Ten Top Tips Before You Take the Leap into Entrepreneurship!
Are you running to something or are you running away from something? Read these ten top tips before you take the leap into entrepreneurship! But, let’s start with two big mistakes I made when I decided to make the leap:
Mistake #1 in Starting into Entrepreneurship
The biggest mistake I made in starting as an entrepreneur was this:
Running from something instead of running to something! I ran from a place of employment where I perceived the CEO to be taking advantage of me (non-sexually) and started a business because of this misperception. I walked away from my six-figure, full-time employment without a concrete business plan and a systematic way to fill my pipeline because I didn’t deal with the root cause of my feelings. Instead, I worked like a Boss and plunged through my feelings.
In fairness to me, I didn’t have a six-figure salary before I announced that I was leaving. So, do know that you can negotiate, in a big way, as you are walking out of the door because you most likely hold significant positioning with institutional knowledge, strong influence with customers, and are a badass to boot!
Mistake #2 in Starting into Entrepreneurship
If you are still reading this article, let me share the nitty gritty on another mistake that I made:
I left my position to avoid being taking advantage of, which stemmed from unresolved trauma of an adverse childhood experience (ACE) (that being sexual abuse). While I thought I worked through this childhood trauma, there was more work to be done. And, even though I was working for a CEO-run small business (i.e., for-profit), I felt the CEO was able to leverage my specialization for additional company profits that he did not share with me – the value of the additional work was rolled into my salary with no adjustments in my workload. As a result, my realized salary decreased due to the extra time I devoted to the new responsibility, while profits increased.
I take full ownership for “running from something, instead of running to something.” I didn’t share my dissatisfaction, or the feeling of being taken advantage of until I was walking out of the door. My CEO and I had strong compatibility and synergy that produced great results, which made it initially hard to stop the locomotive that we were on. The work was non-stop. And, during the first (COVID) quarantine, we were fighting to save employees’ jobs. It wasn’t until my CEO started planning for the upcoming year that I was jolted to stand up and let it be known that I would not be starting a new year with the organization. Thus, began my entrepreneur-by-default route!
Top Ten Tips for Entrepreneurship
Here are 10 top tips I would have done differently before I left my employment for entrepreneurship:
- Feel it, Say it. My CEO was stunned and remorseful to learn that I felt way that I did and carried it alone for over 7 months. If you feel something, speak to it, when you feel it. Then something can be done about it.
- Love the Work and make an affirmative decision for Entrepreneurship! Don’t hit the streets because you are dissatisfied with your job. Nine times out of ten, it’s about you! This was certainly my case.
- Solve a problem that you are truly passionate about for your business motivation. Just because you have a specialization doesn’t mean you should build a business from it.
- Write out a business plan: While I was already securing my own contracts 6 months before I left my position (which I informed my CEO), I did not formally map out a business plan. A sound business plan includes marketing, sales, infrastructure, branding, competitor and market analysis, funding requirements, and a future vision for the business, among other elements.
- Have significant savings to use during the launch of your new business and in between contracts.
- Be prepared to become a professional salesperson, which may mean taking sales training. If you are not prospecting, you have no business. You must do “paid activities” like prospecting that generates business every day.
- Be prepared to pick up the phone to prospect and use video messaging often.
- Develop a consistent on-line presence related to your product or service. Prospects need to see you, to find you, to do business with you.
- Invest in a Committed Coach, either a life coach to help you overcome your “issues,” or if you have no “issues,” invest in a business coach. Hire a coach who will hold you accountable and who has a proven track record of results.
- Know there are no short cuts. When you set out to become an entrepreneur, you must commit to the work 24/8 (24 hours a day, 8 days a week)!!!!
Me? although I left my employment for one reason, I now own a successful DEI (diversity, equity, and inclusion) and Women’s Success Consultancy. My company helps successful women who are unfulfilled, exhausted from trying to hold it all together, and afraid to go after what they Really want. Your success is a foregone conclusion!
Learn more about Dr. Chanel F. Guzman here: https://www.globalengagementconsultants.com/
As the CEO & Founder of Global Engagement Consultants, Dr. Chanel F. DeGuzman combines her ten plus years of academic and corporate training experience to serve as your Chief Engagement Officer. She combines her extensive knowledge base and experience as a diversity, equity, and inclusion professional to determine objectives and customize content for schools and organizations that is meaningful and delivers agreed-upon outcomes.
Dr. DeGuzman’s primary focus is to create inclusive and inviting spaces where learners and employees increase their self-awareness and pursue expansion to their highest good.
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Valuable info. Thank you for sharing your experience! I also want to suggest such a thing as minimizing initial costs – no matter how much finance you have to start a business. Many startups initially spend all their money by investing in premises, expensive equipment, etc. And then find themselves unable to pay the bills. After all, we can’t be sure how things will go. And cutting costs at the beginning will help you stay afloat when income is usually not very large. Consider renting rather than purchasing if your business requires investments and won’t work without specific equipment.
Actually, renting has lots of benefits. First, you can avoid spending on maintenance, repair, and replacement by renting things. You can also benefit from this as a trial use of the equipment before buying.