Insights on Embarking on Entrepreneurship: A Personal Journey
Leaving the familiarity of a 9-5 job to venture into entrepreneurship was a decision fraught with uncertainties. The reality of generating income and making a mark hit hard, paving the way for numerous learning experiences amid inevitable mistakes.
Here are some of the pitfalls I encountered and the invaluable lessons I gleaned:
| My Mistakes | Advice and Solutions |
|---|---|
| I plunged into building my company immediately after leaving my job. | Advice: Initiate your side hustle while still employed. Draft a Business Plan to avoid conflicts of interest. Identify revenue streams and consider resigning only when your company outpaces your job income. |
| Relocating to a new city, I struggled to establish a network. | Advice: Begin in familiar surroundings. Connect with potential clients known for their reliable payment records. |
| Panicking over delayed payments from major clients. | Advice: Anticipate delayed payments and plan accordingly. Avoid excessive follow-ups that may harm future collaborations. |
| Accepting excessive “free” work for the sake of diversity. | Advice: Prioritize your own livelihood. Success allows you to contribute more to others. Learn to say no. |
| Listening to advice from everyone and involving friends in the company. | Advice: Filter advice; heed only those you’d trade places with. Assess friends’ suitability for your business objectively. Implement an interview process. |
| Facing financial struggles initially. | Advice: Reconsider returning to the corporate world temporarily for financial stability. Reevaluate your initial motivations for starting the entrepreneurial journey. |
| Post-Reflection | I acknowledged my missteps and immersed myself in financial literacy, investment strategies, and sought guidance from seasoned individuals. Financial freedom became a focus, emphasizing comfortable living rather than extravagant possessions. Settling into entrepreneurship after a transitional ‘Bridging Year’ and a return to a 9-5 job, my company flourished. |
Remember, financial freedom is about living comfortably and pursuing unique dreams. Plan ahead, embrace learning experiences, and be the kind of boss you would admire.
Thank you for joining me on this journey. Wishing you resounding success in your career, entrepreneurial endeavors, and life.
