In this episode, #1 Bestselling Author and Highly Acclaimed business & Entrepreneur Expert, Mel Abraham answers a common question that comes up when transitioning from employee to entrepreneur and that is when to quit your job. There isn't a single answer that works for all as it is different for each and every person.
First, you have to understand that if you don’t get it right, you face key problems that are:
- You are living a dual life,
- You have no joy in earning, and
- There is no or low cash flow.
When you get it right, these key promises are fulfilled:
- You feel the flow,
- Your passion is monetized, and
- Ultimately you have freedom and cash flow.
So, for the transition we have to work from the principles of:
- Being committed vs reckless,
- Planning and testing, and
- Set your scale threshold.
Now, we can move forward and understand how you can affect the transition from job to entrepreneur using the framework:
The Entrepreneur Transition Formula
Preparation
- Passion: Find what you enjoy doing. It should be something that you would do even if you didn't get paid—something that you just love to lose your time in.
- Value: Figure out how you can provide value doing what you are passionate about so that you can gain in the value exchange economy that is out there.
- Interview: Go out and survey or ask your potential customers, clients and markets whether what you create is what they will buy
Evaluation
- Plan: It is about planning your business. Plan the how, when, where, when and what about your products, market, costs and revenue.
- Micro launch: To reduce the risks, do a test launch on a small audience and see how your product or service performs.
- Assess: Get the information from the micro launch and evaluate it so that you can make adjustments before taking it to the market.
Execution
- Financial viability: It needs to make financial sense so work out the costs, investments and revenues.
- Team: Take careful steps to decide on the critical people that you need on your side.
- Scale threshold: This is the point where you can quit your job. The threshold is different for everyone, so factor in your current income, cost, lifestyle, family and other people that depend on you.
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ABOUT MEL ABRAHAM
Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world
