Employee to Entrepreneur; Establish Your Business Startup With Small Investment & Current Job, and Be Your Own Boss
Entrepreneur ship is not about having great company, big unique idea, luxury cars or big bank balance; rather it is only about a business mind set. This mind set is a main difference even between a small scale business person and an employee having six digit handsome salary. To surprise for many; the mind set of predictable salary paycheck is the main point of difference between an entrepreneur and an employee.
This article is for unsatisfied job holders looking to start their own business, new startup founders searching for practical insight & advices, and for business enthusiasts and strategists. By improvising these practical strategies, tools & techniques; anyone can find fulfillment in work, life & business.
Be Adaptable to Change
It is not only a fundamental principle for any entrepreneur, but also a necessary characteristic if you want to thrive in the world of rapid and unprecedented changes. Imagine yourself just 10 years back; when no one can think one click transportation sharing, personalized brand campaign, independently decision making robots, hyper loop transportation going faster than airplanes, paying taxes utilities subscriptions in digital currency, self-driving cars, immersive virtual reality. This revolution led by information technology converting rapidly once a fiction into hard science facts. This disparity evidently shows how fast our sociocultural norms are changing.
Now flip the coin and have a look at another world where most large and corporate organizations today are plagued by culture that are obsolete and redundant for fast changing pace of the world. Corporate employees and workforce tend to be burdened with outdated culture of; over planning, unnecessary meetings, routine JD specified jobs, office politics and budget constraints. Everyone seems to be in a cycle of 9 to 5 jobs with no time to think about more than routine job. It is also no coincidence that world job economy is shrinking due to increase in freelance economy since, 2014.
Entrepreneur, on the other hand are in well position to excel in response to those ongoing economic and social shifts. They seems to be the biggest beneficiaries of exponential growth of computer technologies and scientific developments; affecting traditional business models and decreasing fixed overheads and supply chain costs. Rapid advancement in technology is also a thread and a great opportunity for businesses and businessmen; making things, process and techniques easier to start a business or new venture today then at any other point in history.
Making the transition from being an employee to an entrepreneur can be intimidating; but by opting following deliberate steps with a strong will you can become a CEO of your own business:
Embrace Failure, Negative Feedback & Discomforts
Do you ever feel that as we getting older and older, our abilities to learn new skills and patience to try again and again faint away. At another front; our society always encourage new generation to get good grades, have a stable job and get a retirement plan for comfortable living. This is the standard life an average person live, all over the world. As per psychologist Carol Dweck, humans can be divided into two main types; fixed mindset and growth mindset. Fixed mindset run on a belief that we are born with certain built in intelligence and creative abilities, which then determine how successful we will going to be during the whole course of our life. On the other hand, a growth mindset views all characteristics and abilities as adaptable and evolve over time and practice.
Most employees remain workers just because of fixed mindset. They accept their knowledge & expertise limits and work around those abilities to earn fixed certain inflows; in the hope that one day they will going to build their dreams based on those earnings. They cage themselves around their life cycle and build their own comfort zone. Sadly, this very thinking & habit proves to be trap for them, and they end up with nothing but some retirement benefits hardly manage their life expenses.
On the other side; only few people with growth mindset able to live their life to the fullest. People or entrepreneur with growth mindset believes on two core facts; one, they always open themselves for change and adapt with time, secondly, they accept and well receive negative feedback for continuous development & improvement. They accept the reality that, if they have to be growth oriented they will going to face failures and discomforts, but all will be temporary. Successful entrepreneur take their life and goals as marathon not a sprint. It is more about doing rather than only thinking, planning and asking.
Understand Your Life Goals & Priorities
Accepting a difficult challenge is easier when you are driven by a clear purpose and defined goals in life as well as in business. Before going into business journey think about five key motives known as 5 Fs: Freedom, fulfilment, family & friends, fitness and financial independence. Now be honest about your goals and ask what you can do with or without job to accomplish & satisfy your 5 Fs. Then, rate yourself out of ten against each F and put a number on it based on your priorities. At last, take people that fall in your closest zone, under confidence. At last, make your move by taking a decision that can change your & your loved ones life once in for all.
For achieving success in life, you must eliminate distractions and things holding you back, Learn the Art of Saying Gentle No.
In the times of despair, loneliness and failures; It is only when you believe in what you do, that you can endure the lows without becoming overwhelmed with self-doubt.Steve Glaveski- Author of Employee to Entrepreneur; How to Earn Your Freedom & Do Work That Matters
If you are in a deciding moment and still don’t know what to extra with running or current job. Must read Top 5 Things To Do In Your Layoff Times? A Holistic Approach to Utilize Bad Times For Greater Future Success!
Collect & Connect Ideas For Solution Provider Attitude
Most successful entrepreneur are the persons of high observation and sublime imagination. They collect observations and connects the dots between observations they make in real life to come up with new ideas. This concept is not that simple and certainly not about just incrementally improving the forms of existing products or services.
If you are thinking about how can I build high imagination based on my knowledge sources and how can I fill the gap with my idea? Then step by step develop this simple habits into your life; first spend daily or weekly some hours on new skills or on new knowledge, these are yours dots. The more the dots the more the opportunities you can identify. Never underestimate your intuitive ability and imagination while taking information when you read books, magazines, documentaries or podcasts. Secondly, take inspirations from those collected dots, to solve customer problems and provide them solutions as and when they wants.
Enriching your understanding of the world around, will help you to connect the dots. That’s way you can identify needs and can provide right product for the right people at the right time.
Test Your Proposition
It’s never a good idea to go all in on your first attempt and yet jumping to conclusions is one the most common mistakes specially new startup founders make. This is one of the main reason of startup failures. Another pitfall is keeping ideas too close to your heart without sharing and brainstorming with other trustworthy creative friends or colleagues, known as paralysis analysis. Due to these factors, almost 80% of all the start-ups fail in the market.
The cost effective and result led strategy for new startups is to test your ideas based on your make or break assumption set. Create a thorough SWOT analysis with what will add and what will create hinders. Uber couldn’t be a such huge success if they didn’t test a reliability assumption on customer entering into a stranger car. You must get to know your customer motive by engaging them. Ask them open ended question, to uncover the deeper meaning behind their wants & needs.
Value Your Time With More Productive Things
Mistakes are inevitable. Be open about them. But making poor decisions repeatedly can have a catastrophic impact on life and business. Wasting precious time with invaluable activities like screen time, social media engagements and extensive preplanning without actions; also is a biggest yet not accounted for mistake of failure. Such things keep us away from taking actions in life.
By inculcating some polished habits into your life can make a big difference and can open the door for magical world of Narnia. First track note of your time and secondly, gradually quit the most irrelevant habits in life. Now adapt yourself to environment to match your goals. Turn off notifications and distractions while you are working. Similarly in business, make the most important tasks list and priorities them. Outsource important but not so relevant for you tasks and focus on more valuable tasks. If an automated tools or service can provide same results for you, as you do that task with long time consumption; you must then opt for it. This habit not only will increase productivity but also will protect you from burning out. After all, being a successful entrepreneur; you have to work smarter not harder.
Want to be more & super productive follow these Tips to Be Productive & Result Oriented.
Need a solid action plan for sustainable long term business success. Learn How to Make an Action Plan.