As the saying goes, no one gets rich working a 9-5. It is therefore not surprising that the top five richest men in the world are all entrepreneurs. Growing up, we had wonderful dreams and ideas we would have loved to pursue. But the harsh realities of the adult life makes it difficult to just dive in. As we grow old, we are presented with unavoidable obligations that make pursuing a dream into a luxury we feel we cannot afford. Wrong!
It is never too late to pursue your dream idea or start that business you always wanted to. A lot of CEOs in today’s business world were once employees. And even if you don’t have an independent brilliant idea like Zukerburg, consider Jeff Bezos CEO of Amazon who quit his job as a Wall Street executive when he realized the growing nature of internet users. There are always new ideas popping up everywhere, you just have to carefully look.
However, before you storm into HR and pull a Jerry Maguire there are certain things you must consider;
UNDERSTAND THE RISK
Yes the idea of ditching your job to follow your dreams sounds noble, but you must understand that life is not a fairytale. Starting and maintaining a business is not so easy. It requires a lot of work, time and money. And there is also the possibility that it might fail. So you must consider these factors and then make an informed choice whether or not to push through.
TAKE THE RISK
Having considered the pros and cons, begin preparations to cater for the effect of your decision. Quitting your job will seriously shake up your life. But hey, the fear of falling shouldn’t keep you from flying. Jump!
DEVELOP AN ALTERNATIVE SOURCE OF INCOME
Quitting your job means loss of regular income. While you might have an excellent idea for your business, your bills won’t wait. Look for alternative sources of income that would still allow you the time and energy to focus on your business plan. You have got to eat too, right?
FORM AN IDEA
Before handing HR your resignation, you should first have a workable idea or line of business in which you want to dive. Are you joining an already existing industry like setting up a restaurant or is your idea entirely new and uncharted. If it’s the former then you have to let it be passion driven. Stick to what you know. No need starting a construction outfit when you don’t know how to use a wrench.
If you made it this far then you are half way through. What’s left is you setting up your business properly. The next few tips will help you on your way.
DEVELOP YOUR IDEA
You need to develop your idea into a proper business. Expand on it, consider the pros and cons. Do a feasibility study, evaluate yourself and decide on the right approach that suits you.
CONDUCT A MARKET RESEARCH
If you are entering into an already set up industry, you need first understand its inner workings. Closely study your “would be competitors” and learn from their achievements and mistakes. Discover how they cut cost and maximize profit. You need a general yet specific knowledge of how that particular market works.
SET UP A BUSINESS PLAN
After deciding on the appropriate approach, the next step in to delve into the specifications of its application. Get the BUSINESS NAME REGISTERED, choose a LOCATION, proper LICENSING, draw up COST, etc. This creates a template with which you will work.
Even if you are joining an already prosperous industry, there’s always room for improvement. Think of something new and innovative to make you stand out from the rest.
Relax, it’s easier than you think. In today’s business world there are numerous means of generating capital. From PERSONALY GENERATED, to loans from FAMILY and FRIENDS, BANKS and even GOVERNMENT SOFT LOAN, and BUSINESS GRANTS. Also there is an online community of CROWD FUNDERS ready to help out. Carefully do a research and pick what best suits you. Investors are everywhere.
Most businesses fail because they refused to grow. Don’t becomes a negative statistic. Anticipate changes in trends and adjust accordingly. Develop growth plans depending on the nature of the market flow. Where do you want to be in the next 4yrs? Have a 10yr plan. Grow!
Starting and maintaining a business is never easy, but if you put in the right amount of time and resources it will be worth every pain experienced along the road. Follow your dreams or have someone employ you to follow theirs.