When I decided to leave corporate life – I wanted to learn as much as possible before I made the leap.
For the most successful transition from corporate employee to entrepreneur, that means doing your homework, and finding people you can learn from.
Doing Your Homework
First, you have to have an idea for a business. Then, you have to figure out how to make money from your idea. That means putting together a business plan that crisply articulates what you plan to do and how you will do it. Your business plan can be one page but it needs to answer some key questions.
Here are 2 tools to focus your thinking:
- The 3-Cs: Customers, Competitors, & Company.
With this approach, you try to "walk around" the opportunity and examine it from different perspectives.
Customer: Who will buy from you?
Competition: Why will they buy from you (rather than from another)?
Company: How will you cost effectively deliver your product/service?
- MATRIX of the Pros & Cons.
You can also do a matrix on the back of an envelope (or a spreadsheet). Draw a line in the middle and write "Pro" on one side and "Con" on the other.
List key attributes for the decision. With this information laid out on a matrix, you can compare one choice against another and make an informed decision.
Finding People You Can Learn From
There are many resources available at no cost – from the SBA Small Business Development Centers (check to find a center near you) and SCORE “Counselors to America’s Small Business”
You can also learn the ropes from someone who is already in a similar business.
When I started my first company, my business partner and I hired “mentors” – people who had been running a similar business in another state. They were far enough away that we would not be competing with them. It was a great investment of time and money. To learn more, read the article that was written about us in Inc. magazine “Hands On: Mentors For Hire”.
NOTE: Information provided is intended as a broad, general overview and is not legal advice.
© Copyright, 2008, Jean Sifleet. All rights reserved. Used with permission.
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About This Author:
Jean D. Sifleet, Esq. CPA is the head of the Business Practice Group of Worcester. For practical information, check out Jean's articles and books which are featured on SmartFast.com.
