1. “Make Sure Your Idea Is Viable.” People come up with ideas every day. The question is whether your idea is viable? “Do some market research. Look at your potential competition and see if they’re doing anything similar. See if anyone has tried this in the past, and if they failed, why they failed. Sketch out a financial model if you have to. The more in-depth you go, the better.”
2. “Prepare For The Realities of Entrepreneurship.” While being your own boss is exciting and rewarding, the truth of the matter is that it’s hard. Start-up companies such as Facebook and Uber have proven what can be done with a great idea. However, what isn’t discussed is the research done to become successful. In fact, most businesses that start will end up failing. The best thing to do is read, read, and read about the reality of entrepreneurship.
3. “Establish A Personal Financial Plan.” Deciding to become an entrepreneur means your guaranteed income you were receiving from your job will disappear. That’s why you need to budget for this venture. “Take a look at exactly how much money you need to continue your current lifestyle and how much money you have. Can your savings totally sustain you for a year or more? What backup options do you have if you do run out of money?”
4. “Talk to people.” Consult with those close to you such as family and close friends. Even though you’re the one making the decision, it’s important to gain the advice of those close to you.
5. “Maintain The Bridge.” Simply put – when you quit your job, do it professionally. In case your venture doesn’t work, you may have the opportunity to return back to your place of employment. “Talk to your employer candidly about leaving, give them as much time as they need to find a replacement and exit as smoothly as possible to preserve your relationship.”
Dr. Sinclair Grey III is a speaker, writer, author, life coach and radio/television talk show host (Tuesdays at 7pm). Contact him at www.sinclairgrey.org, firstname.lastname@example.org or on Twitter @drsinclairgrey