Transitioning from employee to entrepreneur is not an easy thing usually. When I was a young boy, I dreamed of owning my own business. But, my professional life started not as an entrepreneur but as an employee. In fact, I spent quite a few years working the usual 9 to 5 as an Engineer. Recently though, I have been transitioning from employee to online entrepreneur. And that transition has been as exciting as it has been tough.
Becoming a successful entrepreneur requires a great deal from you. And perhaps the first thing that is required is a shift in thinking. A mind-set shift! If you are considering taking the leap into the world of entrepreneurship, here are five mindset shifts which I think may be of benefit to you.
Taking responsibility for your business
As an Employee, you would have certain responsibilities. But chances are you have bosses who are ultimately responsible for the direction that your organization takes. So as an Employee, you basically follow instructions from your supervisors. And if the organization happens to do badly, you have someone else to point your finger at. But as an Entrepreneur, you have no supervisor. YOU are THE Owner! And so, you set the vision/goals for the business. You are the one ultimately responsible for the success of your business. The buck stops with you!
No more salary security
As an employee, you have the security of knowing that if you work x amount of hours then you will earn y amount of dollars. Working as an employee, the exchange is time for money. But as an Entrepreneur, there is no guarantee that if you work x hours you gain y dollars. The exchange is no longer time for money but now sales/value for money. The mindset shift is from salary to profit.
More extra – hours
Working a traditional 9 to 5 job is just that, working between the hours of 9 to 5 on weekdays. Which means, most likely you have evenings, weekends, sick days and holidays off from work. But when transitioning into employee to entrepreneur, you soon learn that there are no set/fixed hours of work. Especially when starting out a new business, it may mean working late into the night or the wee hours of the morning. It may even mean working through your coveted weekends.
Expect to do it yourself
At your job, most likely you work in a team of some sort. Therefore, you can depend on others to write a report, prepare a presentation or build a website. But as an entrepreneur, if you don’t have the resources to hire staff, then you have to be willing to do a lot of things yourself. When you own the business everything is your job. You have to be willing to become a jack-of-all-trades.
Transitioning from employee to entrepreneur isn’t easy but it certainly is life-changing. Owning a successful business can be one of your most fulfilling and rewarding experiences in life but you must be prepared to face many challenges. Perhaps first among these challenges is mindset shifts. I hope that the five mind-set shifts highlighted above are of benefit to you. For more information on transitioning from Employee to Entrepreneur you can check out the 2017 forbes.com article: “Making the Transition From Employee to Entrepreneur”.
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I wish you every success in life and in the pursuit of your passions and purpose.
A fellow traveler on the road toward financial freedom and a more meaningful life. More About Me and My Blog.