Do you have a great business idea and have been thinking about turning it into reality? Are you considering taking the big leap from employment to entrepreneurship? Starting and operating your own business may sound like a completely feasible plan. However, the road from employment to entrepreneurship is more often than not riddled with challenges.
One of the first challenges you may face is the shift from the comfort and security of a job to a risky and unpredictable entrepreneur life. There is a high likelihood that the good habits you have formed and skills you have honed while you were an employee may not translate well in the entrepreneurial sphere. To be able to transition smoothly, ample preparation for the lifestyle and mindset shift is crucial.
Here are some useful tips to help you adjust and survive the transition from employment to entrepreneurship:
Find ample funding. Don’t rush. The business industry is volatile and financial stability can be difficult to achieve. Before you file that resignation letter, make sure that you are financially prepared to start a business. You need to come up with enough funds to cover the operational and miscellaneous expenses. Take your time until you are ready to avoid monetary pitfalls early in your business venture. If possible, avoid relying on credit cards for your transactions as it is not advisable to set up your business from credit.
Flexibility is key. Brace yourself for different tasks that you may handle. Entrepreneurs often wear many different hats. As an employee, you may be used to the company’s support when administrative, information technology, or finance-related predicaments arise. However, when you are an entrepreneur, you need to be able to address both important and minute problems when they come up. To do so, you need to be flexible and learn the different aspects of your business. From handling the bookkeeping to marketing your business, fixing the payroll, addressing IT problems and even providing customer service.
Fasten your seatbelt for long hours of work. The entrepreneur’s way of life is often associated to having shorter work hours. While this is possible, most budding entrepreneurs find that they have to work longer hours especially at the early phases of the business. This underscores the importance of starting a business that you are passionate about. This will make working hard and long hours a day more worth it.
Face your fear of failure. Entrepreneurship is not for the faint of heart. Almost all successful entrepreneurs have, in one way or another, experienced failure. Running a business is coupled with risks—even an excellent business plan cannot guarantee success. Hence, you should be ready for possible losses even before you quit your day job.
Friends, family, and other connections. Your network can play an essential role when you are building a business from square one. Many small business owners and fledgling entrepreneurs seek funding aid from friends and relatives. More than financial support, your connections can support your business in more ways than one be it in marketing your products and services or turning into loyal customers.
Ready to take the leap and are looking for the best location to set up your business? Singapore is an extremely viable option for entrepreneurs as it is deemed to have the best business environment not only in Asia Pacific but also in the world. Should you require Singapore Company Incorporation services, our pool of experts will be able to assist you from incorporation to providing corporate secretarial, accounting, and tax services.