Entrepreneurship
15 Top Things To Consider When Moving From Employment To Entrepreneurship
By Jan Okonji
For many across the globe 2024 has been a mixed bag of a year thus far and one of overwhelming uncertainty .
The increased advent of technological advancement coupled with the increased use of social media platforms plus all those looming job cuts across corporations may tempt a lot of professionals in employment to call it a day and finally make the leap into entrepreneurship .
After all , how hard can it be , right ? Entrepreneurship surely can ’ t be harder than being a Senior Manager in a listed Blue-Chip company , yes ? Hmmmm ....
Well , the reality around moving from employment to entrepreneurship is that it can be a traumatic and less than ideal experience , more so because your expectations and experiences will be worlds apart . This is one transition that has left a sizeable number of casualties in its wake .
Families have been broken , minds damaged , monies lost , and dreams shattered irreparably because would-be entrepreneurs did not have a mentor or didn ' t know better .
So , here are my 15 TOP considerations to make prior to making that leap of faith :
• Have an emergency fund . Your business will not initially support you as well as your job does .
• Adjust your lifestyle . Downwards . Be frugal and cut down on unnecessary spending . Avoid all forms of credit and go slow on loans . Loan sharks are a total no-go zone . Anticipate and manage debt in advance - avoid it as much as possible .
• Your networks , friends , and relatives won ' t support you to the extent you believe . Build your emotional muscle for this .
• Social media will not magically make you money overnight . It takes content , consistency , and creativity - over time .
• Learn from other entrepreneurs , your experience , and a bit from training . You can ' t learn from your ego .
• Sales is the most important hard skill you ' ll need . Invest in areas of messaging , mindset , and media .
• Mindset is the most important soft skill you ' ll need . At the core of any successful business is the founder ' s self-awareness . Read on this stuff .
• Application is everything . Action is the cure-all . Knowledge , papers , qualifications , and titles do not sell . You need to get out there and make stuff happen .
• Consistent cash flow takes time . Don ' t get excited by a big contract or opportunity . You will lose more than you gain , at first . Things change quickly . Money evaporates .
• Have a frank discussion with your family and be clear on the exact amounts payable for monthly expenses and budget for who / what will cover what comfortably , for at least 3 years .
• Leave employment with grace and shut the door gently . You may find yourself knocking on the same door to be let back in , in the near future .
• Surround yourself with material and friends that align with your business . Unfollow , unsubscribe from distractions . Time is your biggest asset . Guard it jealously .
• There is no 9:00am to 5:00pm in entrepreneurship . There is no freedom to do what you want - that independence comes much later . The initial years will be super busy if you ' re serious about this .
• Before you start a business , think of a solution , not a product . Build around that . Have a strategy before starting a business . Most employees start consultancy firms based on their jobs . This can backfire in the market if not structured well .
• Last and most importantly : Get a Mentor . Someone who is where you want to be . You may be a big shark in the office now , but in entrepreneurship , if you ' re untested you ' re a minnow . Have the humility to start from the bottom , relearn , unlearn and build up with a strategy .
• * Bonus : From the get-go , have your bookkeeping , accounts , and taxes in order . Documentation and compliance are a cornerstone to future growth .
Jan Okonji is the founder , Business Growth Solutions and an entrepreneur with a passion for turning ideas into profitable businesses . He can be contacted for business support services and advice here , or through his email at : Info @ bizgrowth . club .
84