Moving from paid employment into entrepreneurship.
You can live the dream. You can be a millionaire. Paid employment has never produced millionaires. There are 36 million millionaires in the world and they own as much as 46% of the worlds wealth. There are just over 2,700 billionaires.
The takeaway
People don’t become millionaires by taking pay checks after paid checks (except you work in a Silicon Valley startup that is yet to IPO). But if you are reading this right now, chances are you don’t work in that startup.
By the numbers:
- on average, a Nigerian earns around 21,960,000 over a life time of working in paid employment. Remove your transportation, feeding, accommodation, clothing, school fees and cost of taking care of your children, you would worked for over 40 years for less than 500,000 Naira!
- - 90% of people in paid employment live on loans. They are in debt. By the time they are 50 years old, they would be depending on their children and live on stipends. No matter what you do, do t be that old and poor man or woman.
Here is the truth-
- The truth about taking that entrepreneurial leap. As regards starting a business, a lot of people talk about “taking the leap.” You think of someone dropping his/her resignation letter with the boss admits hailing and clapping from co workers. The person boldly kisses corporate life goodbye and dances out the door to a bright future.Well, the reality is this: this Hollywood dream can turn into an entrepreneurial nightmare. Business success doesn’t come from taking one big leap and never looking back. If you want your business to have longevity, start small and start slow.
- - Save yourself time, money, and headaches by preparing before you quit your full time job. Building your business in stages reduces risks and reaps more rewards in the long run. Here, we took the liberty of compiling some tips for you.
- - Develop your idea and find your niche: Once you decide to be an entrepreneur, people will ask what kind of business you’re going to start. It’s a fair question. But, it’s not as easy to answer as you might think. Before launching your startup, you need a clear picture of what you will do/sell. The best business ideas solve a problem. Aim to fill holes in the market and provide something consumers need. To find your niche, you need to do some research.
- - You should have your business idea developed before you quit your job. But, don’t work on your startup while you’re on the clock. Neglecting your duties during company time could create issues with your employer. When you quit your job to start a business, your employer is a part of your network and could help you in the future. A good business owner doesn’t burn bridges. Develop your business idea outside of work to avoid animosity between you and your boss.
- - Test the market: You have your business idea, but how do you know if it has potential? Transitioning from employee to entrepreneur is a big step. You don’t want to make the wrong move with an idea that flops. To project the success of your idea, test it.
- - Try out your idea on small groups with a market analysis to gain insight on potential customers, competitors, and the industry. Conduct interviews, surveys, and questionnaires about your offerings, and see how people react. Also, look at current market trends and listen to what experts have to say. Pay attention to key issues shaping the direction of the industry and use them as a guide.
- - Get a business plan: After you gather information, it’s time to focus on a strategy. Refine your idea with a business plan that acts as a roadmap for launching your business. A business plan details what you will offer, who your target customers will be, and how you will fund the company.
- - Build your network: Going out on your own doesn’t mean you have to grow your startup alone. Your connections can help you with business in all kinds of ways. Your network should include experts who can offer valuable advice, from financial consultants to industry veterans. And, prospective customers should be in your circle. Fostering these relationships leads to long-term customers and a steady inflow of referrals.
- - Making the move from employee to entrepreneur: As you go from earning a regular paycheck to owning a business, take the time to hash out essential details. Being a business owner is not for everyone. But with passion and a solid plan, you are on your way to being a successful entrepreneur. If you dream of starting your own business, learn from our experience and expertise. Seek the advice of smarter, more experienced people. Learn to decipher the good input from the bad. Trust yourself, push yourself, and always remember — you can do this.
Conclusion
Phil Knight (co-founder of Nike) worked at Price Waterhouse as an Accountant whilst setting his own company on the side.
He started his company at 26 and was only able to quit his job and go full time for his business by 35.
Something to think about
Aytekin Tank didn’t leave his full time job until his side project consistently earned more than his paycheck. Now he has 110 employees, over 4 million customers and never needed a loan or investors till date.
Thankfully, at www.sideproject.com.ng we help you transit from paid employment to entrepreneurship risk free and without friction. You won’t have to quit your job until your side project attracts enough income. We build your new app or website idea into a viable business, provide logistics, adverts and optimize it for visibility and success. We provide unmatched assistance with business registration, plans, pitch decks and more.
You never have to take big risks or allow it affect your time as you make the move. Our team operates from 14 Gerrard road, Ikoyi.
