From the course: Employee to Entrepreneur

Your starting point

From the course: Employee to Entrepreneur

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Your starting point

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So you've done a little self-assessment. You've looked at your fears and your anxieties, and you're still sort of feeling like you want to take the plunge, which if you're like most people, makes you instantly feel completely overwhelmed. Where do you even begin? There are so many things to think about and decide and well, let's just pump the brakes a quick sec. I'm going to walk you through a few questions to consider to make sure that you are really ready to begin this journey as an entrepreneur. The first step is to do some research. Have other people succeeded at a similar idea already? If so, that is the best possible news. Who are they? How did they succeed? Are they in your area? Are there enough customers in your area or online to support your idea? Remember, we want to do things that other people have already done well. We can learn from them. We can learn from their mistakes, follow in their footsteps and improve along the way. Next, what are the startup costs involved? Now, some businesses, particularly online businesses, can have almost no startup costs at all. Others require a fair bit of investment. Before you begin, make sure you know those numbers top to bottom. The third question is, can you do this alone as a solopreneur or do you need a team? And if so, who might be members of that team? Do you know where to find people to do the work? This fourth question might be the most important. Is there a way for you to test-drive this idea? See, I always knew that I wanted to help highly creative people succeed in the world. And there was a moment where I had an opportunity to create an art show as a fundraiser in a parking lot, and I was thinking, Oh, this could be a cool business. So I got a bunch of artists to participate. It was very successful. We raised a lot of money, and by the time I was done with it, just one Saturday afternoon, I was convinced I did not want to do this forever. Actually, running a physical business was not going to be for me. I'm so glad that I did a miniature version of the idea before I plunged headlong into renting a building. While you're still testing the waters, this is a great time to get some good advice and start to create your informal advisory board. Make a list of a few people that you want to reach out to, maybe 5. Make sure that they're people that you like and respect, and that you feel like and respect you and people who have done what it is you want to do or something like it. See if you can buy them lunch. See if you can get 15 minutes of their time on their calendar and just talk to them about your idea and what you're thinking about doing with it. Take whatever wisdom they have to share lightly. Notice what they say that resonates with you and which advice you plan to ignore. One final question you might be having here is, should I tell the people at my current job that I'm thinking about leaving? And honestly, I wouldn't. This is for two reasons. One, you might still change your mind. Two, there is something about leaving a steady paycheck or a safe environment for the great unknown of entrepreneurship that can feel very threatening to people. It can feel like you're breaking the code or like you're being disloyal, particularly in industries that are hard, like teaching. People act like if you're leaving, that you've somehow failed or betrayed the trust of the group. Not everyone will know how to be happy for you. And I don't want you to get discouraged by their disapproval. So I wouldn't tell anyone at work until your bags are packed, and you are one foot out the door. You might, however, want to start having conversations with the people in your life who are most likely to be affected by this change, like your family. Ask questions, get their feedback. Consider what they have to say carefully. It's getting exciting, isn't it?

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