Becoming a full-time (successful) entrepreneur is no easy task, and there are many reasons why people would shy away from becoming one. There’s no safety net, no fixed income, and the perceived pressure is on, after all why take on the unknown, when as an employee you have a known monthly income and security for yourself and your family. But, stepping outside your comfort zone and enjoying personal freedom outside of corporate constraints, inspires many to take the plunge. So, what are the obstacles keeping you from your goal of becoming a full-time entrepreneur? And what can you do to overcome them:
1. Ensure your business idea is viable
Many budding entrepreneurs have an idea and a firm belief in the concept of their product or service. Yet, they don't have the necessary knowledge to take the first step in setting up their startup.
In order to make your business viable, and take those initial steps to start, it’s important to do the necessary research. Analyze and try to understand every aspect of your business, from the competitive landscape to the supply chain of your business. Read the article, 7 Steps That Will Help Your Startup Become A Success, which identifies key research and learning that can help you develop the knowledge around your startup, from competitive analysis to strategic business planning. It is also worth building your new venture around your passion or your current skill set, so you already have a basic level of understanding of the industry.
2. Financial security
Going from full-time employment to being fully reliant on yourself is one of the main barriers that stop people from becoming full-time entrepreneurs. To be expected, as you have rent or a mortgage to pay, food, utilities, family, not to mention daily spending money to enjoy your life. It’s hard to take the economic hit once you’ve become used to a fixed monthly income, especially if you’re on a high wage. .
Before becoming a full-time entrepreneur, to lessen the financial pressures and burden on your new business, make sure you’ve saved up enough money. Be realistic with how much you need to live off for at least 6 months. Once that’s been achieved, you’ll be in a better situation to make the move, it will also allow your new business to thrive and for any profits to be re-invested before giving yourself an income from it.
Feelings of self-doubt, and trusting your abilities are common for many people. Making the move shows true belief in yourself and your abilities, and takes a great deal of confidence and trust that you can achieve what you set out to do.
People will always stand in your way, but don’t be your own obstacle. Take advantage of any support or guidance tools available to you. The Misk Startup School Masterclasses are available for budding entrepreneurs, to help equip you with all the necessary skills, tools, and confidence you need to start your entrepreneurial journey. Building up your confidence takes time, but starting a business doesn’t happen overnight. If possible, start your empire as your side hustle and grow it slowly. Once you have the confidence in the success of the service or product you’re providing, it’ll be the most organic, natural decision you’ll ever make.
4. Giving up or even just starting
You have a full-time job that takes all your time, you’re tired at the end of the day and the last thing you want to do is to work on your business. It may be that you have all the intentions, but there’s so much to do you just don’t know where to start. This here, is what differentiates the action from the idea. The entrepreneurs from the employees.
No business is plain sailing. There will always be bumps in the road, but if you believe in your product or service, then it’s up to you to continue and persevere to make it a success. Finding the time to dedicate to your business, whether it’s to start it up, maintain it or grow it, takes prioritization. If you want to make it happen, it needs to be a priority in your life, and sometimes you'll need to make sacrifices in order to do so. Set up a plan for your week or month, and block out time to dedicate to your new venture. Once you have your plan, and the tasks that you need to do, it’s amazing what you’ll be able to accomplish. Whether you have a business idea or are just thinking about what you can do, becoming an entrepreneur is an exciting step. But, it’s not easy and it’s not for everyone, and that’s okay. A person can be an incredibly successful employee with boundless opportunities and autonomy without the headache of owning a business, but if becoming an entrepreneur is something you want to become, don’t let yourself or anyone else stand in your way. Remember: Don’t be your own obstacle, and never allow your own feelings of self-doubt to hinder your success.