Some people aren’t meant to be a regular member of the workforce. You might see the appeal of entrepreneurship, with more control over your time, income and direction.
If you’ve already tried a few classes or seminars, you might believe you can make the leap toward running a business. And the truth is, you can.
So, what should you know about weathering the transition?
Switching to Entrepreneurship
Switching to entrepreneurship is no longer as unconventional as it was years ago. Over 5 million small business applications were filed in the United States during 2021. That same year was dubbed the Great Resignation by many news sites as more people noted how they were not comfortable working from the office full time.
Just 14% of American employees are content with their current jobs and feel no need to change them. If you feel like you are constricted in your role or cannot find the right employer, starting an enterprise can offer a fresh start.
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Tips to Make the Leap Successfully
There is a transitional period for workers who want to become entrepreneurs. Others take on both personas to have the core stability and income of a regular jobholder, which is understandable to minimize risk.
Thus, a good starting point is to assess your personal situation to see whether you can depart from a regular job. To keep up with both roles, come up with a comprehensive schedule. A venture needs time, effort and dedication to grow.
1. Address the Doubts
It is natural to have a few fears, so write out those thoughts and work through your emotions to feel more confident in leaping to entrepreneurship. Some think they are too old to start while others believe they are too young. Self-doubt and lack of experience can also be quite a hindrance to face.
There is also the matter of being a minority. For example, 58% of Americans believe women have to prove themselves more than men and that it is a major reason why there are not more of them in leadership positions. The same survey noted 50% also think women in business face gender discrimination.
2. Prepare for the Fears
Fears like the possibility of failure may always stay at the back of one’s mind. However, certain aspects could be worked on. For instance, combat a lack of experience by taking up more courses. Kickstarting your company is also the best way to learn more.
If you are scared of not having enough funds to accomplish your dreams, work out financing first. Make a dedicated account to save capital and create a financial plan to stretch out your resources.
3. Adopt the Right Mindset
Some people like to build their startups based on their current capabilities and interests. While it provides a good foundation, entrepreneurs are more open-minded toward new ideas and approaches. They are not afraid to learn what they do not know if it means improving themselves and their business in the future. Have a growth mindset while transitioning.
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4. Research Different Industries
Entering a business means picking out an industry. Certain sectors can be hard to start and scale up, so scope out the competition. It is also recommended to gauge your odds.
Very few would think agriculture, forestry, fishing and hunting businesses do well. However, those created in 2013 have a 50.5% survival rate and are still operating in 2023. Check out the current landscape to see how to enter the scene.
5. Choose a Business Model
Brands come in many forms — especially in today’s digital world — so find a business model and structure that works out for you. Some people find investing in a franchise or product works best for them, while others prefer to be more hands-on.
Consider the automotive industry. Investing in EV charging stations for $4,600 to $6,900 and creating a place where people can stop to refuel can be a passive way to accumulate cash. Meanwhile, there are establishments like a car wash or repair store that fall under the same market.
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6. Come Up with a Business Plan
A comprehensive business plan can allow a more realistic view of your venture. Set up a timeline of when your startup will launch and the goals associated with its operations. For example, you can aim for a net profit margin of 10% within your first three months of operations. Meeting and sustaining this objective is a good sign of a healthy enterprise.
7. Review the Highs and Lows
Entrepreneurship offers feel-good moments like growing an audience and exceeding sales. There can also be low points when people are not engaging or when views online are waning. Review these different scenarios and ask yourself why it is happening. Get to the root of the problem to know how to maintain your strengths and remove your weaknesses.
8. Network with Other People
There are times when entrepreneurs are out of their element. For example, maybe they lack management experience or connect with supply chain people. Network with the people who can help you out. Mingling with fellow business owners can give direct insight into how to grow a business. You may even meet future partners in the mix.
9. Seek Out a Support System
Aside from having informational social support, it can be nice to have emotional support, too. Find a confidant who can validate your feelings and encourage you to continue. For instance, talking to family members, a partner or a friend can provide solace for any hardships from entrepreneurship.
Grow From Being an Employee
It’s completely valid if you’ve tried the employee experience and feel it’s not for you. Take the tips above to slowly transition towards entrepreneurship. Handling your own company has its own set of challenges, but it can be an invigorating rush for the right people.
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