Should You Make the Move from Employee to Entrepreneur?
Are you ready to get rid of the security of a steady pay check? Thinking about starting a business? Would you go at it full time or start part time until you are making enough revenue to afford to quit your job?
As a business owner, you get paid last. Everyone thinks entrepreneurs are rolling in the dough but as a start-up owner your focus is on clearing your overheads, growing your customer/client base and keeping the lights on. If you can afford to pay your bills while doing that, well more power to you. All the bills, the employees and the government get paid before you do. The trick is to focus on sales. Improve your revenue as quickly as possible to ensure that when you meet your financial responsibilities, you have enough left over to pay yourself.
From a distance it is very appealing to know that the buck stops with you. However, it sometimes becomes very scary when you have to come to grips with the fact that it all comes down to you – Not just a department but an entire company. You get all the credit and all the blame. You don’t have a boss to drive you to stick to your work hours, instead you have to drive yourself forward when you’re tired, try to not get depressed, and avoid burnout.
You are responsible for other people’s lives: Having employees is a huge responsibility and a regulatory pain. It actually gets harder not easier when you add employees because now you have to look after them too.
You have to learn to delegate and trust employees or you will have decision and productivity bottlenecks. It will be hard to accept that you are holding the company back because either you have blind spots and can’t see the change, or are afraid to embrace change.
Be prepared to morph into a cheerleader even if you are tired, burned out, exhausted, stressed, had a long day. Your employees will need you to get them energized, to see the possibilities not the obstacles, to believe they can win, that you’re all going to succeed.
You may be sure it’s time to take the plunge into entrepreneurship when you recognize that your side hustle has been growing rapidly and is now demanding more time and attention from you.
Entrepreneurs are people who always spot opportunities and come up with ways of filling up the opportunities. If you are the forward thinker who is always seeking solutions to problems but for one reason or another, your current job does not have the ability to take up your ideas and the industry is also lacking the ability to solve the problem, then it might be time to go out and actually offer the solution. An entrepreneur thinks ahead and is always trying to find ways of implementing new ideas.
Forget about perfection, as an entrepreneur, perfectionism becomes a liability. The longer you wait for every detail to be just right, the slower your business will move. Focus on the high-impact and high-priority items.
Do you think you are entrepreneur ready, or do you want to take the employee path?