Transitioning from Employee to Entrepreneur
Transitioning from Employee to Entrepreneur
If you are out of work, have you ever considered creating your own job? As of April 2013, 7.5% of the American population are unemployed. The downturn of the economy has led many to wonder where they are going to find work, but has also opened opportunities for many to start their own business. The transition from employee to entrepreneur is not easy. An entrepreneur’s path is rocky and more risk driven than that of an employee, but it is also more rewarding.
If you are ready to take on the challenge of transitioning from employee to entrepreneur, the following tips may help:
1) Make a plan.
What type of business do you want to start? What are your objectives? To begin, it may help to consider the following questions:
What do I want for myself?
What do I want for others?
What do I want for my business?
As you outline your business goals, your target market and your financial strategies you will be able to create a business plan. This plan will guide you as you start your own business.
2) Communicate with Others.
The next step towards becoming an entrepreneur is communication. How will you communicate your business plan to others? Networking is a great way to branch out. You can also use social media to publicize your business. Connecting with others on Linkedin or “tweeting” your latest business news will allow your name to become well-known. The key is to develop relationships in which your acquaintances will know you, like you and trust you.
3) Take Risks.
Entrepreneurs are willing to take risks. The McDonald’s franchise first started when an entrepreneur saw an opportunity to grow the McDonald’s restaurant that was started by two brothers in San Bernadino, CA. Was this move risky? Of course. In fact, the McDonald’s brothers weren’t even willing to do it. The outcome of the risk is obvious today as the franchises dot the globe[1].
It may be hard for you to step outside your comfort zone and take risks, but it is something that every successful entrepreneur must do. Look at each risk as an opportunity to learn and grow.
4) Be Accountable.
Accountability is an important factor in starting your own business. As a business owner, you are accountable for your business. Understanding the importance of accountability can help you to be more efficient in how you use your time. A client does not want to pay you for doing anything. With accountability, tasks are accomplished and needed changes are made to increase service, productivity and quality.
Our firm has developed a system of accountability where each employee reports to an advisor. Their personal progress is tracked so that improvements can be made. Developing a system of accountability within your business will be beneficial.
As you start your own business, each step you take towards becoming an entrepreneur will bring you closer to becoming self-reliant, leading you to greater wealth, happiness and success.
—————————————————————————————————————————————————————————————————————
We hope you found this article about “Transitioning from Employee to Entrepreneur” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Organizing Tax Records This Summer Can Help You Keep Your Cool
Organizing Tax Records This Summer Can Help You Keep Your Cool Source: IRS.gov If the sweltering dog days of summer aren’t incentive enough to get out of the sun for awhile, here is another reason to head indoors: organizing your tax records. Devoting some time mid-year to putting your tax-related documents in order may not…
Crazy Tax Deductions
Crazy Tax Deductions Every year at tax time, people try to come up with items to deduct or write off on their tax return. Sometimes the IRS allows them, and sometimes they don’t. We’ve compiled a list of our favorite crazy tax deductions, some were successful and others were not. Crazy Tax Deductions that the…
Renting Your Vacation Home
Renting Your Vacation Home Source: IRS.gov Income that you receive for the rental of your vacation home must generally be reported on your federal income tax return. However, if you rent the property for only a short time each year, you may not be required to report the rental income. The IRS offers these tips…
Summer Job Tax Information for Students
Summer Job Tax Information for Students Source: IRS.gov When summer vacation begins, classroom learning ends for most students. Even so, summer doesn’t have to mean a complete break from learning. Students starting summer jobs have the opportunity to learn some important life lessons. Summer jobs offer students the opportunity to learn about the working world…