Let’s face it, most people love the idea of working for themselves, being their own boss, or bringing a breakthrough idea to the market that sends them on the fast track to retirement. Unfortunately, this is not a reality that wantrepreneurs will face, and it can even seem impossible to know where to begin to reach these dreams. There’s a huge difference between wanting to be an entrepreneur and being an entrepreneur. In my experience, I have met many people working in the corporate world who want to be entrepreneurs but haven’t taken the leap yet, simply because they don’t know where to start.
No one ever said that being an entrepreneur is easy. Being an entrepreneur is doing the hard work and taking the inherent risks. It’s like jumping into a beautiful ocean unable to see what lurks beneath the surface. The question is, are you willing to take the leap? If you are, here are the steps you need to take to cut your ties with corporate life and jump into the risky, yet rewarding life of an entrepreneur:
Decide.
Impulse decisions about your employment are rarely the right ones in the long term, even if they spark a quick fire initially. Take the time to discuss your plans with your friends, family, colleagues, and maybe even your current boss if you have that kind of relationship. If your family, close friends, and co-workers give you “yes” votes, that’s great motivation to turn your dreams into reality because you know you’ll have the support system when the road gets bumpy. Don’t quit your job tomorrow before you’ve assessed the risks, explored alternative options, and are absolutely sure that going out on your own is the right path to take.
Complete Your To-Do List.
There are two important, not-so-fun steps to take before your idea magically hits the jackpot.
- First, create a minimum viable product to explore your concept with a sample of your target demographic to see if your idea even has the potential of appealing to customers and being successful.
- Next, don’t forget to get a tax ID, trademark a company name, buy a URL, create a logo, and make business cards.
Slipping up on these items make you look unprofessional and can even leave you legally and financially exposed. There are a vast number of resources to assist you in being an entrepreneur. The Department of Labor, the Small Business Administration, and local and state associations are all willing to help and are mostly free, so be sure to make some phone calls. Also, due to this digital age, the Internet has lowered the barriers to entry for hungry founders with basic business and technical needs, meaning all of these tasks can also be completed using online resources such as LegalZoom, Squarespace, and MOO.
Other items to complete before leaving your current position are to finalize all the documents required to source clients and investors. These include your business plan or executive summary, the fun financial statements you learned about in college like income statement, cash flow statement and balance sheet. These materials require thorough research and strategic planning, and the process of creating them will help you decide if your business model is going to thrive or die.
Plan Your Life, Not Just Your Business Idea.
Before giving your boss the peace sign and walking out the door, you’ll want to create a financial safety net. Save up to about six months of living expenses before quitting your job. Now is not the time to take that three month backpacking trip through Europe you’ve always dreamed about just because you won’t be forced to show up to work anymore. You need money in order to make money, so plan your finances wisely and remember that your startup business isn’t worth starving yourself or becoming homeless in the process. Also take time to plan where you work and who is going to make up your team. Choose these people wisely as you will need them to build your business and stand as your backbone if your feet don’t hit the ground running.
Make the Jump and Never Give Up.
Now it’s time to do something! Take that first small step and see where it leads, then follow it. The difference between dreamers and doers is that when asked what steps they have taken, dreamers usually sit quietly. They have nothing to say because they have not risked even the slightest possibility of rejection. On the other hand, doers experience rejection, but take what they’ve learned and turn it into something positive to launch them to greater success. Which would you rather be?
To quote Winston Churchill, “Success is not final, failure is not fatal: it is the courage to continue that counts.”
Maybe that’s it, courage. Do you have the courage to decide; the courage to overcome fear and take a step; the courage to never give up on living your dream? It’s worth it, trust me. Love to hear your thoughts below!
