Wanna quit your job to start a business? Read this FIRST.
Not everyone is cut out to be an entrepreneur.
Over the years, I've seen many smart people quit their jobs to start a business, only to see them struggle as broke entrepreneurs.
Here's the mistakes they made:
Not everyone is cut out to be an entrepreneur.
Over the years, I've seen many smart people quit their jobs to start a business, only to see them struggle as broke entrepreneurs.
Here's the mistakes they made:
1. Technician vs Owner
Most people quit because they are good at their craft, and think they know what it takes to run a business.
Unfortunately, they don't.
To run a business, you need a range of skills like marketing, sales, operations, among many others. The full stack.
Most people quit because they are good at their craft, and think they know what it takes to run a business.
Unfortunately, they don't.
To run a business, you need a range of skills like marketing, sales, operations, among many others. The full stack.
Working IN a business vs ON a business are completely different things.
One of them only requires you be a technician, the other requires you be a manager, operator, and owner all at the same time.
Most people are not prepared to wear so many hats. So they end up struggling.
One of them only requires you be a technician, the other requires you be a manager, operator, and owner all at the same time.
Most people are not prepared to wear so many hats. So they end up struggling.
2. Entitlement
Most people quit because they're sick of working hard and want an escape.
While the agony of taking orders from someone can be a strong driver to start a business...
But doing so because you want easy money with little effort is the wrong mindset to begin.
Most people quit because they're sick of working hard and want an escape.
While the agony of taking orders from someone can be a strong driver to start a business...
But doing so because you want easy money with little effort is the wrong mindset to begin.
They are coming from a place of greed instead of purpose.
They feel entitled to earn more without having to hustle hard.
They have no real skills or value to bring to the world, beyond their desire to call the shots. This sets them up for disappointment when things get tough.
They feel entitled to earn more without having to hustle hard.
They have no real skills or value to bring to the world, beyond their desire to call the shots. This sets them up for disappointment when things get tough.
3. Laziness
When most people say they wanna fire their boss, they picture themselves sitting by the beach sipping on pineapple juice...
While everyone else does all the work for them.
Sorry to burst your bubble...
When most people say they wanna fire their boss, they picture themselves sitting by the beach sipping on pineapple juice...
While everyone else does all the work for them.
Sorry to burst your bubble...
A business in its early stages is like a baby.
It needs constant attention and care. It needs to be fed and nurtured.
While it may be less stressful than your full time job, it's not something that spits out cash from your laptop automatically.
You need to pay your dues.
It needs constant attention and care. It needs to be fed and nurtured.
While it may be less stressful than your full time job, it's not something that spits out cash from your laptop automatically.
You need to pay your dues.
With proper systems put in place, the business can eventually run without you.
But most people are thinking of enjoying that level of freedom since day 1.
This is lazy. And a lazy owner will never enjoy exceptional results.
But most people are thinking of enjoying that level of freedom since day 1.
This is lazy. And a lazy owner will never enjoy exceptional results.
4. Employee mindset
Many entrepreneurs are not entrepreneurs. They're employees suffering from entrepreneurial seizure.
They quit because they want more pay and autonomy without all the hard work.
Thus, when they start a business they go into it with an employee mindset.
Many entrepreneurs are not entrepreneurs. They're employees suffering from entrepreneurial seizure.
They quit because they want more pay and autonomy without all the hard work.
Thus, when they start a business they go into it with an employee mindset.
They lack resilience.
They lack problem solving skills.
They lack the ability to be resourceful, to invent their way out of problems.
They have the skills of a technician, but lack the most important ingredient:
An Entrepreneur Mindset.
They lack problem solving skills.
They lack the ability to be resourceful, to invent their way out of problems.
They have the skills of a technician, but lack the most important ingredient:
An Entrepreneur Mindset.
The best entrepreneurs think and behave differently from most 9-5 employees.
Unfortunately, most employees never learnt that.
So when they meet a wall, they don't know how to climb it because there are no ladders around.
Even though there's a forest of trees just beside them.
Unfortunately, most employees never learnt that.
So when they meet a wall, they don't know how to climb it because there are no ladders around.
Even though there's a forest of trees just beside them.
TL;DR:
Most employees fail miserably at starting a business because of these mistakes from the start:
1. Technician vs Owner
2. Entitlement
3. Laziness
4. Employee mindset
I hope this has been helpful in knowing what mindsets to have and avoid before you take the plunge.
Most employees fail miserably at starting a business because of these mistakes from the start:
1. Technician vs Owner
2. Entitlement
3. Laziness
4. Employee mindset
I hope this has been helpful in knowing what mindsets to have and avoid before you take the plunge.
Being an entrepreneur gives you lots of control over your time.
And it's also rewarding.
But the psychology going in has to be correct.
I share my reflections on growing my wealth and achieving financial freedom as a 9-5 worker.
Follow me at @heymaxkoh for tweets like that.
And it's also rewarding.
But the psychology going in has to be correct.
I share my reflections on growing my wealth and achieving financial freedom as a 9-5 worker.
Follow me at @heymaxkoh for tweets like that.
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