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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.
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.
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