How Do I Know I'm Ready To Take The Leap Into Entrepreneurship?
I’ve worked in Corporate America for almost 6 years now. As much as I like the stability of a 9-5, and the benefits, I’ve always wanted to be an entrepreneur. The thought of going out on my own is scary as hell…but I can’t help but wonder what it would be like to just try.
What are the best first steps in taking the leap from employment to entrepreneurship?
Ready For the Leap
Dear Ready for the Leap -
Congratulations on getting ready to take the leap into entrepreneurship! Even taking a look at doing your own thing makes you a total bad ass! Leaving the corporate world is scary, but hey, nothing worthwhile is going to be easy. That being said, there are definitely a few things I would recommend considering in order to ensure you kick ass from the get go!
Before taking the plunge, be sure that you do your research and know the facts. What type of business are you looking to start? Do you have the skills to succeed or is that something you will have to develop? If you are going to go back to school or need additional training, is that something you can do while you are sill employed? Might as well milk those benefits as long as you can while you set your self up for success, you've earned them after all.
Then develop a basic financial plan. What will your first year budget look like? What can you expect to spend in starting your new venture? I'd estimate my initial outlay then add an additional 20% to ensure my bases were covered.
Are you going to have overhead? If so, how will you plan to cover your costs while your business revs up? Figure out how long can you go without taking a paycheck - save accordingly plus a few months. There are going to be a few unknowns, getting them in a row before you take the plunge will set you up to win! Don't hesitate to enlist the help of someone who may have experience in budgeting if numbers aren't your strong suit.
Most importantly, go for it with everything you have! Once you decide to become a kick ass entrepreneur, don't hold back - give it 120% from the beginning. Surely you've been dominating at work for awhile, but doing it for yourself is going to be just that much more satisfying!
We can't wait to hear about your success!