Viewed from the outside, entrepreneurship often appears as the ultimate dream, especially among millennials. The idea of being your own boss and setting your own schedule is widely appealing. According to an Inc.com report on a Phoenix University survey, roughly 63% of individuals in their twenties aspire to establish their own business. As someone in this category with entrepreneurial ambitions for this year, I too can relate. However, I must express my appreciation for my current occupation and previous roles, emphasizing that entrepreneurship isn’t something to be rushed.
For those considering to debut their entrepreneurial journey with a startup, I would recommend a stint in a conventional job first, and here’s why:
EQUIP YOURSELF WITH ESSENTIAL COMMUNICATION SKILLS AND OTHER ASSETS.
Professional experience is critical for prospective entrepreneurs. Interactions with colleagues on an individual and group level equip you with communication skills that are vital for conveying your thoughts, ideas, and achieving harmony with diverse personalities.
Workplace communication significantly differs from college interactions, necessitating superior communication skills. Some colleagues could hold strong views and may not fret over causing disputes. However, this is a blessing in disguise, as you will require such robust communication to lead your team and form partnerships as a business leader.
As noted by entrepreneur Jason Guck, many business owners confessed that running their enterprises was quite different from their initial expectations. Therefore, leveraging your traditional job to acquire and hone a variety of skills will undoubtedly prepare you for your entrepreneurial journey.
BECOMING AN ENTREPRENEUR? IT WISE TO FIRST SERVE AT A CONVENTIONAL JOB.
LEARN FROM AN EXISTING BUSINESS LEADER
It’s entirely possible to start a business without a degree from a business school. But, before embarking on self-employment, you should spend time studying business owners and their managerial techniques.
Understand the operations of a business by studying how your employer manages theirs. I have benefited immensely from observing how my employer grows our startup’s business, the adopted marketing strategies, and the rationale guiding crucial decisions that impact customers and employees.
By being observant, I’ve gleaned insights into what I aim to accomplish with my business and identified potential areas for improvement. By analyzing the pros and cons from both an employee and customer perspective, you can tailor your business plan to suit your vision and requirements.
DETERMINE YOUR EARNINGS OBJECTIVE
Drawing up a personal and business budget sounds enticing. But devoid of firsthand experience living on such a budget, you might wonder how to make it viable.
Unless you have experienced a traditional job with a fixed income before launching your own business, how will you estimate your expenses and desired income?
SAVE MORE OPPORTUNITIES
A regular job offers guaranteed, stable income and perks. This financial predictability allows for easy budgeting.
If you aspire to start a business eventually, consider leveraging the income from your traditional job. Suppose you establish your business as a side hustle – you could theoretically maintain it and your primary job, thus benefitting from dual incomes for a time. This additional income can help boost your emergency fund which will be especially handy in your start-up phase when returns can fluctuate.
I’d love to hear your thoughts on entrepreneurship. Is immediate pursuit a wise decision for those with a solid business idea and plausible plan, or is a traditional job as a safe preparatory step a better option?
