Take a Step Forward: From employee to entrepreneur

employee to entrepreneur

A great idea in mind and excellent connections are just two ingredients (out of many) for becoming a successful entrepreneur. Making a switch from a busy and systematic life of a full-time employee to an uncertain life of an entrepreneur requires some mental preparation and homework; often it is being overlooked by many. Truly speaking, the habits which you might have built over time for being a good employee might not necessarily work when you become an entrepreneur. According to the Small Business Administration, only 50% of the businesses survive up to five years or more and rests of them see a pitfall. If you wish to have that mental make-up which is required to become a successful entrepreneur from an employee, keep on reading further. Below given are seven tips which will help you to survive in the long run as a successful entrepreneur:

Switch from ‘Yes’ to ‘No’

An employee from an established company is habitual of saying ‘Yes’ to any requests which comes across his way. You might have also done this many times to proof that you are reliable and have the ability to do anything which is asked. This might have earned great reviews from your manager. However as an entrepreneur this approach needs to be changed. As a beginner, doing every task is not possible. Being an entrepreneur you need to set an agenda and start delegating your work efficiently to others. Stop molding yourself according to others. Make a habit of saying ‘No’ to everything else accept your priorities.

‘Perfection’ is a past now

If you have been an employee of a big enterprise, you might have faced a manager who wanted everything as close to perfection as possible; or your work might have been checked numerous times before finalizing it as ‘done’. This method may work at large companies but small set-ups which have just begun won’t be able to work this way. 100% perfect work may not be delivered always and as a fresh entrepreneur you need to accept this. If the work is revised several times, it might slow down the speed of your business ultimately. Target high priority and high-impact tasks first and if they are done 80% or less perfectly, it is fine. A popular Facebook poster says, “Done is better than perfect”, very true for the new set-ups.

Employees Working

Accept the extended working hours

Many new entrepreneurs assume that they will now have to work only four hours a day or they can log-in sitting anywhere. Both these might be possible, but not always. A new entrepreneur should be working longer in his office than his employees. Many days you might find that instead of 9 to 5 you are sitting at the office till mid-night. Don’t worry about the extended working hours, remember you are chasing your own dreams and working for yourself and not for someone else. Hence it is important to start loving what you are doing and not be afraid of the extended working hours.

Be ready to become ‘Jacks of all trades’

As an employee you were least bothered about a disconnected LAN, dirty floor and toilets, or dried out plants in the balcony or a power-cut in the office, but when you set-up your own business, you have to scatter your mind on all these issues. You have to play different roles; from sales person to marketing executive, from tech support to accounting and even cleaning. Be ready to play all these roles, but remember you need to keep your ego aside. Just think over all this before starting a new set-up, whether you will be able to play all these or not.

Don’t let the social isolation happen

While working as employee, there definitely might have been hard feelings for some or the other employee in your mind. You might have been obstinate and might have complained about them to your senior or just behind their back. Once you leave the office and start up your own venture, you will realize that how much hard work each department was doing and the entire office relied on their work. The initial period of your set-up could be tiring and shocking especially if you are not at your home. Try to overcome this social isolation as much as possible. Always be in touch with your ex-colleagues. Sit in a coffee shop and work from there. Attend as many social gatherings as possible and build your own network.

schedule

Create your own schedule

Is your new venture hugely autonomous project work? Is there no schedule at all, because you are starting from scratch? As you make a switch over from an employee to an entrepreneur, you need to make a proper schedule for your work and try to stick to it as much as possible. You are your own boss doesn’t mean that you will get a four hours leisure time during lunch or more free hours. Developing a schedule will help you and your employees remain in discipline and productive.

Many professionals have chosen self-employment over a job because of the strict schedule of the companies. Certainly there shouldn’t be a similar kind of schedule for you in your business but there can be somewhat different schedule which involves both hard work and recreation with your family. You need to decide which type of schedule will be best for you and stick to it strictly.

Develop an entrepreneur cash Pool

As an entrepreneur if you succeed, the success should be visible in your attitude as well. This will perhaps require some considerations- mainly cash. From a salaried employee you will be earning cash in a different way. It is advised to take out some part of your salary of 3 to 6 months (or more) and keep it aside before you leave the job. This will be entrepreneur cash pool and it will help you in concentrating on your business instead of worrying about how you will maintain those extra expenses which will come across your new venture.

Infographic: Employee to Entrepreneur

Mistakes to avoid while starting a new business

Business woman

When starting up a new business, you might think that you have sorted out all the aspects of it. You might cover all the aspects that are required in a business. You might also choose the field of your interest and you might buy insurance of your business and your employees but as the time will pass you will come to know that there are several small aspects that you might miss out and they might create blunders for you in future. Don’t let it happen, check out the possible mistakes, which could occur by you unknowingly especially in the marketing sector. Below are few tips to avoid common small business mistakes and prevent a pitfall of your business.

Avail proper financial assistance and advice

Mostly the new business set-up owners might think that they can easily keep a track record of each and every expense and profit, which is made in their business. If you too own a business and are thinking that you could manage all on your own, stop and think again. Watching the paper work, receipts, etc. at the end of the month or weekly is not enough. Even if your business is small and new, you will need an accountant to keep track of every incident, which involves finances. If you think you don’t need any dedicated staff for this work, it will be the biggest mistake you are making and you will realize this when your business will encounter financial trouble.

Business Mistakes

It is very usual for any new set-up owner to think that why to spend money on a dedicated accountant to keep financial records but later they would realize that they have to pay a higher cost of not having a dedicated accountant than hiring him. Find a good accountant in your area and save your time and Hundreds of dollars every year by keeping proper financial records. Not just time and money, you will also feel free from burden over your head and find a lot of help available.

Make your Marketing Plan Cost effective

Whether you are creating a traditional form of advertising like print advertising or you are following an advanced level of advertising like SEO or social media marketing, you need to have a clear and concise marketing plan for your consumers.  A marketing plan does not only mean ‘whom to approach and when to approach’. If you are thinking that way then again you might be the wrong path. If you are planning big campaigns like Facebook ads, mail outs and use of software for link building and traffic, you need to be very careful about the expense which each marketing strategy will require. If you will neglect this thought at the initial stage, your marketing plan will either be a flop or huge expense might incur at the end of the plan. If you wish to run a PPC campaign then the cost would be much higher than what you might have expected. No matter what your planning is, it should be able to end up with a limited budget.

Get thorough with your targeted market

You are new business entrepreneurs and you began your work with a hope in mind that people will notice you and you will become the next big brand; you will have to start with targeting a proper customer base that will be interested in purchasing your products or services. If you haven’t done anything like this, your business strategy will not work enough. In this case, it is better to have quality over quantity. You need to build a trust over the targeted market. Also keeping in mind the budget of your business marketing, you can approach B2B or B2C approach.

Seven hard steps to join the quest for becoming a millionaire

become a millionaire

The definition of success is different for different people and for many people wealth may rank down on the list when success is concerned.  Money isn’t everything for most of the people, but yes it has its own importance in lives of various other people. Those who are not having much might value it a lot. If you are one of them and want to become a millionaire, what habitual changes you should bring in yourself? What’s needed to join the quest of becoming a millionaire? Let’s find out below! It is suggested to remember that the steps to become a millionaire are neither easy nor quick, but certainly they are more likely to be effective in the long term as compared to quick and easy path.

Don’t be over-obsessive for money

Simply, over obsession for money and wealth might distract you from the right path and you might look for a short-cut to quickly earn money. To be frank, you might never succeed that way. Instead you should concentrate on doing things which truly contribute in earning money and wealth. Therefore your perspective should be in doing the right things and not just earning money by any means.

Make a list of people you are helping

It is seen that the financially successful people or in any other ways are extremely helpful. They not only focus on their own goals but also help others to achieve their goals and understand them completely. They feel successful if the people around them are successful.

So try to work hard to help people and make them successful: no matter who they are. If you can make them successful, no one can stop you to be successful in whatever you do. This way you can built a successful empire around you.

Stop dreaming about money, instead start serving people

Don’t limit yourself to only few customers, because this way you will be searching ways to extract even the last penny out of them. Instead, try to serve a million people and benefits from them will automatically follow you. The word of mouth publicity greatly multiplies and the results you achieve are even greater. This way you get an opportunity to improve the quality of your products or services. You can add more staff members to your business and you can benefit from their skills, their experience and their overall qualities.

When you reach this stage, you will find that your business has greatly expanded and reached where you have never imagined. Hence serving million people will make money follow you.

Take money as a means of improving

People generally have two types of perspectives towards money.

The first section of people has an obsessive perspective towards money. They don’t care about the quality of their products or services and they want to offer it as long as they are making money out of it. They rarely give attention to what is being offered by them.

The other section of people has a perspective towards money as a means of improving. They make money with an aim to improve their products and services more and more, offering the best to their customers. They wish to expand their business and their products range. They love what they are offering and love to make it even better. They want to set-up a business which offers best quality products or services and they see money as a fuel to light up this dream. They re-invest the money earned in a persistent quest of perfection.

The above illustration can be exemplified through a statement by Walt Disney, “We don’t make movies to make money; we make money to make more movies.

Perform at least one task better

Just pick up just a single task in which you are perfect or at least which you can perform better than others. Maniacally focus on performing that one task. Work on it, take training, learn more about it and practice more and more. Evaluate yourself and then refine. Criticize yourself callously to make sure that you continue to improve in that task and become perfect in each aspect of it.

It is seen that the people who are financially successful do at least one thing perfectly than any other around them. This helps them to be great at something, brings respect from the world around and also revenue from it.

Becoming a perfectionist, in its own is a great reward, at the same time it commands higher revenue generation. It also provides more respect from people, greater feeling of self-applause, greater accomplishment, a great feeling of satisfaction all of-these will make you feel like a millionaire in term of satisfaction.

Record your Progress Constantly

We are likely to become what we measure, hence it is advised to record whatever progress you make, weekly or monthly against your basic scales. You can calculate how many people you’ve helped in a week or how many people you have served. You can evaluate what steps you took to become perfect in that one task. You can evaluate many things or more simultaneously.

Build a proper routine and stick to it to succeed

Always remember that achieving goals is largely based on creating proper schedules. Like for example, you want finish writing a book of 100 pages in a month. You can consider 25 days in a month in which you will be working so you need to create a schedule of writing 4 pages each day which will be routine and should not be disturbed no matter what. Instead of hoping and just wishing, sticking faithfully to your daily routine will ensure success in achieving your goals.

Another Example-You want to target 100 customers to describe your products or services. As stated in the above example you can target 4 customers each day, if 25 working days in a month are considered. The results which might appear in the above examples might differ, but a better performance in both is surely guaranteed.

Along with following a strict regime, it is also important to track your progress periodically. It is possible that although you are following a routine but you are not going on the right track. You need to change what’s not working or else your work will go waste. Also you need to repeat what’s working, again and again. Make everyday better than yesterday.

Very soon you will become better from good and a day will come when you will be the best.

Remember “There is no shortcut to success and also remember that slow and steady wins the race”.

Infographic: Want to become a millionaire