Do you often dream of quitting your job to pursue an exciting business idea? It's not an easy decision, with many factors to weigh in the balance before you take those first steps to becoming an entrepreneur.
Virgin StartUp Founder, Richard Branson, believes that “Almost everyone has some entrepreneurial spirit, and with it, the potential to run their own business.”
But how do you go about taking that leap of faith without falling flat?
Branson suggests that would-be entrepreneurs take time to carefully consider their options; whether better suited to putting their talents to innovating from within a company, or in going it alone.
He offers three steps to making the transition:
1. Timing
Thinking through every detail of your launch plan, from where you want your business to operate to your target market, is key before you take the leap. Iron out your plan before you make any decisions, but remain agile to market changes so you don't miss the boat.
2. Mentorship
Make sure you have a sounding-board for your ideas to help guide you through the details of your plan, Branson advises that you get yourself a good mentor.
3. Contingency
Branson urges those who are starting out to "prepare your parachute" - to put contingency plans in place to protect you should the business be slow to start or fail, such as securing investment or partnering with the right people to get it off the ground.
Read Richard Branson's full post here.
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