Today we posed the question of competition, and whether the big financial institutions can survive without Fintech or not. We know that competition in the banking landscape is very low, with the big 4 still holding most of the power in the market. It’s been a subject that we have discussed a lot at Dynamic Read More…
How to move from full-time employee to entrepreneur
Wed 5 December 2018 - 11:29 amIndustry Finance
In this very moment, there is likely someone out there who has a life-changing business idea. However, as soon as they begin to think about the bills ahead of them, what quitting their job would mean in terms ofstability and how they could possiblyafford to launch a business, it may quickly be forgotten.
If this sounds all too familiar, you mayhave decided to read this article because you’re looking for tips on how to transition from being a full-time worker to becoming an entrepreneur. The reality is that there is no black and white answer and there are different methods you could decide to take. So, with that in mind, here is how to move from full-timeemployee to entrepreneur successfully.
Set a Deadline & Save Enough
If you don’t create a plan to transition from employee to entrepreneur, it’s possible that it will never happen! Devise a plan and ensure you set it in motion so that you know you’re working towards something and not merely hoping for the right moment. You could begin by creating a business planwhich details why the market needs your business, how it will succeed, and who will make it happen. Also, your plancould mean setting deadlines for what tasks need to be doneand how much you want to save before venturing on your own.
Remember: There isn’t necessarily a perfect moment to become an entrepreneur as often, you have to create that moment by adequately planning.
One of the biggest fears for aspiring entrepreneurs is having to live broke. Although this may be a reality of many, you could reduce the likelihood of it happening to you if you plan ahead. Create a financial plan that outlines how you’re going to cope financially for the first year of running your business. Itcould include waiting until you save six months’ worth of salaries before going into business full time as well as having a backup plan to keep you afloat during difficultperiods. You should also consider looking at different loan lenders as an alternative source of income until your business picks up.
Get the Right Knowledge & Build Your Network
Before transitioning from being an employee to entrepreneurship, getting the right knowledge is essential. You want to be sure that you know exactlywhat to do and how to do it toavoid making major mistakes. For instance, research all of the legal requirements and permits needed to operate your business. Also, to grow as an entrepreneur, you need to pay attention and learn from the mistakes of others in your industry who have come before you.
That being said, the network that you have as an entrepreneur can be a significantdetermining factor in how well you do as a business. For this reason, before making the transition, work on building your network. During your days off, attend industry-specificevents and talk with the people there.
Remember:Approach people with the intent of making genuine connections, as opposed to just using them to grow your business.
When networking, don’t forget to keep your body language positive, let the people you meet talk and show a genuine interest in the individuals that you encounter.
To decide you’re going to quit your job and follow a vision is a brave move that manynever end up making. If you do find the courage to do so, trust the process and understand it’s a journey that will require patience, resilience and time. Hopefully, at the end of it all,you’ll be amongst the percentage of successful entrepreneurs.
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