The views expressed by Entrepreneur contributors are their very own.
Listen, probabilities are if you clicked on this text, you’re at least interested in the possibility of becoming an entrepreneur. But if you’re like most of us, probabilities are that as soon as the entrepreneurial dream enters your mind, you furthermore mght see the warning signs, the obstacles, the depressing statistics, and perhaps a horror story or two about someone you know who took a risk that didn’t pan out. You’re not alone. And yet… it’s a tempting thought.
As a former corporate worker for many years, I know the motives behind becoming an entrepreneur:
- Autonomy to determine your personal fate after years of bureaucratic red tape
- Flexibility to create your personal schedule after a traditional 9-to-5 job
- Financial security that comes from knowing that arduous work has a direct impact on your bottom line, as opposed to accepting a set salary
- The pure excitement of finding purpose in your each day work
Trust me, I get it.
But as we know, entrepreneurship isn’t for everyone. So how do you select whether to consider it for yourself, let alone take the crucial step? In my current role as a franchise consultant and small business owner, I work with people all the time who are on the cusp of creating that very decision. So before you dive in, how are you going to prepare for entrepreneurship before you jump in with each feet?
1. Think and evaluate yourself
As mentioned, not everyone may be an entrepreneur, so you would like to truthfully ask yourself: What am I good at? What do I enjoy doing? Am I a creator/visionary or an operations/execution person?
Make a list (yes, really grab a pen and paper or find a document) and take inventory.
2. Start connecting with business owners in your community
At the end of the day, being an entrepreneur requires a certain level of social skills. I’m not suggesting that you just have to be the lifetime of the party or the most extroverted person in the room — in fact, there are many successful entrepreneurs who are mostly introverts. However, there’s no faster way to learn the ups and downs of entrepreneurship than to put yourself in front of business owners.
Get to know them through chamber of commerce events, meetups, skilled development services, networking events, and educational groups. There are even executive transition groups specifically designed for this leap.
Don’t limit yourself. If you are not completely sure what form of business you wish to own, solid a wide net. Network with franchise owners, web startup owners, etc. If you make the effort to meet these people and make these connections, you’ll discover them.
3. Educate yourself
Unless you have a large inheritance, there is no golden ticket that can speed up your success. It is necessary that you just take the time to educate yourself about the different options. Get out the books and read, read, read about running a business, leadership, and management skills. You might want to consider something like Kindle (*5*), which helps you to browse hundreds of books and take a look at up to 20 at a time for a monthly subscription.
I often say that as a business owner, you are the OEO (Only Executive Officer), so make sure you furthermore mght read about the less glamorous features like human resources, training, and technical tools.
In addition to reading, watch YouTube videos, follow influencers on social media, listen to podcasts – whatever you’re feeling you’re lacking or whatever skill you would like to improve before you turn out to be a business owner, make a list and build your knowledge in those areas.
4. Start with a small extracurricular activity
Ultimately, if you are going to start a business, you are going to have to juggle and sacrifice things. For example, there could also be times when you may’t go on vacation or take day off. You know the saying, “The grind is real.”
As an entrepreneur, your skilled and personal lives are intertwined, especially in the starting. A successful business gives you all 4 of those motivators I discussed above (autonomy, flexibility, financial security, and purpose), but not upfront—it takes time to get there.
If you, like many others, are considering starting your personal business but still have a full-time job, you would like to ask yourself: Do I have the mental flexibility to separate each activities and move freely between them?
Starting a small side hustle is a testing ground for you. Start with low stakes and a lower investment. This can enable you prepare to turn out to be an entrepreneur.
5. Talk to the decision makers in your life
Last, but not least, it is necessary to talk to people in your life who could also be affected by your decision to turn out to be an entrepreneur, most probably your spouse.
Have a thorough evaluation and a serious conversation that you just schedule individually from your next evening conversation after a busy day. Have a discussion about planning for the future. Create a vision of the future, what you wish your life to appear to be in the next 5, 10, or 15 years. Will you stay in your corporate job? Do you have plans for retirement? What is your risk tolerance? Rate it on a scale of 1 to 10. What is your spouse’s risk tolerance? Is it compatible?
I actually cannot overemphasize this: Creating that plan/vision for your future is key. After all, if you do not have a goal to work towards, you will not get there.
Ultimately, entrepreneurship may be a unbelievable path to a fulfilling and exciting life—it’s the best profession decision I’ve ever made. That said, it’s necessary to take the time to understand yourself and the opportunities available to you. Consider taking the steps above to prepare yourself for entrepreneurship so that when the time comes, you’re ready to take the risk.