Over the course of my chat with a friend some days back, he made a statement that I had to stop for a while to think about. He said that that kind of life he wants to live, that being an employee may not grant him that kind of life, and that he is considering entrepreneurship. That was when I understood that entrepreneurship has a level of freedom, control, dynamism, and opportunities that come with it. If you are working under someone, there is a level of freedom and flexibility that you cannot enjoy. However, transitioning from being an employee to an entrepreneur is a very challenging journey, yet very rewarding. This is because it requires a lot of risk, courage, planning, resilience, patience, and a total overhaul of your mindset.
It is true that as an employee, there is a level of security that you can enjoy - for example; you know when the salary will be paid, what you are supposed to do, you do not bother much about risks because the company bears the risks, while you focus on doing your job. But all these can also be a limiting factor for you because it may make you absolutely dependent on the job. On the other hand, by being an entrepreneur, you are opened to a whole new level of risk, you will become fully responsible for the decisions that you make, you generate income, run expenses, see to the growth of the business, marketing, customer satisfaction, etc. This is why you need to make adequate preparation before you take the leap from being an employee to being an entrepreneur.
The first preparation that you need to make is to get extensive knowledge and clarity about the business idea. Do not just jump into business because it appeals to you or because you have seen someone doing it, you need to be clear that it is what you want to do. You have to understand that entrepreneurship comes with demands, which centers around providing solution to specific problems. So ask yourself; what problem is your business going to solve? That is; you need to observe a specific gap that needs to be filled. A lot of successful entrepreneurs came just to fill a specific gap and in return, they became successful.
Another very important factor to also consider when switching to entrepreneurship is financial planning. The sincere truth is that you will need capital at the start of the business. More so, you also have to understand that income might not be instant and might take a couple of times depending on the nature of the business. So you have to be prepared financially before venturing into entrepreneurship, and make plans for the finances to sustain you through the incubation period of the business, so that you will not deep your hands into the business money and hamper its growth. Also have some savings and emergency funds to fall back on in case there is a need for it, so that you will not be stranded financially.
The next thing to do is to build your network. Trust me, no entrepreneur achieves success on absolute solo effort or without the input of others. If you want to go into consumer good for example, you need to understand that people are your customers, so you need to build the right network of people. You also need to surround yourself with mentors, motivators, supportive friends, and fellow entrepreneurs that can help you out in certain ways. You can also learn faster from people than by trying to figure out everything all by yourself. More so, when you follow the footsteps of someone who has achieved success in what they do, you will also have a chance of achieving the same success.
The final point is to develop the mindset that will be willing to embrace risks, and refuse to see failure as a setback, but as opportunity to learn something new. You have to understand that not every of your plans will work, and not every investment you make will produce the required result, but each failure will definitely teach vital lessons to make the next attempt better. Do not allow a single setback to discourage you as an entrepreneur; keep your spirits high and keep putting in actions. Being a successful entrepreneur does not mean you never failed, but you were able to adapt, learn, and keep going.
Thanks for reading
