Pretty much every entrepreneur was, at some point, an employee for another entrepreneur. Often, a shift in long-term hopes or dreams, or a desire to want more out of life, encourages conventional 9-5 workers into taking up a business venture of their own. Employment and entrepreneurship are worlds apart, and transitioning from one to the other requires time, planning, and knowledge.
In this blog, Samir H Bhatt discusses a few tips that will help make this transition relatively smoother and easier for you.
Transitioning from Employee to Entrepreneur :
Tip 1 – Do Not Be Impulsive:
The very first thing that Samir H Bhatt wants people to think is if they are ready to quit their job. There are times when someone quits their job to start their own business and immediately hits it big. However, that is not the case for the majority and, in general, getting a company off the ground requires a great deal of time and patience.
Do you think that you need a consistent source of income while your business gets up and running? If so, it might not be a good idea to quit your current job. You could take a less extreme step, such as switching to a part-time role so that you can dedicate more time to your business while not having to worry about the money.
Tip 2 – Start Thinking Like a Business Owner:
As an employee, you probably accepted the decisions and policies implemented by the organization’s hierarchy. However, Samir H Bhatt says that, once you become your own boss, the onus will be on you to make decisions, establish goals, formulate strategies, and compare your business’ current position to pre-established targets.
Of course, you can (and should) invite suggestions from your employees, but you should be confident enough to decline them when you feel that they might throw your business off course.
Tip 3 – Establish Goals for the Short- and Long-Terms:
While transitioning from employee to entrepreneur, you must set several short- and long-term goals, and hold on to this goal-setting mindset even after the business gets going.
Prepare yourself to think about where you want to see your business after a month, six months, a year, and five years. Make and regularly update the goals that you are targeting, as well as the time period by which you want to achieve them and the steps that you will take in that regard. This practice can serve as a powerful motivator, and keep you on your toes.
Tip 4 – Get Ready for Longer Working Hours:
For the most part, employees work according to an established schedule and get to enjoy the weekend. In addition, they also receive sick leaves, holidays, and paid vacations every year.
Entrepreneurs, especially those who have only just started off on their journey, do not have these benefits. Samir H Bhatt says that you should get ready to work longer hours and entire weeks as you strive to make something of your company. You might also find yourself working for below minimum wage and making a loss. However, with perseverance, commitment, and smart decision-making, your business is likely to grow in value – value which you can convert into some very lucrative paydays in the long run.
Transitioning from employee to entrepreneur requires a great deal of planning, faith, confidence, and courage. However, once you successfully jump over to the other side, the pride and financial freedom will make you realize that all the effort was worth it.