“Transitions in life can offer opportunities for discovery.” ~ Robbie Shell
It’s commonplace for people to move from being an employee to being an entrepreneur and they do so for different reasons – some pursue their passion and others need a livelihood. Whatever the reason, one rarely comes across an individual who didn’t experience different challenges as they transitioned from employee to entrepreneur.
Employment vs. Entrepreneurship
It’s important to understand what it means to be an employee versus an entrepreneur. As an employee, you have specific working hours and a scope of work for which you are responsible. You are measured against specific job requirements and remunerated accordingly. You discuss ideas and share the load with colleagues and you’re receive certain benefits.
As an entrepreneur, you’re solely accountable for every area of your business and your working hours often extend beyond standard office hours. You may need to grow a self-funded venture on your own (for a while at least) until you have enough resources to expand. You’re not entitled to any benefits and you need to be comfortable with managing frequent ambiguity. As an entrepreneur, you have to be willing to learn something new every day, think proactively, trust your own decisions, and give your venture the time, energy, commitment and resources that it needs.
the media often romanticises entrepreneurship. Many people pursue it because they believe that it will give them immediate financial and personal freedom minus the day-to-day realities. Entrepreneurship is not for everyone, even though it’s a great path to pursue and a much-needed driver of economic growth. If it’s meant for you, it can be rewarding and life-changing. If it’s not, you may find it challenging and potentially experience entrepreneurial failure.
Before taking the leap from employee to entrepreneur, you have to make an informed decision by assessing your readiness to transition. We encourage you to use the following questions as a starting point.
- Why do I want to be an entrepreneur?
- How will my life be different as an employee versus an entrepreneur?
- What are my personal values and how will they reflect in my venture?
- Do I prefer to work conventionally or unconventionally?
- Do I prefer to work on my own or do I prefer to have others around me?
- What are my current circumstances?
- If I say “yes” to this venture, what am I saying “no” to?
- How do I know that I can afford the time, energy, commitment and resources for this pursuit?
- What market research have I done?
- Based on my decision, what are the next best steps for me?
By first understanding why you want to make the transition and how it will impact your journey, you’re able to make decisions that will set you up for long-term success and ensure your overall well-being.
You need a professional service to support you as you transition from employee to entrepreneur. Click here or email us to discover how our coaching services can help you.
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