Quitting Your Job to become an Entrepreneur? Here are 6 things to keep in Mind

With numerous startups entering the economy, more & more people are becoming inclined towards the idea of freelancing, self-employment & Entrepreneurship.

Wherever you go, you can hear people talking about some great idea they are willing to bet everything upon but becoming a successful entrepreneur is no child’s play. Every stage involves extensive planning. The pressure is too high as one leaves the circle of job security and financial security. In a nutshell, a lot of sacrifices have to be made and one has to be constantly out of his comfort zone.Wid so many startups emerging,ppl r inclining towards d idea of #Entrepreneurship & #freelancing Click To Tweet

So before you quit your job to start embracing your dreams it is handy to keep these things in mind.

 

1. A plan of action is Compulsory

A plan of action denotes that you know exactly what you have to do. It is a step by step document which enlists the entire functioning of your venture from the start and to the point it has become an entity. It includes details such as operations involved, business and marketing strategies, funding and financing decisions and strategies and working capital management. Without a plan of action you are just another person with another idea. So, go ahead and start on one today.

 

 

 

2. You must have backup plans

There is absolutely no mathematical process, no forecasting mechanism and no reasonable explanation which will provide you with a 100 % chance of success. Hence, it is imperative to have backup plans. Without an alternative, you will be in a very difficult position in case your venture fails and it will be accompanied by shock and further financial catastrophe. So before executing any plan, be sure to have a backup and start implementing it as soon as things go south. A back up plan can range from an entirely new venture to the filing of bankruptcy so that even if your venture fails, your business rep will not fall that drastically.

 

3. Keep Track of your Finances

You are quitting your job and the truth is that for the next few months or even a year, profits will be lower and will be needed to be reinvested for running the business. So, plan your financial reserves properly and use it wisely so you do not fall short on essentials and can keenly focus on your venture. Financial instability will increase the pressure and load on your mind and will create distractions like anger and depression which are bad for your business which is still in its nascent stages.

 

 

4. Do you have the Right Team?

Were you thinking about doing it all by yourself? You are completely wrong. A business cannot take shape without a team. Look at all the successful start-ups like Infosys, Zomato, Snapdeal, Apple etc. All of them started with a team who believed in the goals and vision of their leader.

Find people with the right skills which are needed in your venture and make sure that they are in sync and believe in your idea and its potential. Choose from among passionate people with the zeal of forging a change and creating something new. Once you have the right team, you feel more secure and it becomes easier to focus as work is divided and efficiency increases. The chances for success increase exponentially.

 

5. Clear all Doubts exhaustively

Never start a business if you have doubts, even about the smallest details. Doubts if unclear keep piling up and act like a time bomb for your business. The final explosion will render your venture in a state of disarray and ensure your untimely failure. Be sure to have brainstorming sessions and discussions where doubts are discussed honestly and critical clarifications are made in order to smoothen your entire business process.

 

6. Don’t be Impatient

“Impatience is the enemy of all the good things that may have been”

A new-born child does not learn everything in one day and has to be guided by its parents and nurtured into a well-groomed person. In the same you, you are the parent to your new born business. It won’t fulfil all your dreams in a day. You have to give it time and in that nurture it, provide it with the right nutrients like management, capital and labour to help it grow according to your vision. Be patient and keep working. The right returns always come at the right time.

 

Entrepreneurship helps you achieve the zenith of your career goals. As the returns are so high, the risk is inadvertently too steep. This risk can be made worthwhile and manageable if you are keen on diversifying it by keeping little details such as those above in mind and always being in control of the situation.#Entrepreneurship helps u achieve d zenith of ur #careerGoals. D #returns r high n d #risks r steep Click To Tweet

 

Hire Freelancers to help you weave your Dreams & drive your Business to success. Signup and Post a Project today on Truelancer.