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While both of these may be possible, the typical entrepreneur often finds that he or she needs to work longer hours than back at the office. On some days you might be trading in the 9-to-5 for 9-to-midnight. When you were working at a big company, you may have complained relentlessly about your colleagues and managers. However, once you leave the office you might be surprised to discover just how much you relied on Jane in accounting or Mike in shipping for your social interaction.
Addicted 2 Success
Do what you can to combat this social isolation. Keep in touch with former colleagues.
Work from a coffee shop for a few hours. Find a shared office or co-working space and attend lots of local networking events. Is your new business largely autonomous project work? As you make the transition to working for yourself, try to keep your existing schedule as much as possible. Having some semblance of a schedule will help you stay disciplined and productive. Only you can decide what kind of schedule is best for your business and your life.
While success as an entrepreneur often boils down to mindset, there are a few practical considerations as well. Having a solid safety net will allow you to focus your energy on building your new business, rather than worry about how you are going to pay the bills. Family members pester you with questions on how you will raise funding. Attend networking startup, entrepreneur, and business-related events with people who are working on similar projects, and connect with more mentors or business advisors.
Analyze your market and competition.
Transitioning from Employee to Entrepreneur
Are the trends favoring your idea? Are you violating any agreements, trademarks or patents? Research why companies in your industry have failed. Figure out what they did wrong, and how you can do better. Speak to the founder on the phone and collect their feedback on the market and your idea. Find some real potential customers for your product, and take them out to coffee.
Do they immediately understand your idea? Would they pay for it? Create a simple one-minute pitch and get feedback from friends and colleagues who will be honest with you.
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- 2. Develop both short-term and long-term vision.;
Doing research on a not so good idea is one thing, but spending 33, hours of your life working on a bad startup idea is another. Nevertheless, because we as founders are so close to our own ideas, it is very difficult to judge them with objectivity. Is it a scalable or a lifestyle business? A scalable business, on the other hand, is a business that can make money while you sleep. Is it a big market? For example, if your idea becomes a company and dominates the market, is it a billion dollar idea? On the other hand, you can run a 'successful' small business and fill a specific niche, but it just depends on how you define success and what your goals are.
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- 2. Think about what others will pay for.!
- Are you ready to be your own boss??
Who exactly is the competition? Is this idea worth 80 hours a week for the next 8 years of your life? If you are going to spend that much time on your idea be critical of it now… not after two years of working on the idea. Your business is a reflection of who you are. Are you creating an in-home care device, because your grandmother lives alone?
Making The Transition From Employee To Entrepreneur
You should be able to tell a personal story every time you pitch your idea. The foundation of your business is tied to your strengths, dreams, and passions; something no one can supplement. Every time you pitch your idea, remember to sell your passion rather than the product. Below are four tips to help you tie passion to your business:. Construct a strategy to achieve this purpose. Startup founders are beginning to put more of an emphasis on pitch, and less on business plans. Others claim that business plans are an essential key to success and shouldn't be neglected.
Your pitch would presumably need to talk about:.
How much you will sell, i. From co-founders to CEOs, you will start depending on people to complete certain tasks. These tasks will fog your brain, forcing you to think of solutions and strategies each day:. Make sure you are establishing a solid customer base and gaining traction over time.
This will help investors determine if your startup is viable.
How To Go From Employee To Entrepreneur
Do you need a co-founder? Naval Ravikant , Co-founder of Angelist, defines the ideal founding team as:. An excessive number of people who attend Founder Institute events , say they want to become entrepreneurs so that they can be their own boss. That my friend, is the wrong reason. You will not be your own boss. You will take orders from your advisors, team members, and even customers. The entrepreneurfail blog explains,. Do not be blind to the needs of your customers; they're the ones helping to fund your crazy idea. Make sure you build something they love, so that they keep on coming back.