The Transition 

There has been a lot of discussion around Entrepreneurship this year. Not just with the GES summit but there seems to be more forums and events that are featuring entrepreneurship. We launched an Entrepreneurship course this year and we have seen first hand the interest that people have in learning how to start a business, or grow and sustain a business.  I have shared my experiences at some of these forums. It is clear people do want to solve challenges, create an impact, find something that fulfills them and of course in the process create wealth.  One of the best avenues to do this is entrepreneurship.  We’ve had many entrepreneurs stand up and publicly share the stories.  The challenges as well as the victories.  I believe there is nothing that inspires others more than hearing the journey of someone that you can relate with. As we come to the end of this year, many people do tend to evaluate whether they should take the leap. The end of a year and/or the beginning of one tends to do this.  It’s the resolution period – whether this is to do with our money, health etc.  Many people are also wondering whether to make the transition from being employed to running a business. I’ve been there. As you read this article I will be addressing another forum on this specific message.  So if you are in that phase, maybe the following tips will help you.

Many people freeze up because they think it’s immediately all or nothing. Not for everybody. In fact people have confessed that the phrase “taking the plunge” which is used a lot when talking about entrepreneurship scares them more than motivates them.  Maybe you made the resolution to go into business last year and the year before.  Chances are you are going to make the same decision and nothing will happen.  Why don’t you simply test it? Get just one client.  Make those sample products and distribute them.  In our course we always encourage people to talk to their target market. Go visit and talk to someone who has the experience.  Implement something you have learnt from them.  I got my first clients before I left my last job. Please note the aim of this is not to make the money catch up with what you are earning.  That almost never happens. It really is to make the idea sink into you so that you cannot ignore it anymore.  It is extremely easy to postpone things or procrastinate when you are not emotionally vested.  Not so easy when it has become all you think about.  It’s the same way, I taste masala sticks always thinking I will stop and before I know it I’ve gone through the whole packet.  Or telling yourself you’ll watch one episode of a great series and without realising it you spend the whole day watching the entire season.  You want that to happen with your business idea. You want it to take root. The rest will follow. In line with this you will have to foster and look at relationships differently.  Before you may have had the luxury of not exploring room for mutual benefit when you meet people. Your income is the same irrespective right? Now every conversation can be the beginning of something. They may know something you don’t or know someone.  Your relationships are vital in a business. Look at people differently.  Take time to actually have a conversation with them. You never know.

It’s easy to be told that there will be financial challenges and that you shouldn’t be scared.  That’s probably not realistic.  Be scared.  Your financial life will change and I think it would be abnormal not to be anxious or scared.  But the good thing is that you can be scared and still do it. The same way you were scared the first time you drove a car but you did it anyway.  So don’t let the emotion itself become a choice.  The good news is also you can live on surprisingly less than you think. One of our entrepreneurship students told me she is now living on one third of what she used to live on a couple of months ago.  Strip down your spending to the bare minimum. Remove the fluff.  What do you need to survive? It is a lot less than you are spending.  Many of us don’t look at the bigger picture.  No one will really remember you because of the type of house you lived in, or the car you drove, which bar you went to on Friday, how many times you showed up at the club, where you did your food shopping, and how many coffee varieties you have.  You will be remembered for the impact you had.  Let’s not sacrifice that for shallow items. Not everybody wants to be an entrepreneur in the sense of starting a business. However it breaks my heart when I do meet people who really want to and whom the business bug has bitten constantly, but they are addicted to a lifestyle that cannot be supported without a guaranteed hefty income.  Now when you are able to strip down to the basics we are talking about your relationship with money changes.  It no longer defines you and this is important.  In business you will go through phases where you have the money at times and other times you don’t. You can have years of profitability then another year of losses. You learn to adapt quickly with the internal security of knowing who you are, what you can do and your vision is not defined by a bank account.  So if this article speaks to you don’t let another year pass you by without making a move.  This season I am sharing my experiences and addressing all things entrepreneurship on social media so please ask away on the links given below.