Making The Switch: The One Thing That Matters The Most

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Switching from an employee to an entrepreneur is much more than simply quitting your job to start a business. There are many other things you must do before making the switch. We discussed some of this in an earlier publication (linked below), but trust me, this list is not comprehensive. No single publication will possibly cover all the ways to prepare for the switch from employee to entrepreneur. There are things you’ll learn on your own as you walk the path, and most of this will depend on the industry you’re doing business in. However, there’s one thing that matters the most for any employee looking to switch to entrepreneurship, and that is “Being Mentally Prepared”.

Employees and entrepreneurs are on a different plane of existence. There is a certain feeling of safety that comes with having a stable, regular job. You have a steady monthly paycheck while bearing little to no risk at all. Should the company you’re working for fail, you only lose your paycheck and perhaps certain other employee benefits you could be enjoying. Now, let’s turn to entrepreneurship, where you have to put everything on the line and still get barely a 50% chance of success.

Aside from the high failure rate, you also have to understand there is no steady paycheck to hope for, at least not until the business becomes profitable. At the same time, you’ll be spending most or all of your saved income on your business. Not to mention the pressure it imposes on your relationships. These are just a few reasons why switching from an employee to an entrepreneur requires mental preparation and here are a few tips to help you become mentally prepared.

Seek Mentorship

A business mentor according to the US Chamber of Commerce, business mentors are successful, experienced industry leaders who can offer guidance as you grow your business. Having a mentor can make a big difference when switching from employee to entrepreneurship. A mentor can gently guide you as you navigate through the abyss of entrepreneurship and help you avoid pitfalls that most other entrepreneurs would miss or possibly ignore, only to pay the price for their ignorance later on. Their vast knowledge and experience will make the switch less abrasive by helping you become mentally aware of potential challenges in advance. But perhaps the biggest win here is knowing you can pick their brains whenever the need arises.

Networking

There are events organized to bring individuals within the same profession or industry together to interact and exchange ideas. These events can be a haven for employees looking to make the switch to entrepreneurship. Since mentors are likely very busy individuals, having a one-on-one moment with them can be either expensive or difficult. Therefore, networking events are the perfect place to not only meet other entrepreneurs but also mentors who may be invited to speak at such events. It brings to mind the saying that like minds think alike. When you are in the company of successful entrepreneurs in your industry, it is only a matter of time before you think like them, thereby improving your chances of becoming successful yourself.

Bulletproof Your Mind Against Failure

Failure is simply a part of business and shouldn’t be considered any differently. Acknowledging failure is not succumbing to it but rather understanding that even the best-laid plans sometimes go awry. There are a number of factors outside the control of an entrepreneur; any one of these factors could either work for or against the entrepreneur. Knowing this, it is important to build a bulletproof mind against failure before making the switch from employee to entrepreneur. Building a network of like-minded, successful entrepreneurs is certainly a good place to start. So is having a mentor. Aside from these two, you can gain more insight on how to leverage the fear of failure from this article.

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Until next time, Best Regards.

Alex