20 Aug

BEFORE YOU JUMP INTO ENTREPRENEURSHIP

If you are thinking of throwing in the  ‘9 – 5’  job and starting your own business, you are not alone.

But  the reality is, how do you build the new business you have dreamt about when you’ve got bills to pay, food to put on the table and a household to support?  It can be scary! You need to plan before you make the leap. Do your homework no matter how attracted you are to the idea of being your own boss or the laudable prospect of creating jobs for others.

A quote says, entrpreneurship is like jumpng off a cliff & assembling a plane on the way down.

Below are tips that will help you build the business you desire without compromising your current job.

 

1. Determine what you are passionate about in life.

What is the one thing, in your life, your career or business, you really want? It is said, that your passion creates your wealth. If you know what your goals are in life, you can plan by setting time-bound, realistic and measurable objectives to achieve it. Don’t keep these ideas in your head. Write it down. Give yourself a timeline. Make a decision to start somewhere. Once you begin to put things on paper, every other idea about the resources needed to make your dream happen will begin to fall into place.

 

2. Don’t just think about it, act on it. 

Action begets outcome. Outcome begets more action. You can only build when you make a move, as momentum builds through action. You can’t see the results until you overcome your fear of starting something and then begin to take the first step at actually creating a new business, project or building the life you want. The only thing worse than failure is not starting. S0 ACT NOW!

Too many people complain about their current life but keep staying in their comfort zone and take no action. Don’t be one of the ‘procrastinators’.  A single step gets you closer to your dream career or business. So, don’t discountenance the power of action no matter how small.

And keep in mind, if you are still working you don’t have to quit your current job to act on your ideas. Figure out the best time outside your normal work hours to get something done. You don’t even have to do most things yourself. You could outsource or get someone else involved. Synergy and collaboration is the key to success.

 

3. Set clear boundaries. 

Try and make sure your job and personal passion project don’t overlap. Don’t use your company’s resources to kick start your new side project – your bosses won’t tolerate it if you are found doing that. Separate the two to make things easier for yourself.

 

4. Plan your transition. 

Once you have decided to start a side project to build your dream business, you will at some point make that bold decision to do it full time. Make sure you have planned for it before you make that all important move. Most people will keep postponing that decision for a long time, often due to financial security reasons. It’s understandable, especially when you have bills to pay and a family to support.

So, the important point here is that the decision to quit should not be taken lightly.

  1.  You dont have to quite your current job to act on your ideas. Moonlight at your free time.
  2. You dont have to go it alone – outsource or get someone else involved.
  3. Carefully monitor the progress of your project. Have you made significant contacts who could be clients or support you when you start? How soon can your launch? What is your single most important success factor? And do you have that in your control?
  4. Think hard before you jump into the ‘cold water’.
  5. Discuss and agree with your spouse/partner.
  6. Talk to experienced entrepreneurs.
  7. Find mentors: seasoned ntrepreneurs, accountants, lawyers…THEN
  8. When you jump – Jump all the way!

There won’t be a clear indication when to go into your project full time. But sooner or later you will have to transition out of your current position to build the life you want.

If you need assistance to achieve clarity, book for a free coaching session of 45minutes. laila@lailastmd.com

Laila St. Matthew-Daniel

 

Credit: Entrepreneur.com

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