How to Survive Your Exit as an Entrepreneur If This Really Happens

According to the?Minister of State for Trade and Industry Low Yen Ling , 3,840 businesses are de-registered each month on average (comparable to the period from 2017-2019). An average of approximately 5,000 new firms was registered each month.

Many people desire to start their firm and be entrepreneurs, especially now that we are still amid the Pandemic.

It's a fantastic approach to be your boss and take advantage of the benefits of success. On the other hand, life situations may sometimes push us out of entrepreneurship and into a 9-5 job for someone else. How can you manage this transition? What measures should you take to restructure yourself financially or emotionally?

In this article, we'll go through 12 essential points so that you're prepared for your exit from entrepreneurship if, unfortunately, the time comes!

Tip 1 - Continue Learning New Skills

Entrepreneurship is a great way to make money and have freedom, but it's not for everyone. If you've been in the same industry working long hours and want something else now that your skillset has become outdated, then consider getting another job instead of going back into entrepreneurship again!

Just because you are no longer an entrepreneur doesn't mean that your career is over.

Pick up new skills and get a different job to use these more unique skills to be successful!

Tip 2 - Start Saving Money Now

Business owners find themselves in an unenviable position when faced with no savings and an empty bank account due to an unforeseen event. If you're in this situation, there are still things you can do to get back on your feet and start saving money for the future.

Don't be scared! When things are tough, it's all too easy to slip into a negative pattern. However, if we remain calm and collected, the problem is considerably easier to address.

You should also start saving money right now again. You might not know when you'll lose your job or have to restart your firm from the bottom up. If you open a savings account as soon as possible and deposit at least some of your income into it regularly, there will be something left over for you.

Tip 3 - Create Your Business Plan for Your Next Entrepreneurial Venture

You may have just started your own company or are looking to get back into the workforce. Whatever the case, this will assist you in saving money so that you're prepared when it's time to move on!

Tip 4 - Consider Taking on a Temp Job

Taking on additional sources of income allows you to pursue your ambition while still meeting day-to-day needs.

With a bit of preparation and study, you can create a system that will help you avoid making the mistake of selling your business for cash before it's ripe. That way, if things go wrong in the future during the startup process or at some point throughout its development, you'll have time to correct them. You'll also protect against potential future problems by having a cash reserve.

Tip 5 - Prioritize Relationships

We entrepreneurs may be single-minded in our pursuits. This implies that, on occasion, we lose sight of essential personal relationships such as family and friends who want to know how you're doing day by day rather than just when they notice or hear from you - which might not even be often enough for some people's needs!

We may end up putting off important tasks like paying bills, as well as getting out of bed in the morning.

You now have a firm foundation on which you can build your life. As a result, you should take care of your relationships since they are essential and meaningful to others!

Tip 6 - Be Open to Change

There is no such thing as a "perfect" exit strategy. However, I like to think of it this way: your plan should be adaptable and flexible to life changes, whether they come quickly or gradually. We can't always anticipate what will happen next!

Tip 7 - Remember the Good Times

Entrepreneurship is tough, but it's also gratifying. It's critical to remember the joys and focus on them during this challenging period so that we may remain optimistic and driven!

I am incredibly grateful for the support that other people have given me throughout my entrepreneurial journey. Even though there were highs and lows, it was always a fantastic experience!

Tip 8 - Don't Give Up Hope

There's no such thing as a permanent exit from entrepreneurship. You'll always have another chance at it if you want to badly enough, and we've all heard the famous billionaire story before where they failed their first business before becoming successful in something else!

So don't give up hope yet! You may not be in the business world right now, but there are still many fantastic options for you.

Tip 9 - Stay Connected

If your goal is to start a new company later, keeping up with the latest news and reading books, as well as listening to podcasts about entrepreneurship, may help you get there when the time comes to act.

You may benefit from other people's experiences by remaining in touch with other business owners. You can get advice and comments from individuals who have previously gone through the process, ensuring that it isn't too difficult when the time comes for your next business!

Tip 10 - Be Open to Feedback/ Criticism from Others

Although some of it may appear hostile, feedback from others can assist you in regaining your stride considerably more quickly because other people have gone through this before and know what works!

Tip 11 - Learn from Your Mistakes

Entrepreneurship isn't for the faint of heart. If you're having problems with your current company, don't beat yourself up! Instead, figure out what went wrong and apply it to a future project, whether starting an entrepreneurial firm or looking for another employment where failure won't bring us down too much.

Tip 12 - Don't Give Up On Your Dreams

If you want to start your own company, it's acceptable to take a break from the routine. However, if that is what you desire, don't let it go if it's something you can do; keep pursuing it until you achieve it!

We'll never give up on our goals, and neither should you. It doesn't imply that we'll always be non-entrepreneurs!

Conclusion

We've covered much ground to help you get ready for your departure.

Would you please let me know in the comments below if any topics have been overlooked or require further explanation? I will do my best to respond to them.

No two entrepreneurs leave their businesses on the same terms, which is why we must all plan ahead of time so that our departure does not harm our mental health or finances.

Whether you're thinking about quitting your company entirely or taking a break between operations, I hope these ideas may be helpful resources as you consider what's next for yourself and your company!

Please reach out to me if you need assistance from my team and me. We are just one comment away.

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Jack HM Wong

Entrepreneur | Workshop Facilitator | Business Advisor

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