5 Signs That You Are Ready to Shift from Employment to Entrepreneurship.
August 30th, 2023
SUMMARY / KEY TAKEAWAYS
- Entrepreneurship and traditional employment are like two different ball games. If you’ve been playing the employment game for quite a while, chances are you might find yourself eyeing the other side.
- In this article, we explore the signs that might give you the idea that you are mentally ready and prepared to say goodbye to your employment contract and start your entrepreneurial journey.
Feeling Ready to Shift from Employment to Entrepreneurship?
Entrepreneurship and traditional employment are like two different ball games. The former affords you complete control over the ball and the freedom to make up the rules as you go along. And while some may find it exhilarating to be able to exercise their creativity this way, to someone who’s actually taken up the reins of their own small- or medium-sized enterprise (SME) or startup, it can also be extremely challenging.
On the other hand, in traditional employment, the game’s already set. Established guidelines and clear rules provide employees with a sense of security. Certain players, however, might find this defined structure stifling and unenjoyable.
If you’ve been playing the employment game for quite a while, chances are you might find yourself eyeing the other side, wondering if you’re ready to strike out on your own and make up your own rules. Fortunately, there are indicators that can help you determine if you’re truly ready to take the leap, such as the following:
1. You Love Your Work, But Not Necessarily Your Job.
Liking what you do, but not where you do it, is a common sentiment among professionals who are exploring their entrepreneurial abilities. If you’ve ever felt a rush of excitement for a project but groaned at the thought of another day in your current work environment, that’s something to pay attention to. It’s a signal that while your profession might be a good fit, your workplace might not be.
Perhaps you enjoy the tasks and responsibilities of your work, but find the bureaucracy stifling. Or, you may appreciate the work culture but feel that there’s no room for you to grow beyond your current role.
Many different factors might cause or contribute to your dissatisfaction, but all of them point to the reality that your passion for your work may need a new outlet. Struggling with this feeling constantly could very well be a sign that you’ll be better off creating a workspace that’s more tailored to your preferences and goals—and that workspace may be your own startup or small business venture.
2. You Have a Solid Business Plan.
If you’ve already found yourself jotting down details, researching the market, and sketching out strategies because you’re fascinated about the prospect of acting on what you find, you may have already taken your first step down the road to entrepreneurship.
This planning phase is crucial, as it signals that you’ve already started to do more than daydream about your future business. Even if your plan evolves over time (as most do), the mere act of setting down an initial proposal shows that you’re serious about your entrepreneurial ambitions.
Say you’d like to start an online store. Alongside planning out your products and determining your target audience, you’ll also want to delve into the nitty-gritty of how your store will operate. Will you run it out of a social media platform, an e-commerce marketplace, or a purpose-built website? What internet payment solutions or online payment platforms can you leverage to ensure a fast, smooth checkout experience for your customers?
Startups and small businesses in the Philippines, for instance, frequently turn to Maya Business for digital payment solutions, which include online invoicing systems, the popular online payments gateway Maya Checkout, and user-friendly payment plugins for platforms like Shopify and WooCommerce.
If you’ve gone as far as to look up the particulars, like an online payment processing service that would be ideal for your potential business model, perhaps you’re already nurturing your entrepreneurial sense and simply biding your time before you set your plans into action.
3. You Are Willing to Take Big Risks.
Starting your own venture means stepping out of your comfort zone and diving into the unknown, which means you’ll need to brace for a considerable amount of risk. After all, you’ll be investing your time, savings, and energy into an endeavor with no guaranteed outcome.
Consider that reality carefully and ask yourself if the rewards of executing your idea are worth the potential challenges. And if you feel equipped to make informed, calculated decisions with potential pitfalls in mind, that’s a good sign.
Some business risks you’ll want to envision and anticipate include, but aren’t limited to, the following:
- Financial risks are the most immediate and apparent risks for many entrepreneurs. Starting your business may require you to tap into your savings, take out loans, or even mortgage a property. There’s always a chance that the business might not yield the expected return on this investment, so make sure you’re prepared for such an outcome.
- Operational risks involve the day-to-day functioning of your business. Crucial machinery breaking down, a shipment getting delayed, or a primary vendor going out of business can all disrupt operations. Ask yourself how flexible and adaptable you’re prepared to be in such scenarios.
- Reputational risks can come from many places—a single unhappy customer, a negative review, or an unfavorable news article. Managing public relations and handling crises effectively is especially vital in the digital age when word spreads faster than ever before thanks to the internet and social media.
- Market risks pertain to the innate unpredictability of your business environment. Economic downturns, changing customer preferences, or new competitors entering the market can all affect your business. Remember how important it will be for you to stay updated, continuously evolve, and be ready to pivot when necessary.
4. You Maintain a Robust Professional Network.
In the world of entrepreneurship, it will be just as important to forge strong connections with your professional contacts as it will be to build up your own skills and knowledge.
Your business network will turn out to be one of your greatest assets in your future entrepreneurial journey. The people you meet could potentially become your mentors, business partners, or even your first clients. Turning to them for insight and advice could make all the difference when it comes to tackling the challenges of running your own business.
A solid business network can also validate your industry presence and thus open up opportunities for you that you might not have been able to access otherwise. Having established names to vouch for your business, like those of industry stalwarts, can be a major boon when you’re applying for grants or courting investors. Plus, if you’re ever in need of particular expertise or skills-based assistance, the people you know might be able to help you—and if not, they may just be able to connect you with someone who can.
5. You Have a Strong Support System.
Not even the most intrepid entrepreneur can keep their business afloat all on their own. Besides your team and your professional network, you’ll need a robust support system composed of trusted friends and family members in your corner.
These are the people who can make sure that you have food to eat and a home to come back to while you’re out in the world, trying groundbreaking new things. They’re also the ones who can provide you with constructive feedback on your ideas, some new perspective, or even just a shoulder to cry on when the transition from the employed life to the entrepreneurial life gets tough. If you know you’ve got these people in your corner, you can be much more confident about making the leap.
Conclusion: What You Need To Shift from Employment to Entrepreneurship.
Stepping into the world of entrepreneurship will be both a thrilling and challenging experience. As you consider this pivotal shift from employment, recognize the signs within and the resources around you. You may already be ready to carve out your own unique path in the world of business—and all you need is a few final nudges in the right direction.
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Please cite as:
Ontology of Value (August 30th, 2023). 5 Signs That You Are Ready to Shift from Employment to Entrepreneurship. Retrieved from: https://ontologyofvalue.com/5-signs-that-you-are-ready-to-shift-from-employment-to-entrepreneurship/
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