Here's how you can successfully transition from an employee to an entrepreneur.

Choosing entrepreneurship is a lifestyle, a big decision, and one where you have to be ALL in. I do not see starting your business as a side hustle. You have to live sleep and breath your new startup. You also have to commit to how long you will give yourself without making another dollar. Essentially, make a deal with yourself. That is what truly matters.

Transitioning from employee to entrepreneur involves several key steps for success. First, identify your passion and skills to align with your business venture. Research your target market, competitors, and challenges, and develop a solid business plan. Build a network of professionals and mentors to support you. Start your business part-time to test the waters and save financially. Focus on building a strong brand and continuously adapt your strategy. Seek support from your network and be prepared to take the leap into full-time entrepreneurship when you're ready. It's a journey that requires resilience, learning, and dedication, but with the right preparation and mindset, it can lead to fulfilling and rewarding success as your own boss.

The most sensible approach for most employees is to start on the side. Check your company policy regarding outside activities. Many modern organisations recognise that people have interests and talents beyond their job, so seek an open conversation with your manager about your idea to start a side business. Being upfront and transparent will be best in the long run and gives you more freedom and flexibility to talk about your business here on LinkedIn as well. Starting your business on the side also takes the financial pressure off. Make sure to continue building up your savings to create a multi-month runway for when you go all-in on your business. Use this time to understand your market and refine your offer.

It is so important to have an exit strategy. You may not know exactly what you want to do, but you know you want to work for yourself and contribute to the world in a different capacity. Take the time to build an online brand and presence so when you figure out what you want to do, it will not take as long to gain clients. Then, you set a goal and time frame say 3-5 years, set a budget to shoot for, to save, and skill up the areas you need to be successful at your new venture. Be curious and learn from everyone! I have learned so much in my transition to being an entrepreneur and continue to learn so much!

My path to becoming an entrepreneur involved a business plan early on and my company is still very much aligned to what I initially planned. Don't let the business plan exercise stifle you, though. Here is my tip for creating a plan without feeling burdened by it: 1?? Grab that blank page and write down all your ideas as they come to mind. Add categories and headings where possible but don't worry about the structure yet. 2?? Think about the person you want to reach and what they're looking for. Don't stress about features and functionality. How will they feel when they buy your product/service? How will it change their lives for the better? 3?? How would you like to work? How will you deliver for your customers? Start from there.

Take a long-term approach to relationship building. The purpose is not to turn every connection into a customer. Nurture those relationships and engage with your network. Utilise LinkedIn and other channels as much as possible. - Engage in conversations through comments and add your own perspective. - Ask experts in the field and learn from their responses. - Use events to meet interesting speakers and engage them in conversation afterwards. - Show an interest in others by asking thoughtful questions. Be curious about what they do and how they do it. Understand what drives them. The network you build can become a powerful community that helps you excel as an entrepreneur. It's an investment of your time and it's definitely worth it.

Building a network is essential for surviving entrepreneurship. Being and entrepreneur is a lonely job. If you are coming out of an organization, you likely have others that you work with and can talk with via Zoom or in person. Personally, I bookend my weeks with colleagues who are successful and have a mindset of abundance vs. scarcity. We share wins, challenges, and ideas. We support each other and I always look forward to both of these meetings. Who are your people as an entrepreneur? For me, knowing this is AS important as my strategic plan!

If you are currently working as an employee, you can gain network from your company’s industry. And if your new business is totally same industry as your current company, building network from the same industry is enough. But many entrepreneurs launches a new business, at least a little different from current industry. If so, you should develop a new network outside of your current industry. You can gain opportunities to connect with people by utilizing your current company network and you should not select the opportunity, rather you should participate as much as possible.

What is your risk tolerance? For me, my risk-o-meter is high. If yours is not, then you better build the mindset needed for the risk or perhaps choose to stay an employee. When you become an entrepreneur you are betting on yourself, your genius, and your ability to remain calm and focused while you get your company off the ground. The bigger the risk, the bigger the reward.

Testing the idea as a side-hustle first is a great idea as it provides you with a safe opportunity to experiment without the pressure to build a business quickly which often isn’t realistic.

Money will always be a key risk when you start out as an entrepreneur. You will need to build a financial cushion before you leave your day job behind. My best tip here is to spend a few hours on creating an honest, realistic and detailed budget for yourself (and your family if you have one). Understand what money is coming in and what is going out. - Where can you reduce your spending? - Where can you increase your savings? - How much do you need to put aside to pay for bills and essentials for 6 months without your job? Also consider what your back-up plan is. - can you take a part-time contract to cover your fixed costs? - what other sources of income do you have? Spelling all these things out for yourself gives you more clarity.

It is very difficult to fit in another role. Transition is only possible in cases where you are focused to fit into something you were not meant for..!!! Being an employee, you have to learn & grow in certain & limited skills however an entrepreneur need not to be the perfection in few certain skills but knowing, understanding & application (implementation with impacts) a wider range of skills like "continuous" learning process & implementation. Secondly, the mindset matters. Totally different/almost opposite outlook/mindset is required. Mindset in terms of risk, time, tension, working hours, skills, learnings, target, intention etc. Third it is easy to earn good amount & reach multiple countries for an employee with limited dedication.

Learning is core to being an entrepreneur. The main reason being that suddenly YOU are everyone. You are the boss, the finance manager, the operations manager. You are IT support and procurement. You are product manager and head of marketing. There is a lot to learn when you start your own businesses and there are great tools and learning resources available online. Invest in some training and tools where applicable and otherwise keep your expenses low. You don't need to sign up to all the things just yet. Be prepared to understand basic accounting and contractual stuff, so you can have conversations with experts at eye level. Where possible, hire experts to help you.

I decided to launch my own career consulting business after years of success as a lecturer and working in the software industry as a PM. I developed a business plan and was feeling optimistic. However, a few months in, the convention rate dropped, and I felt discouraged. I took some time and evaluated my situation. I accepted that there would be setbacks, and started to view them as learning opportunities. I connected and surrounded myself with positive and encouraging people who believe in you and your vision - Advisors, and fellow entrepreneurs who offered invaluable guidance and support during tough times. Further, I took the time to acknowledge and celebrate my achievements, no matter how seemingly insignificant they were.

Ask yourself this, what is the worst thing that can happen? You can always make more money. Take a leap of faith and have brutal focus.