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Look, chances are that if you've clicked on this article, then you're at least interested in the possibility of becoming an entrepreneur. However, if you're like most of us, then it's also likely that as quickly as entrepreneurial dreams enter your mind, you're also seeing warning signs, roadblocks, depressing statistics, and maybe a horror story or two of that person who you know who made a jump that didn't pan out. You are not alone. And yet… it's a tempting thought.
As a former corporate employee of many years, I am very familiar with motivational behind being an entrepreneur:
- The autonomy to decide your own destiny after years of bureaucratic red tape
- The flexibility of building your schedule after a traditional 9 to 5
- The financial security of knowing your hard work directly impacts your bottom line instead of accepting a set salary
- The sheer excitement of finding purpose in everyday work
Trust me, I understand.
However, as we know, entrepreneurship is not for everyone. So how do you decide whether to consider it for yourself, much less take the necessary step? In my current role as a franchise consultant and small business owner, I work with people all the time who are on the brink of making this decision. So before you dive in, how can you prepare for entrepreneurship before jumping in with both feet?
Related: How to know if you're ready to quit your 9-5 and go all in on your side hustle
1. Reflect and self-evaluate
As mentioned, not everyone can become an entrepreneur, so you have to do it honestly ask yourself: What am I good for? What do you like to do? Am I a creator/visionary or am I an operative/doer?
Make a list (yes, put pen to paper or pull out a document) and take inventory.
2. Start connecting with business owners in your community
After all, being an entrepreneur requires a certain level of social skill. I'm not suggesting that you have to be the life of the party or the most extroverted person in the room—in fact, there are many successful entrepreneurs who are mostly introversion. However, there is no quicker way to become aware of the ups and downs of entrepreneurship than to put yourself in front of business owners.
Get to know them through chamber of commerce events, meetings, professional development service gatherings, trade networking events, and educational groups. There are even executive transition groups designed specifically to make this leap.
Don't limit yourself. If you're not entirely sure of the type of business you want to own, cast a wide net. Network with franchise owners, internet startup owners, etc. If you are trying to meet these people and make these connections, you will find them.
3. Educate yourself
Unless you are sitting on a large inheritance, there is no golden ticket way to accelerate your success. It is important that you take time for it educate yourself on different possibilities. Hit the books and read, read, read about business mastery, leadership and management skills. Maybe consider getting something like Kindle Unlimited that lets you read thousands of books and check out up to 20 at any given time for a monthly subscription.
I often like to say that as a business owner, you are the OEO (Only Executive Officer), so make sure you're also reading some of the less glamorous aspects like human resources, training and technology tools.
In addition to reading, watch YouTube videos, follow social media influencers, listen to podcasts – whatever you think you're lacking or whatever skills you need to improve before becoming a business owner, make a list and cultivate your knowledge in these areas.
4. Start a small side hustle
After all, if you're going to start a business, you're going to have to juggle and sacrifice things. For example, there may be times when you cannot go on vacation or take a break. You know the saying, “The grind is real.”
As an entrepreneur, your work life and your personal life intertwine, especially in the beginning. A successful business gives you all four of those motivators I mentioned above (autonomy, flexibility, financial security and purpose), but not in advance – it takes time to get there.
If you, like many others, are considering entrepreneurship but still have a day job, you need to ask yourself: Do I have the mental flexibility to split up and move back and forth between the two?
Starting a small side hustle it's a testing ground for you. Start with low stakes and a lower investment. This can help prepare you to become an entrepreneur.
5. Talk to the decision makers in your life
Last but certainly not least, it is important to talk to the people in your life who may be affected by your decision to become an entrepreneur, most likely consort.
Have a deep dive and a serious conversation that you plan separately from another conversation in the evening after a busy day. Have a plan discussion for the future. Create a future vision of what you want your life to look like over the next 5, 10 or 15 years. Will you stay in your corporate role? Do you have plans for retirement? Which one is yours? risk tolerance? Rate it on a scale of 1-10. Now what is your spouse's risk tolerance? Is there scope?
I really can't stress this enough: creating that future plan/vision is key. After all, if you don't have a target to aim for, you won't hit it.
After all, entrepreneurship can be a fantastic path to a fulfilling and exciting life – it's the best career decision I've ever made. That being said, it is vital that you take the time to understand yourself and the options available to you. Consider taking these steps above to prepare yourself for entrepreneurship so that when the time comes, you're ready to make the leap.