The leap from a successful employee to an established entrepreneur can be challenging. Many of the skills that once seemed necessary as an employee are no longer needed in the unpredictable and diverse world of an entrepreneur.
Only 50% of new business will be around in year five. This is often down to the skills that must be adapted and learned to survive as an entrepreneur. The following tips are here to help you make that successful switch to an entrepreneur and not be in the failing half.
1. No means No
You will not be able to do everything, after all, you’re only human. Although you probably got used to being a ‘yes man’ when working as an employee for business, this approach is one of the things that can often doom you as an entrepreneur. You need to learn how and when to say no. You need an agenda and not always follow what other people want you to do. Prioritise you and your business.
Perfection is perfect, right? Wrong. As an entrepreneur, you will often not have the capital, resources or time to make something ‘perfect.’ As an entrepreneur, the longer you spend waiting for something to be perfect, the more problems your business will have as it will be moving at a far slower pace. Prioritise large impact and high priority projects; perfect is not what you’re going for, at least at first aim for over 80%.
3. Time is money
A lot of people who start up their own business do it so they can work their hours and not have the weight of their boss pressing down on them. This just is not the case. When you start a new business, you need to invest more time than you would usually spend at work as an average employee. You cannot be afraid of working long hours to expand and grow your business. The luxuries of an entrepreneur will come with time, but at the start, it is important to remember that you’re living and working on your dream, no one else’s, and that is going to take time and effort, there’s no escaping it.
4. Jack of all trades and master of none
As a new business entrepreneur, your employees will come to you for everything. You will be the one they consult if the electricity goes out if there is a problem with the plumbing and even tech difficulties. This means that you are going to have to step into roles that you are not comfortable with and you do not have experience with. Ask yourself before becoming an entrepreneur, are you comfortable dealing with all of these problems?
5. All alone
You are now the boss. You cannot rely on friends like you would when you were an employee. At first, it will probably be a shock spending so much time alone, dealing with problems in isolation. A tip to solve this is by doing all you can to meet up with friends and family when you’re not working. Don’t become a single slave to your business idea.
A schedule is a key to a new business. Although you may think that as a new business, you cannot possibly work out a plan because you are still working from square one, it is key that you try to keep some schedule.
Being in charge of a business does not mean that you can take five-hour lunch breaks or that you can go for a three-hour swim session. This is still a full-time job that will be as, if not more, challenging than any of your previous jobs.
On the same level, you don’t want to spend 100% of your time worrying about the business, do schedule planned breaks into your timetable as these breaks are what will give you the motivation to go on and spend the necessary time to succeed in business.
7. Money Jar
You are now moving away from a consistent salary to waiting on the next pay cheque to come in. Business can often be inconsistent, one month you can have an excess of money, and another has little left. As an entrepreneur, you need to save in the months of plenty and prepare for the hard times because there will be hard times. This safety net will make you feel more comfortable, less stressed and in turn, create a better working environment.