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. 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-. 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, career development tools for self-assessment and a handful of telling indicators 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. Groaned at the thought of another day in your current work environment, that’s something to pay attention to.

It’s a signal, and part of learning how to identify your career values, 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. 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.

Indeed, goals—and that workspace may be your own startup or small business venture.

2. You Have a Solid Business Plan.

In fact, if you’ve already found yourself jotting down details, researching the market. Additionally, sketching out strategies because you’re fascinated about the prospect of acting on what you find. Overall, 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), taking this kind of early step—one of the key steps to take before a career change—shows that you’re serious about your entrepreneurial ambitions.

As a result, say you’d like to start an online store. Furthermore, notably, 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. Moreover, 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. 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.

For example, starting your own venture means stepping out of your comfort zone and diving into the unknown. Similarly, means you’ll need to brace for a considerable amount of risk. Indeed, after all, you’ll be investing your time, savings, and energy into an endeavor with no guaranteed outcome.

According to the U.S. Bureau of Labor Statistics, 77.9% of new businesses survive their first year, but only 51.4% make it to five years, underscoring why entrepreneurs must weigh risk carefully. (bls.gov)

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.