If you get to a point where you are fed up with all the bosses you had and are thinking what’s next in life, the first thing that can pop up in your mind is starting your own business. But the question is: How do you go from employee to entrepreneur with no connections and money?
It’s actually a hard question.
There are many factors to consider before starting your own company – be it a small or big one.
First of all, are you ready to take on the risks associated with the business world? Are you ready to quit the job that you’ve spent the majority of your time, effort and health on?
Are you ready for changes in your relatively peaceful life? If your answer is ‘yes’ to all these questions, then read on.
Today we’re on a journey to discovering if an average employee has a ticket to the entrepreneurship world.
Why do employees want to become entrepreneurs?
There are many reasons why ordinary people who have nothing in common with the business world choose to become entrepreneurs. Mostly, it’s because of money and boring 9 to 5 jobs, though these are not the only reasons.
People want to have flexible schedules, more free time, more vacations, more money, more opportunities and more of anything that a human being is able to get. The perks seem to be wonderful, while the truth is, entrepreneurs work harder than their employees at times.
The wrong belief to ditch
There is a popular belief that there are special requirements to become an entrepreneur and that only people who have money can do it. In reality, there are no special requirements and you can start your business with no dime in your wallet.
The secret? I will talk about this method below. Regardless of how many bucks you have in your pocket, you have a high chance of becoming a millionaire. All you need to have is desire, knowledge and the willingness to try.
Does it really pay to be an entrepreneur?
You can’t become successful overnight, so don’t expect to swim and dive in bucks like Scrooge McDuck as soon as you start your company.
Even the most successful entrepreneurs face financial issues once in a while. Be ready to live on $5 a day and reduce your spending, but remember the situation can change one day. There are certain risks that come along with success when it comes to this path.
What are the risks?
Each career path has its own risks, but entrepreneurship has one of the highest rates of failure. One wrong move can destroy your efforts in a jiff. It may take a lot of experience, stress, mistakes, failures, knowledge, and overall several years to build a small company.
You will have to read and educate yourself on a daily basis. It’s easy to make the leap, but it’s difficult to keep your head above water and turn your small company into a bigger one.
What are the perks?
Money is still a priority, but there are some great advantages of being an entrepreneur (especially a successful one).
Firstly, you do what you are passionate about. Surely, you can be passionate about your 9-5 job, but nothing can make you as happy as knowing that you are slowly building the future for yourself and your family.
Secondly, you don’t worry about your boss’s mood swings and rough criticism. You don’t have to work with those annoying coworkers who’s always trying to bring you down.
The flexibility factor is another reason why many employees want to become entrepreneurs. You can change your plans without waiting for approval. You can make adjustments and choose the projects whenever you wish.
Finally, most of us see entrepreneurs as successful leaders. We try to find out their secrets of success and follow their examples. Don’t you wish others perceive you as a leader and respect you even if they actually hate you?
Can an average employee become an entrepreneur?
This is the main question that bothers lots of 20 and 30 something people. If you are an employee who struggles with money problems and lives paycheck to paycheck, you still have all the chances of becoming a millionaire, if not a billionaire.
Here are some of the most important things to do before quitting your 9 to 5 job and starting your own company:
- Build a million, or better billion, dollar business plan that includes your future company’s relevance, marketing plan, operating structure, product and service trends, types of customers and their biggest needs, and the employees you will need;
- Find out as much information about your current competitors as you can in order to come up with the ideas on how to displace them. It requires hours of googling, reading and thinking, and takes more than a month to create an ideal strategy;
- Put your mind, energy, and passion to doing what you love. Don’t choose the business plan “just because.”
One of the reasons many newbies fail is because they choose the field they are not passionate about. When you love what you do and it truly drives you, it automatically brings money and joy into your life;
- Consider the budget. Depending on what type of company you are going to start, it is crucially important to think about your budget.
If you’re really tight on cash, consider starting an online business like blogging, or use Instagram or YouTube for business. 8-year-old Evan and his father earn up to 1.3 million dollars each year thanks to their YouTube channel. You can do it too.
- Think about the company’s structure. What type of company do you want to launch? Is it LLC, DBA, S Corp, or C Corp?
Here are the basics.
- Start building a team. If you’ve never interviewed and hired anyone before, you may think it’s an easy process. However, building a team requires a lot of time. Don’t put it off until the last moment.
- Ask for feedback. If you’re planning to sell certain products or offer certain services, start collecting and processing ordinary people’s feedback today. This way, you will know what to improve and what to remove. No successful business can survive without customers.
Entrepreneurship requires planning, imagination, creativity, dedication and hard work. Lazy people are more likely to fail in the business world than workaholics.
Whether you have money or you are as poor as that stray cat, you still can become an entrepreneur. Of course, you will face a host of challenges but they shouldn’t stop you from being who you’ve always wanted to be.