Your job may be interesting, but you may occasionally wonder whether you should look at alternatives.
Perhaps you would like to join another company or become an entrepreneur and do something on your own.
You may have thought about it before, but something always held you back. Having spent over a decade working for large companies, you probably hesitated at the thought of getting out of your comfort zone.
Running your own business is like sailing into uncharted waters. In the end, you shelved the idea because the security of a job outweighed the risks of entrepreneurship.
Making the transition from a traditional job to working from home or starting your own business can be scary. Not all of us can become entrepreneurs. Deciding to make the transition from being an employee to becoming your own boss can be one of the toughest things you will face.
A million questions will keep popping into your mind. What should I do? How will I start? Where will I raise the capital? What if things don't work? What will be the impact on my family? Is this the right time?
When you are self-employed, you have nobody to handle all the office tasks that someone in some department used to handle - bill payments, stock counts, maintenance, software installation, advertising, and so on.
These tasks are now your responsibility. You have to be a multitasker. Suddenly, you are the receptionist, book-keeper, store manager, marketing executive and cleaner. And most importantly, you're the salesman - you have to get customers!
As an employee, you take instructions on tasks and assignments, but as an entrepreneur you have to be a self-starter. You have to motivate yourself to get things done.
The fear of the unknown and the fear of failure are two phobias that grip many people when they think of a career change from employee to entrepreneur.
Change is often frightening and uncomfortable. Most people prefer to maintain status quo until events and circumstances force them to change tracks.
An entrepreneur's life is not easy. As in life, nothing you do can completely prepare you for the daunting task of being the owner and president of your own company.
While there may be support, you are ultimately on your own. Your money, time and energy are on the line.
The decision to be or not be an entrepreneur is an intensely personal one. It is one that needs to be discussed and debated with family and friends. It depends on each person's appetite for risk.
There is never a right or wrong answer, just as there is never a right or wrong time. The fundamental decision has to come from within.
Once you have decided to leave the world of employment and move to the world of entrepreneurship, you must let go of the former completely.
If you know that there is always the option of going back to the safety and security of the other world, it will be much harder making the entrepreneurial option work.
In a sense, as you close one door, other doors will open. But you have to close the door first. You have to fight knowing that there is no going back.
A start-up is exciting because the pace is so quick. For example, in the technology industry, products and players change rapidly, so quick decision-making, quick assessment, prompt resolution and immediate follow-through on ideas are essential.
You must understand the market, the competition, and, above all, define and reinforce your unique selling proposition.
A clear statement of purpose provides you with focus as you develop your business plan. Going back to it frequently will keep you from veering off course.
When you talk with clients, bankers, investors, and vendors, it will enable them to easily grasp what your aims and goals are.
No matter which option you choose, you will most likely be making a sacrifice of some sort - and taking a chance. Plan smart, believe in yourself, and resolve to do whatever it takes to make your dreams come true.
Article by David Wee, the founder and CEO of DW Associates. E-mail: david.wee@pacific.net.sg or asiasb@starhub.net.sg. Website: www.davidwee.com.
