Published 27 March 2018 Category: CAREER, ENTREPRENEURS, STARTUPS

5 Tips for Making the Transition from an Employee to Entrepreneur

Whether you’re in your 20s or 40s, the idea of leaving a stable job and being your own boss can be scary. However, for those who have the right skills and mindset, this transition can be most rewarding. The path to entrepreneurship is not easy, but with the right tools, you can be ready to start your own business.
Here are 5 tips for those ready to leave the corporate world and into the exciting world of entrepreneurship.

1. Build Your Network

Build a network of both peers and mentors. Starting out as an entrepreneur means that you won’t immediately have a network of colleagues. Find people that are in a similar position as you that can relate to your journey, as well as more experienced individuals who can help guide you. It’s important to have a strong network of people that can help you on different aspects of your business. This will make your transition into an entrepreneur easier.

2. Get ready to be a (wise) jack of all trades

As an entrepreneur starting out, you’ll need to wear many hats as you will likely be doing everything yourself, especially in the beginning. You can longer give the excuse that the task is not in your job description and pass it off to someone else. It’s important to be open to new tasks in order to gain different skills and improve your knowledge. However, it is also important to know where and when you need help. If Accounting is not your strong suit, get a freelance Accountant or use a proven tool to help. You need to be on top of everything in the business, but it is also important to bring it the experts should the time come.

3.    Create a schedule

One of the benefits of being an entrepreneur is the flexibility in your schedule. However, without a set schedule you can find yourself constantly running out of time and spending too much time on less important tasks. Manging your time is crucial and keeping to a schedule can help to keep you disciplined and productive. Check out our 6 time management tips for entrepreneurs to boost your productivity to the next level.

4. Be prepared for setbacks

As an entrepreneur, you need to be comfortable with setbacks and recognize that it is part of the journey. Obstacles, setbacks and fails are learning opportunities, and you should view them as such. Overcoming them will not be easy, but the learning will make you stronger and a better entrepreneur. One last food for thought to keep in mind is Elon Musk quote, “If things are not failing, you are not innovating enough.”

5. Get as much support from your family

Becoming an entrepreneur will undoubtedly affect your personal life as starting a new business is both time-consuming and stressful. Make sure you involve your family early on about what it will mean when you transition from a steady job to becoming an entrepreneur. Having the support from your family can help you focus your time and energy on your business.

Making the leap from an employee to entrepreneur is not an easy decision, but if you’re up for the challenge, get ready to roll up your sleeves and put in the work. Have a look at our articles around startup successes and failures for more insights.