10 tips for those looking to leave the corporation and start their own business

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Why you shouldn't turn your hobby into a business, how to cope with the impostor syndrome and learn to distinguish constructive criticism from cynicism.

In the corporate environment, the idea of a second career or leaving the corporation in order to start your own business is now quite popular. A whole line of career consulting has even appeared, helping to find oneself and smoothly go through this turn. It's never too late to start a business - on the contrary, in the US, according to a recent study by Age and High-Growth Entrepreneurship MIT, the average age of a startup is 42, and the fastest growing companies are created by entrepreneurs at 45.

What to prepare for if you decide to radically change the field of activity and start your own business?

1. Do not rush to throw everything

Don't rush to teach diving or open an early childhood development center just because you're tired of sitting in the office. Think about which of the existing skills, knowledge, connections can be capitalized. HR can become a career coach, a PR specialist can become an expert on personal brand, a financier can become a trainer in financial literacy and investments. What if something of what you do in the office can be done elsewhere and realize your ambitions?

2. Don't think that a hobby should be a second career

Often a hobby is not a way to make money, but a way to spend it with pleasure. Do you feel the difference? You need an idea that makes money. And it often turns out that the less original it is, the more profitable.

3. Check the idea

Tell others about it. Find potential customers (ideally, these are people who know you as a person with a certain level of expertise in what you are going to offer on the market) and talk to them. Find out if there is interest in what you plan to offer, and if so, by what criteria they choose this kind of goods or services. And the most interesting thing is what will be criticized in your idea. This is a treasure trove of valuable information.

4. Prepare to deal with Impostor Syndrome

Even if you have achieved success and recognition in a corporate career, everything is reset when you enter the market in a new capacity. Here's what helps in this situation:

• From the very first day, collect a collection of reviews and thanks from customers (letters, comments - everything will come in handy).
• Include logic: “I was just as worried when I started a new project, accepted an offer for a leading position, changed the company. But I did it, and I did it well. I can handle it this time too."
• If you do not yet have confidence in yourself as an expert, share from the standpoint of the benefits that can be obtained by applying your advice. Each level of expertise has its own audience.

5. Form a supportive environment

Former colleagues who consider you to be a strong professional and are confident that you will succeed. The best friend who will say, “You are really a very purposeful person. You always get what you want. Family members who can help in various cases - from meeting useful people to suggestions to take on some household chores.

6. Learn to distinguish constructive criticism from cynicism

"How are you going to do it, you need connections" and the like. Include an internal filter and don't skip whining, lamenting over complexity, and keeping your head down. Download the motivation audiobook and listen in traffic. Who if not you?

7. Develop a financial plan

What financial commitments do you have? How can you fulfill them at a time when a new business will not yet bring money (and most likely will require investment)?

You need to prepare for major changes in advance. You may need to invest in new knowledge, equipment, materials, rent. You will definitely need investment in promotion. This shouldn't come as a surprise to you.

eight. Don't forget your business plan

How much does it cost to start a business, what other expenses will be required at the next stages? When will the business start bringing in the first money? How will it grow? Answer these questions honestly. You will have to answer them more than once, especially if you want to attract investors' money.

9. Run the demo

If you have figured out what you want to do, do not rush to quit and open a company. Take a vacation or do it in your free time from your main job. Put on your entrepreneurial hat and listen carefully to yourself - isn't it tight? Is it interesting to do a new business not in a hobby format, but regularly, according to a plan and with clear deadlines?

10. When the decision is made, announce it to the world

Make an announcement in a public space, tell your loved ones. Now there is nowhere to retreat, we are working. And by the way, this is how your first clients will appear.

The most important thing is to understand that you will have to go through periods of burning with an idea and doubts. This is what every entrepreneur deals with. And if in a corporate environment you fulfill your tasks and meet deadlines, if only because you have a manager, then now you need to remember: "Now I am my new boss."