where you’ll have a competitive advantage. For instance, I chose real estate for my first entrepreneurial venture because I had a passion for homes; I enjoyed looking at houses, touring model homes and speaking to people about real estate during my downtime. Additionally, I knew that the sales strategies and interpersonal skills I’d learned in my corporate career would serve me well.
Make sure that whatever focus area you pick enables you to live your purpose. Don’t pursue a business opportunity only because it’s popular or profitable. Without a genuine interest in something, you’ll likely struggle to persevere during tough situations.
Passion alone, however, won’t pay the bills. Before entering any line of business, conduct thorough market and industry research. For example, you might find that the market isn’t optimal for your idea and that you’re better off pursuing something else for now. Granted, that doesn’t mean you have to shut the door on that idea forever—you can always revisit it and potentially start an additional business. In fact, I advise all entrepreneurs to avoid putting their eggs in one basket and create more than one business to safeguard themselves financially.
3. Prepare A Business Plan And Get Your Finances In Order
Before putting in your notice at work, ensure you’ve prepared a business plan. You don’t need to have every detail of your business figured out, but you do need to know the basics, such as your company’s projected expenses and what marketing strategies you’ll pursue—all with the understanding that some details might change once you get started. As you put your business plan together, try to think incrementally and establish realistic goals. While the big picture is essential, short-term goals can help you achieve your main objectives better than taking on more than you can handle at a given time.
Of course, you also need to know how you want to fund your business so you can start taking the appropriate steps. Financing your company aside, you also need to be sure you can handle your living expenses without the security of a steady paycheck. I recommend setting aside at least one full year of living expenses so you can build your business without wondering how you’ll pay your bills.
4. Get Your Mindset In Order
You can have a great business idea you’re passionate about, a thorough business plan and the right amount of money in the bank—but without the right mindset, you likely won’t achieve your full potential.
Fear can dampen your chances of success. As Clifford N. Lazarus, a psychologist and the cofounder of The Lazarus Institute, wrote in Psychology Today, negative thoughts and images ultimately “create a host of negative emotional states such as anger, depression, anxiety, guilt, and shame.” What’s more, he continued, if you’re “bogged down in bad feelings, it’s difficult to do things well or engage in adaptive behavior.”
Don’t go into a new venture timidly. Work on overcoming your fears as much as possible before you begin your business. Personally, I overcame my fear of failure in business by adopting a growth mindset, where I started to view failure as an opportunity to learn and grow. Additionally, I surrounded myself with a strong support network that I knew I could turn to when I needed guidance.
Ultimately, starting your own business requires a leap of faith. But with a strong, healthy mindset, that uncertain journey becomes much more smooth—and build a business that lets you accomplish your professional goals on your own terms.
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