How to Smoothly Transition From Being an Employee to Becoming an Entrepreneur – David Webb

mickyates Business, Entrepreneur, Leader, leadership Leave a Comment

Working for somebody else offers a certain level of security. A regular paycheck, health insurance, as well as different benefits and perks are perfectly good reasons to stay within your comfort zone. However, being your own boss provides a greater sense of freedom and purpose despite its fair share of risks. Embarking on an entrepreneurial path is exciting but at the same time challenging, which is why you need a couple of tips on how to make a smooth transition from being an employee to being self-employed.

Prepare yourself thoroughly

Maybe you’re fed up with your day job and the prospect of freeing yourself from the chains of the 9-to-5 rut seems like a solution to all your problems, but a decision to quit requires a great deal of planning and preparation. Don’t forget that you’ll need money until your business idea materializes and starts bringing profit, so keep your regular job until you have everything ready. First of all, do your research about the market, competitors, and a need for the product or service you want to offer. Secondly, crunch numbers and establish how much money you need to start your business. If your savings can’t cover everything, there are affordable fast loans which could help you with funding your venture.

Adjust your mindset

What’s equally important to understand is that a shift from being an employee to becoming a business owner is a tremendous one. No matter how well-prepared you are, you actually don’t know how things will pan out. Risk taking is something that you’ll be doing on a daily basis, which means that you need to adopt that particular courageous frame of mind necessary for making important decisions based on the information you have. This can be a huge stress since both the success and failure of your business are your own responsibility. Instead of waiting for assignments and tasks, you’ll be the one who delegates and manages the workflow.

Forget about the 9-to-5 workday

Sometimes you’ll have to work from 9 to 9. And on weekends.  While it’s true that you can come to work later and leave earlier without having to report this to anybody, this doesn’t mean that you’ll have more free time on your hands. Quite the opposite. Your schedule will become even more hectic, especially until you can afford to hire more employees. Business owners have to be jacks of all trades, ready to do everything from customer support to invoicing.

Create a sound business plan

The importance of creating a business plan can’t be stressed enough. This document is essential for giving you a clear sense of direction and helping you manage and grow your business. Some of the basic elements of a business plan include:

  • Executive summary, together with your company’s mission and vision statements which will explain what you’re trying to create and what you’re striving for;
  • Company description containing key information about your business as well as an explanation about how your products or services will help your target audience and what makes them stand out from the crowd;
  • Market analysis, which will provide details about your target industry and discuss how your business fits into that particular market or niche;
  • Competitive analysis, which will list your competitors and compare how your business stacks up against them;
  • Management description with information about the members of your management team;
  • Description of your products and services;
  • Marketing and sales plans;

Polish your financial skills

Did you know that as much as 82% of startups fail because of cash flow problems? It’s important to keep track of your financial records if you want your business to thrive. However, many entrepreneurs aren’t exactly financial wizards which is why it’s a good idea to hire a reliable accountant who will keep things under control and prevent potential legal issues. Still, it’s important for you to educate yourself in this department because financial literacy can help you run your business and seize the opportunities that come along.

Create a reliable team

Many startups and SMBs start out small and they’re usually one-man-band ventures. But this burden of responsibility can be very heavy and sometimes it’s important to have people who can pick up the slack, give you new ideas, or simply perform some minor tasks while you focus on decision making. At first, these people can be your friends and family members, but as your business grows, it’s important to start thinking about creating a team of professionals capable of taking on part of your responsibilities and help you manage the company.

The most important thing when it comes to making a transition from being an employee to becoming a business owner is that at first, you’ll have to work more and earn less until your company starts making a profit. So, always hope for the best, be prepared for the worst case scenario, and never give up.

Five Trailblazing Women of the 20th Century – Brooke Faulkner

mickyates Inspiration, Leader, leadership Leave a Comment

Leadership is not confined to a single gender, yet more than 50 percent of the world’s population must deal with gender-specific road bumps on a daily basis. Even in the 21st century, women face gender disparity at all levels, from home to the workplace and in the public eye.

No matter the obstacles they face, today’s female trailblazers can look to the leaders of the 20th century for inspiration. Here are five extraordinary women who changed their industry, and in some cases, made history while doing so.

Coco Chanel

An astute businesswoman, Coco Chanel helped free women from the confines of corsets and hoop skirts. Chanel spent some time in an orphanage during her youth, where she first learned to sew, and at the time of her death in 1971 was worth $100 million. Following WWI, she introduced trousers for women into the fashion world, and even included pockets in some of her designs, a first in women’s fashion. She built her brand into a global icon without the help of a man and is the only fashion designer of any gender to be included on Time magazine’s list of the Most Influential People of the 20th Century.

Delia Derbyshire

The iconic “Doctor Who” theme song is one of television’s most recognized, but few know that it was written by a woman — Delia Derbyshire from Coventry, England. Due to her gender, Derbyshire was denied a job in 1959 at Decca Records, home to many famous recording artists including Billie Holiday and The Who. She then applied to work for the BBC’s studio recording department, and history was made.

Doris Fleischman

Doris Fleischman lived in the shadow of her more famous husband, Edward Bernays, but was one of the unsung heroes of the modern PR industry in her own right. She is primarily known for signing her maiden name on her marriage license in 1922, but she was also a pioneer of the women’s rights movement and an advocate for social justice. Among other notable achievements, Fleishman used her public relations background to secure press coverage for the NAACP convention in 1962.

Grace Murray Hopper

Women have been underrepresented in STEM careers for centuries, but those who did take on challenges in science and technology paved the way for today’s thinkers. Grace Murray Hopper is a prime example — a trailblazer in the military, Hopper helped standardize computer language programming and, in 1952, created the world’s first computer language compiler. In 1991, Hopper received the National Medal of Technology.

Rosa Parks

Where social justice is concerned, few names are more recognized than Rosa Parks. Her defiance against bus segregation was the spark that ignited the Civil Rights movement. Parks refused to relinquish her bus seat to a white passenger in 1955, which led to a widespread bus boycott in Montgomery, Alabama. After 381 days, Montgomery officials finally desegregated their bus system.

Whether they’re pushing for excellence from a team, encouraging others to be the best they can be, or listening actively, leaders inspire us in number of ways. These five women broke free from the societal oppression placed on their gender to become trailblazers in their industries as well as their lives. You can embody the essence of effective leaders and follow in their footsteps.

……………………….

Brooke Faulkner is a full-time writer and full-time mom of two.

She spends her days pondering what makes a good leader, and dreaming up ways to teach these virtues to her sons creativity enough that she’ll get more than groans and eye rolls in response. To read more of her work, follow her on Twitter @faulknercreek