Business Management Classification – Money Secrets


The idea of ​​owning your own business and being your own boss is enticing and freeing. The idea of ​​being free from a job in order to start your own business is a brave and ambitious idea, but it is a difficult and big step that must be taken Feasibility study Carefully.

Of course, not every individual is fit to be a merchant or owner of a project or company. In addition to the vast disparity between people’s abilities and skills, there are people who can only be employees by nature, as they tend not to riskThey feel comfortable and satisfied with the principle of working in exchange for a stable and guaranteed monthly salary.

But if you are one of those whose ambitions exceed the job, and you possess the spirit of adventure and are ready to make all the effort and sacrifices that your dream deserves, and you see yourself as having all the ingredients to leave the job in order to establish your own business, then it is our duty to remind you of some important things that you must do first before leaving Full-time job and work for your project:

1. Get ready for the realities of entrepreneurship.

Entrepreneurship has its ups and downs, like becoming your own boss, setting your own rules, building things from scratch etc., but it also has its hard sides. for example, Most projects fail Entrepreneurship, and entrepreneurs end up returning to work as employees. In addition, most of the successful entrepreneurs today had to deal with many pitfalls, and sometimes they went bankrupt during their journey, and they were about to fail, or they actually failed even, and they had to gather themselves and try to get back on their feet more than once.

Entrepreneurship is not for the faint of heart, and it can be very difficult and exhausting. There is not a single entrepreneur who did not take risks, but rather reached the stage of risking his lifestyle and livelihood in order to achieve his goal and dream. If you are not willing to take risks, and would like to work within the scope of content and security, do not try to be an entrepreneur.

Read also: How to become a successful business man

2. Create a solid personal financial plan.

Leaving the job to start your own business means that you must accept the fact that you will lose your continuous source of income, and therefore you will have to rely on your personal money and savings during the period of trying to build your business until it reaches a stage that enables you to obtain a reasonable income from it. Therefore, you must first secure the money that you will need to meet your living needs and obligations throughout the construction period of your project.

If you do not have enough to secure your living, it is best to make some radical adjustments to your current lifestyle in order to keep your expenses and obligations to a minimum. It is highly recommended that you have backup options that you can turn to in case you run out of money.

Read also: How to restore balance to your financial life

3. Don’t burn all your bridges.

You should not end badly all your relationships in the professional world, especially with your former employers, because you may need them in the future as clients, business partners, or even to return to work again if your business does not work out as you expected. Whatever the reason, you should never end things with your employer badly, and when you do decide to leave, try as much as possible to make your exit from the company as smooth as possible to preserve the important relationships that could lead to a mutually beneficial professional relationship.

4. Develop a Plan B

You cannot put your professional, career, and financial future in the grip of an orphan plan that may end in failure. It is very likely that your project will not succeed as expected. Therefore, there must be an alternative plan that you can rely on, perhaps for some time, in order to correct your path and solve the problems in your project so that you can start again.

The alternative plan may be in the worst cases just returning to the job, and perhaps the worst thing about it is that you will not find the same salary and benefits .. This does not mean that you will die of hunger, but having a backup plan may help you to be free from the feeling of fear, and not to fall into the unknown. ! For example, make a list of other projects or businesses that you can do in case your project is not successful.

Read also: How to write a project business plan

5. Ask for advice

No matter how great and powerful your project idea or business plan is, you should ask the opinion of people you trust, whether they see your idea as promising or not. Communicate with the people you see that they have experience in your field, and you may find one or more people who preceded you to leave the job to implement your own project, you can benefit from their advice. Do not hesitate to seek the advice of entrepreneurship experts, there are many free resources on the Internet, from which you can benefit greatly in terms of business establishment and management, such as planning and organization, marketing and management, and financing..

Most importantly, talk to your partner, your children, and close family members (especially those who may be financially supportive), and explain to them the financial implications of what you are about to do so that they can prepare for it as best they can.

Read also: 5 Signs It’s Time To Quit Your Job!

It remains to be noted that the best way to enter the business world is to start a project next to the job, so do not leave it until you see your project successful and give you more money than the job salary, then submit your resignation and devote yourself to your own project. And if you find that the job will take a lot of your time at the expense of your own work, try part-time jobs.



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