Getting ready for change

Transitioning from employee to entrepreneur

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Sunday, 29 May 2016 - Last Updated on June 17, 2016
Getting ready for change
Getting ready for change

Getting ready for change

Sheryl is tired of working as a medical representative for the past 25 years. As an employee, Sheryl has treated her job as a means to an end. She needs to work to make a living. Sadly, she doesn’t find any pleasure or fulfillment being a medical representative. In fact, her work has been a cause of stress for many years. Waiting long hours at clinics and hospitals to discuss the company’s products to physicians became a routine for her. Ambushing doctors along the hallway as a desperate attempt to get papers signed is not something she enjoys doing.

She resents wasting precious time waiting for a chance to get a few minutes to see one doctor. Sheryl feels frustrated in a working environment where she needs to apply some elbow grease to get a little favor from secretaries. Without it, she is doomed at being placed at the end of the list or worse, getting bumped off for another day because the doctor is fully booked.

Sheryl has been doing her job well despite the lack of motivation. But it has come to the point that she longs for the freedom of being an entrepreneur. She has been saving money so that she can start her own business and be her own boss. She plans to use her background in the healthcare company to put up her own pharmacy. How can individuals like Sheryl jump from being an employee to an entrepreneur?  Here are some tips for a smooth transition.
1. Envision what you see yourself doing. Be realistic when you identify the things that you would want to do. Consider your educational background, skills, abilities, and experience.

Inc. recommends deciding between using your industry or professional skills. Would you like to open a business where you can fully utilize your industry or professional skills? For instance, in the case of Sheryl, she plans to put up a pharmacy because she is familiar with that industry. She can use her knowledge and experience as a medical representative in that line of business.

Identify your passions in life. Think of what inspires and motivates you. Is there something that you are good at doing? Find a common denominator somewhere along the line to help you discover the path that you think you should follow.

2. Determine what you can offer that others would be willing to pay for. Align your passion with something viable that customers would be interested in.

3. Support your idea with research. Passion can motivate you to follow your dreams. If you want to be a successful entrepreneur, it is important to keep your objectivity in your court.

Take time to create a thorough research and market plan before pushing through with your ideas. Conducting a market research is vital in determining if your ideas are feasible.

It can be very risky for an employee to jump into entrepreneurship without data to back up the plan. Proper research can give you a business overview of what products and services may bring profit. A sound research plan should have clear objectives and provide information that you can use in deciding whether to push through with your idea, make minor revisions or overhaul it.

4. Get advice from an expert or a mentor. A strong mentor or business coach can help you in your start up journey. According to an article in Forbes, mentors can guide you on critical steps when setting up a company. New entrepreneurs can learn from other people’s success as well as their mistakes. With their guidance, you can avoid the errors that they committed to increase chances of success. Make sure you choose mentors who believe in your capabilities and willing to give you time.

5. Take advantage of networking. Another way of expanding your knowledge and learning from the success of others is through networking. You can get valuable feedback, share ideas and knowledge with people in your network. It’s an opportunity to learn about the industry, discover new business strategies, and see the business side of things from a different perspective.

Experienced entrepreneurs can make you aware of the common mistakes in business and help you avoid them altogether. Networking allows you to build relationships with people who can become assets in your business.

6. Develop the mindset of an entrepreneur. Success.com shares the following vital principles necessary in entrepreneurship.

  • Responsibility – As an entrepreneur, you’re 100% responsible for your business. Although you can delegate tasks to other people working for you, at the end of the day, you are still responsible for the totality of business operations.
  • Accountability – A successful entrepreneur does not put blame on others or complain about for his/her shortcomings or failures. Growth and development do not happen overnight. You are bound to experience challenges along the way. Making mistakes is normal especially if you’re still learning the ropes. Own up to your mistakes and learn from them instead of constantly blaming others for messing up.
  • Positivity – Your attitude has a direct impact on your performance and working relationships. Keep in mind that your attitude can rub off on your customers, staff, suppliers, and other people you interact with. Maintaining a positive attitude can inspire and motivate the people around you especially those who work for you. It can boost their confidence and improve their performance. A happy disposition will make you seem more approachable and easy to work with. Despite the challenges that you encounter along the way, it is important to present a positive attitude to others. As the owner and leader of your business, you have to learn how to effectively handle challenges and look for the positive side of things.
  • Flexibility – Change is a constant part of a growing business. Sometimes you have to embrace the change in order to build a better company. Resisting change because of fear of the unknown can stunt your growth and prevent you from reaching your full potential.
  • Acceptance – Sometimes factors beyond your control such as economic climate and market conditions can derail your development. Find your way around the problem by focusing on the things that you can control and coming up with solutions to problems that you can work on.

 

 

Photo from Pixabay. Public domain.
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Rachel Yapchiongco, also known as Rach to her friends, is a Psychology and Marketing Management graduate of De La Salle University. Rachel is a mom to a charming boy and married to an entrepreneur who has a passion for cooking. She shares parenting experiences and slices of everyday life on her personal blog called Heart of Rachel.

Ma. Rachel Yapchiongco (389 Posts)


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