Employee to Entrepreneurship – The road to Economic wisdom
Most people are not willing to accept the workload in their jobs today. This may due to their expectation of Higher pay checks and Herd Mentality. The basic principle is most of the people are loving to get good salaries rather than responsibilities.
There is a new word and it is more innovative than the 9-5 Day job in the current trend. It’s a desire to start a new business or getting Entrepreneurship and retire young. But this road is not as easy task we think, however it is still possible in these days.
Be Prepared for the below activities to qualify yourself for the Employee to Entrepreneurship Journey – The Road to Economic Wisdom,
- Be Debt Free or Reduce Debt:
Things changed today, we are in the life of consumerism. Spending money for the unwanted things is not an inspired one for the Entrepreneurial Journey. Most of the business fails today, just because of Lack of Proper Financial Planning. Our trip will be comfortable, if we plan properly for the exciting one – Planned Destination, Pre-requisite things, Clothing, First aid and Travel Guides. Similarly before one go from job to Entrepreneurship, must reduce their debt or almost Debt free.
The Idea of starting business to buying a home or new car or get rich is not the right approach, when it comes for Problem Solving. Business is nothing but, that you have a Problem solving task and fulfilling the Society needs – Just not to enjoy and escape from the Job.
- Increase your Savings and Investing:
Starting a business without knowing the depth of a matter is a risky one. Before starting a Side hustle or Entrepreneurship, should consider the savings and Investment for yourself and Family. Get ready for the Emergency funds, Adequate Insurance cost and Plan the monthly expenses. Generally, the Emergency fund amount should be 18-24 times of your regular pay check.
It is better to keep your investment amount for business and Emergency Funds alone. Don’t use the Emergency fund for your business or any needs except in case of Emergency. These funds are the real financial protection for yourself and family during the downtime.
- Think of your favorite hobby as a Business Profession:
Changing a career to business from day job is a challenging one nowadays. However opportunities are Plentiful. You can try to change the work you have already done. You can start your career by educating yourself. Usually choosing a business from your daily activities or hobby is an easy task. But, one should know how to sell his hobby as a Product or Service. Learning more skills about your hobby is helpful to convert it as a Business.
Make yourself as a Problem solver to provide solutions to the People and Product. Getting advice from the right professionals about your hobby to business and knowing the pros and cons is a useful for the Early days.
- It’s time to quit for your regular job:
After the implementation of the above three tasks, you can now ready to quit your Regular Day job. When you leave a job from a company, go smoothly with the Employer. This may later help for your new Business.
- Make your hobby as a Business Profession:
After changing your career from Employee to Entrepreneur, you are the owner and you should take every responsibilities for your Business task. Make yourself as a Full time Employee in the business you are doing. Remember that you are the Brand Ambassador for your Product or Service.
- Focus on Creating Assets and Business Automation:
When you are traveling towards the uncertainty (Entrepreneurship), you cannot have the regular pay check. Try to keep your monthly savings and investment consistently. Spend after Save is a challenging for the Entrepreneurs, still it is possible one. Borrow money for the business, if hardly need.
Try to adding long term assets through the earnings by Business. It can be either a Stock, a machine or land or a patent for your company. Always spend time for your learning business skills. Entrepreneur is not just Self Employed. It should be a workforce to create more jobs and support for the Economic Growth. Adding technology and moving with automation for your Business can make yourself effectively.
It is the secret of making Passive Income…
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