Moving from employment to entrepreneurship can be traumatic, more so because your expectations and experiences will be worlds apart.
Families have been broken, minds damaged, monies lost, and dreams shattered irreparably because would-be entrepreneurs didn't have a mentor or didn't know better.
Here are 15 TOP considerations to make prior to making that leap of faith:
1. Have an emergency fund. Your business will not initially support you as well as your job does.
2. Adjust your lifestyle. Downwards. Be frugal and cut down on unnecessary spending.
Avoid all forms of credit and go slow on loans. Loan sharks are a total no-go zone.
Anticipate and manage debt in advance - avoid it as much as possible.
3. Your networks, friends, and relatives won't support you to the extent you believe.
Build your emotional muscle for this.
4. Social media will not magically make you money.
It takes content, consistency, and creativity - over time.
5. Learn from other entrepreneurs, your experience, and a bit from training.
You can't learn from your ego.
6. Sales is the most important hard skill you'll need.
Invest in areas of messaging, mindset, and media.
7. Mindset is the most important soft skill you'll need.
At the core of any successful business is the founder's self-awareness.
Read on this stuff.
8. Application is everything. Action is the cure-all. Knowledge, papers, qualifications, and titles do not sell. You need to get out there and make stuff happen.
9. Consistent cash flow takes time. Don't get excited by a big contract or opportunity. You will lose more than you gain, at first. Things change quickly. Money evaporates.
10. Have a frank discussion with your family and be clear on the exact amounts payable for monthly expenses and budget for who/what will cover what comfortably, for at least 3 years.
11. Leave employment with grace and shut the door gently.
You may find yourself knocking on the same door to be let back in, in the future.
12. Surround yourself with material and friends that align with your business.
Unfollow, unsubscribe from distractions. Time is your biggest asset. Guard it jealously.
13. There is no 9 am to 5 pm in entrepreneurship. There is no freedom to do what you want - that independence comes much later. The initial years will be super busy if you're serious about this.
14. Before you start a business, think of a solution, not a product. Build around that. Have a strategy before starting a business. Most employees start consultancy firms based on their jobs. This can backfire in the market if not structured well.
15. Last and most importantly: Get a MENTOR. Someone who is where you want to be. You may be a big shark in the office but in entrepreneurship, if you're untested you're a minnow. Have the humility to start from the bottom, relearn, unlearn and build up with a strategy.
Find a mentor here:
* Bonus: from the get-go, have your bookkeeping, accounts, and taxes in order. Documentation and compliance are a cornerstone to future growth.
Jan Okonji is an entrepreneur, self-mastery coach, and founder of the company Business Growth Solutions.
He has a passion for helping employees transition safely into entrepreneurship and does this through his R.O.A.D program where he helps them turn their great ideas into profitable businesses.
If you want to be a part of Jan's 1-on-1 business training program feel free to check out his services HERE.
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