How to Decide When to Go From an Employee to an Employer?

By Nate Vickery

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Do you have what it takes to get the job done? Are you not afraid of making decisions and being accountable for them? If the answer is yes, then congratulations you have the mindset of an entrepreneur! Mind you, this doesn’t automatically mean that you should be quitting your current job in order to found a business of your own. Such things take careful consideration and planning. Therefore, be sure to check off these four things off your list before you are ready to make the final decision whether it is the right time for you to become an employer or not.

Current Job Provides No Real Challenges

You’re very passionate about your work, but you’ve climbed every mountain, crossed every sea and there’s nothing left to challenge you at your current job. Feeling unfulfilled in such cases is quite normal, nobody wants to keep doing the same old thing indefinitely. Yet, if boredom is not the reason for your unhappiness but the fact that someone else keeps calling all the shots, then perhaps it’s time to become your own boss. Especially if you think you have the necessary skills required for such a venture, and at the moment they’re just going to waste at your current job. Moreover, if you have the need to constantly test yourself, to push your limits higher and not settle for less, then you have the heart of an entrepreneur.

Have the Perfect Idea for a New Business

However, being passionate about starting your own business is not enough. First, you need to have an idea about what your business is going to look like. Will it be something you’re familiar with, such as your current job, or something else entirely? Whatever the case, you need to make sure that such a thing is profitable to begin with, as starting a business requires a lot of capital investment and if you fail you could see yourself losing a lot of money. Do some snooping around, if there’s a demand for something on the market then it’s probably worth giving it a shot. If your business idea fits such a niche then you need to:

Do Some Research

You need to test the waters and make sure that you fully understand what you’re getting yourself into. There are a lot of legal technicalities you need to be aware of before venturing any further into your business endeavor. For example, one of the first things you’ll come across when starting your own business is, obviously, the company registration process. There are two ways; you can either go with the ‘old school’ route where you have to fill tons papers, sign articles of associations, prepare memoranda and employ solicitors to file everything in about a month; or you could simply take the shorter route and do it all electronically in a day. Either way, do some research on legal obligations and problems you might run into before deciding to become an entrepreneur.

People Have Your Back

Starting a business demands a lot of sacrifices. This is why you need to make sure that you have your friends and family behind you. Not just for the moral support, but financially as well. Running a business can be costly and when things don’t go entirely as planned, having someone to bail you out is always a good idea. Furthermore, making decisions is something that you’ll have to do quite often when you become your own boss. Having someone to talk to, to share your mind, before making these decisions can be a game changer. Ultimately, this person can provide you with feedback on whether starting your own business is actually a good idea or not.

Finally, you’ve gone through all of these and you’re ready to make your decision. Just to add one more thing, don’t be afraid to pursue your dreams whatever the risk or one day you might regret it and it’ll be too little too late.

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