From Employee to Entrepreneurship: Making the Shift
Over the past few years, I’ve noticed a huge shift in people working 9 to 5 jobs to taking the entrepreneurial route. There was a time when people fought their way to white-collared jobs and dreamed of making it big in Wall Street and similar venues elsewhere in the world, but now, a growing number of people saying no to being on the employee payroll and yes to entrepreneurship.
In a survey by the Bureau of Labor Statistics, it was revealed that every month, over two million Americans quit their jobs, nearly half of them do so because they feel unappreciated in their jobs. In another study by Business Insider, 22 percent out of 225 high ranking company officers surveyed expressed intent to leave their current companies to start their own business.
As someone who used to work in the corporate world and who has made the transition myself, I can tell you how fulfilling it is to take that leap. The rewards are tremendous and the satisfaction, like greater control of your time, calling the shots instead of following orders, and higher earning potential – is even greater. However, given that you will be in charge of your own business, the responsibilities are far greater too.
If you are contemplating on making that huge leap of faith yourself, let me share with you these five tips to start with.
- Start building funds for your entrepreneurial business and develop a budget plan. I know it can be exciting to simply pack your things and hand over your resignation in an instant, but any wise entrepreneur would tell you that a business needs meticulous planning. If you can fund it using your own money, without loaning from a bank and so forth, the better. This helps eliminate any financial issues in the future and prevents you from overspending. Allocate wisely and stick to your budget.
- Accomplish all required paperwork. Think about what you really want to offer and know what the business requirements are. Trademarking and taxes aside, each business entails different requirements, so make sure you have done your research well and file all appropriate documents.
- Research, research, research. Research and development is one of the backbones of any business. Do your homework. Invest on an experienced research and development team to do market research for you, design products and services and test them.
- Invest on PR and marketing. One of the most overlooked business aspects – especially in the case of start-ups – is marketing. Even if you have a brilliant product or service to sell, but you make little effort to offer them to the right customers, you’re unlikely to be successful. If you have limited budget to do wide-scale marketing, then take advantage of social media. Social media channels like Twitter, Facebook and Pinterest are an excellent (and free!) way to engage customers and pitch products. Giving away inexpensive promotional products like pens, flyers and key holders are also great for introducing your company and boosting brand recall.
- Know your competition. This is an ongoing process and should be a part of your day-to-day research. Know what other entrepreneurs in your industry are offering and always be one step ahead of them (if not, at least be in line with what they offer).
Now that you have a heads up on entrepreneurship, my question for you is, are you ready to make that jump and contend with an ocean of growing businesses? Leave your thoughts below!