If you have been thinking of taking the plunge into entrepreneurship, you certainly have a fair share of questions and doubts mulling around your head. Becoming an entrepreneur is a huge risk but can have immense rewards. Before you dive in, our coaches have weighed in with some important things to consider. Ready?
Don’t forget to take care of your business mindset. Mindset is as important as your skills, competences, experience and business plan.
Every entrepreneurial journey will include sacrifices, obstacles, and all types of unexpected failures. You can have a plan and strategy but as an entrepreneur, what will keep you in business is your “never give up” mindset.
Remember: Your mindset is closely tied to business success.
-Understand the differences between enjoying a favourite passion and running a business.
Becoming your own boss most likely means mastering various roles of running that business with an unbelievably high level of determination, grit and resilience.
-Test your ideas before giving up the day time job: is there urgency in the market for your product or services? What level of competition is there? What does success look like?
-Build your network and use your network – that means being comfortable making requests, taking risks, being vulnerable and facing failure.
-Prepare a business plan, but always remember it is a “live” organism. Don’t get attached to your own ideas, be ready to shift.
-Do everything you can to preserve your money. Spend it on absolute essentials.
-Build a network of various people. Learn to ask for help from the right people.
-Launch your business before you are ready. If you wait for your product / service to be perfect, you will miss your window of opportunity. Get it out there, have people use it in real life, listen to what they have to say and adapt.
You decided to take the plunge because you’ve got to something to offer the world! So go for it! Worst case, you can always get another job. 🙂
Listen to the voice that keeps nudging you to go on your own, perhaps you feel you can do better or that you are tired of compromising on what you believe in. Get clear on what is motivating you to go on your own. Have you communicated this to your team, your boss, your boss’ boss? Do your due diligence within your organization to explore what can be improved. Exploring internally before taking the plunge will give you the confidence that you tried and prevent regrets when things get tough.
And it’s normal that doubts and fears will arise as this is what happens when you dare to leave your comfort zone. But you know what else arises? Confidence, resilience, joy and the satisfaction in knowing you are trusting yourself.
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