Navigation: | Home | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | | ||||||||
Entrepreneurialism Information |
Making the Financial Transition
Making the financial transition from paid employment to earning a living on your own is probably the single biggest challenge facing many would be entrepreneurs. For most, the mere thought of financial insecurity holds them back from even trying. But if you have the vision, persistence and the ability to respond to market feedback the financial rewards will soon follow. Two ways to make the transition. There are essentially two main ways that you can make the financial transition. 1. Establish a revenue stream before you quit your job. 2. Quit your job and then build a revenue stream before your start-up capital runs out! Establish a revenue stream before you quit your job. Establishing a revenue stream whilst you continue to work, for most people is probably the more sensible of the two options. The advantage of this approach is that it gives you the freedom to try things out at your own pace to see if there is a market for your pro or service before you actually cut off your regular income stream from your job. A disadvantage of this approach is that it is often hard to devote the time necessary to get your business up and running particularly if you have a demanding full time job. Another slightly less obvious disadvantage is that the comfort of a regular income may make you less prepared to take the risks necessary to make your business succeed. Quit your job and build a revenue stream before your start-up capital runs out!* Now this is the riskier of the two strategies and definitely not for the faint hearted! The advantage of this approach is that you have all your time to dedicate to your new venture. Another bonus is the uncomfortable fact that you don't have a regular income stream yet. It's incredible what you can achieve in life when you place you self in a position where you absolutely must succeed. This fact alone, if channelled effectively can rapidly propel you towards the achievement of your goal! A disadvantage of taking this approach is the fact that it can put you under extreme financial pressure which can then impact upon the other areas of your life as well as the lives of any of your dependants. It could even mean depleting all you capital creating a need to return to paid employment. The approach I took to set up my Coaching Business? In setting up my own coaching business I decided to take the later of the two options. I gave up my ridiculously well paid corporate consulting job so I could dedicate all my energies into establishing a successful coaching business. What I personally like about this approach is the uncomfortable feeling you get when you start eating into your start-up capital whether it be savings, borrowings or venture capital. This feeling has compelled many an entrepreneur to push forward rapidly and make breakthroughs that they would not have been able to achieve had they kept their job. So which approach should you take? This a question that only you can answer. Give deep consideration to how you feel about both approaches and determine which one is more suitable for you given your current circumstances. It is also important to consider the type of business that will satisfy your entrepreneurial needs. This may also impact upon your ultimate decision. Regardless of your which approach you take, there is one thing that is for certain; if your will is strong enough and your idea compelling enough you will find a way! * Financial Health Warning: if you do decide to take this approach please consult with your financial adviser first. Damien Senn is a Life and Business Coach as well as a qualified Chartered Accountant. He helps people create compelling futures. He is the author of the 'Senn-Sational Success Journal' and has developed his own coaching model called the 'Senn-Sational Success System'. For your free download '101 things to do before you die' please click the following link: http://www.senn-sational.com/freeresources.htm
MORE RESOURCES: Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting |
RELATED ARTICLES
Franchises - A Proven Business System Franchises offer the first time business owner a proven and successful business opportunity. If you are looking to start your own business for the first time, franchises provide you with the greatest opportunity for success. Why Every Student Should Start a Business With the economic downturn, students in all the major business schools have been dropping out of their entrepreneurship classes and transferring back to classes where they think they have a secure future. Students and professionals who were once planning to start businesses now have decided to go back to their cushy jobs. Ex-Yankee Pitcher Pitches Barter As Powerful Business Tool Mission Viejo, CA - June 14, 2005 - Bob Meyer, a former major league pitcher in the 1960s who signed four-consecutive major league contracts with the New York Yankees, is now the most visible spokesman for the worldwide commercial barter industry.Meyer is the publisher of BarterNews, which he founded 25 years ago. Are You Ready To Be Your Own Boss? You have this burning desire you want to be on your own. The temptation is so great that you want to quit your job. Business Ideas Richard Branson, billionaire founder of Virgin Records and Virgin Atlantic Airlines, may be better known for his efforts to circle the globe in a hot-air balloon than for his business successes. He suggests that "Being an adventurer and an entrepreneur are similar? You're willing to go where most people won't dare. A Startup Never Closes When it comes to a startup, the luxuries shared with established companies are few and far between. Chief among them is the luxury to close at the end of the day. Bonsai Marketing Site location analysis of regional service areas and planning for mobile businesses is just as important as choosing a fixed site for any business. The region must be scouted out whether you are simply adding another service unit or deciding to open an entire new marketing area. Can a Microbusiness Help You Enjoy a Better Retirement? Not having enough money for a comfortable retirement tops thelist of financial concerns among aging Americans, according to a recent Gallup Poll. It even outweighs peoples' worries about having a serious illness or accident. Raising Entrepreneurs: What to Do When Your Kid is Born to Think Differently Adolescence brings with it many challenges - for both parents and kids. Young people, still new to the world, are embarking on a journey to discover their passions, joys, and authentic self-images. Do You Have What It Takes To Be An Entrepreneur? Q: I am interested in starting my own business. I have a business degree and lots of experience in my chosen field, but I don't know if I have the necessary skills to really make it on my own. Securing Second and Third-round Venture Capital Financing Widget sales are booming - the competition is scrambling, demand is up, and the books are finally treading water. Your core management team has big ideas for the future of Widget Inc. Top 10 Mistakes Entrepreneurs Make Before They Even Start So you want to start a business. You have an idea. Solving the Million Dollar Mystery: 4 Steps To Create A Turn-Key Business You're a smart, hardworking entrepreneur, and you're moving fast. You are highly educated in your field and your business is growing and getting busier each day. The Role of Statistics in Prospect Modeling Identifying prospects has come a long way since the days of simple list buying. With the hype flying fast and furious, sometimes it's difficult to sort out truth from fiction and to put things in the proper perspective. Starting Up and Keeping Going So you had that fantastic business idea, the one that'sgoing to be wildly successful and make you a fortune - andeven better, you actually did something about it and startedyour own business. Good for you! Not everyone gets eventhat far. Leadership Attributes for Business Success Business success is essentially the result of successful leadership. Contrary to the popular myth, leaders are not just born. Developing A Contract As a service provider, the most important type of "boundary" you can set as a business owner involves those policies and procedures that govern how you interact with your clients. The more precise you can be about the services you provide, your fee structure, and what you expect from your clients, the smoother your work relationships will be. An Entrepreneur Is An entrepreneur is an innovator. She sees a need in the marketplace and creates something new to fulfill that need or improves upon an existing mechanism that already fulfills that need. An Entrepreneurs Biggest Cost When launching a new product or company, an entrepreneur must consider their biggest cost - the opportunity cost. Opportunity cost is an economic term that is defined as the cost of passing up the next best alternative when making a decision. Everything You Wanted to Know About Public Domain Info, but Were Too Afraid to Ask! What to Look Out For:Copyright - you absolutely must check on this - violating someone's copyright is not clever and can be a really expensive mistake not to mention seriously damaging your reputation. Is it really public domain? All those lawyers fees can really mount up when checking into all this but believe me, you really don't want to end up in court over it. |
home | site map | contact us |