“Your time is limited. Don’t waste it living someone else’s life”— Steve Jobs
If you have decided to start a business, and become an entrepreneur then, you must first understand this way of transformation. As an employee, you work for someone’s business, but as an entrepreneur, you build and work for your own business.
The point is; this transformation does not take place immediately. And, doing it in an inappropriate rush, or unplanned manner might add more struggle to your transformation.
If you are going to be the first entrepreneur of your family; it might even be more challenging to deal with the expectation of your family as well as for yourself, but all challenges that you encounter will reward you with more than expected once you make it.
Analyze your passion, skills & potential
Before you completely shut off as an employee, ensure that you know what your strengths are, what you are passionate about, and the potential you have. These are the qualities of an entrepreneur; which if aren’t apparent might increase your struggle duration as an entrepreneur.
However, if you know, you are ready for this transformation from an employee to an entrepreneur.
Your financial savings as an employee matter!
Next, you must stress upon is; your financial position, or your savings (when as an employee). Entrepreneurship needs time and requires good input of money before that system is strong enough to generate revenue.
So, to sustain this span of your transformation, a good saving is helpful.
Even if you have strong financial support from your background, it’s suggested to have self-stand with your savings, as entrepreneurship is completely your journey, and it’s best to rely on yourself completely.
Talking particularly about the investment, that can be arranged from investors, or via loan or other ways, which we will discuss in coming sections.
How much time does this transformation take?
As I have already pointed out, the transformation from an employee to an entrepreneur isn’t going to take place in a day, but once it’s done, you will experience a completely NEW world, with awesome experiences, amazing challenges, and high rewards.
So, how long does this transformation take?
Well! That depends on your skills, your way of working, and of course your business model.
Some beginners take less than six months while others take about two years. More or less,. success is inevitable as long as you stick to your work and keep going. Entrepreneurship is more about hard work and being persistent to achieve what you want.
If it’s taking more time, then something awesome is waiting ahead that’s much rewarding for the hard work that you put in.
Start with the mindset shift!
So, you know your passion, have good savings and are even ready to stay persistent with your work as an entrepreneur.
The next is; Mindset!
Working for years as an employee makes you think like an employee, and such a mindset will not take you long in entrepreneurship. Your transformation from an employee to an entrepreneur will start with a shift in mindset.
Mindset is the way you think, your orientation of the thought process. It decides how you look at the challenge; do the trouble you, or enjoy facing them like an entrepreneur, with better and alternative solutions.
Such a mindset isn’t that hard to achieve as long as you are ready to accept it. Read more books, stay in a better community, stay open to healthy discussion, join seminars and of course, get a MENTOR.
A business mentor or business consultant has been through these stages of entrepreneurship, and they know the exact territory very well that you might find strange. Having a mentor avoids making mistakes, drives you along the progressive direction, and alarms you from the expected threat.
Team building and Ideas
As an employee, you work for someone else’s business as their team member, while as an entrepreneur, you will need a team for your business.
“One man can’t spin all plates”, is a common proverb that signifies the importance of a team. Without a team, you will struggle with every minor or major task, and frustration will be a common outcome. Without a team, you will spend more time in routine work, and less with the challenges.
Your business idea is what your team will be working upon. And, therefore, you should be ready with which part of your business model will be managed by whom. A planned allocation of the roles is crucial for sustaining and building a strong business team.
Your team should have these based on requirements; researchers, developers, managers, HRs, mentor(s), content writers, marketers, salespeople, and others based on the type of business you are trying to develop.
Even though you had savings, that’s not a long-lasting mode of investment for your business. Organizing funds for your business is another challenge that will help you to a prominent degree in this transformation from employee to entrepreneur.
There are multiple ways to get funds while the major options are:
- Venture Capitalist
- Angel Investors
- Bank Loan
- Getting into partnership
- Shares & debentures
- Government subsidies
Marketing & Business Growth
With a proper business working, and everything in place; marketing is what you need to grow your business. Your marketing skills are going to be a powerful factor in your employee to entrepreneur transformation.
With proper marketing, you will get attention from your audience, and generate leads;
In short, your capability to turn an audience into customers is going to be a major reason to turn you from an employee to an entrepreneur.
Failures risk: How to deal with it
With all the above stages of business, failure risk is always there. As an entrepreneur, you must be having a good friendship with failure. However, the failure itself says to entrepreneur; TRY ONCE MORE
Dealing with failure is important, all entrepreneurs have failed several attempts before they changed the world with their idea. Elon Musk saw his rockets turning into ashes right in front of him, yet he made another try.
Learn to keep going with failure!
In the end
A common pattern is observed amongst the people who undergo such transformation from an employee to an entrepreneur. We have discussed the above in the article.
Get started and make it happen!