The How of Business - How to start, run, grow and exit a small business.

571 – Employee to Business Owner

8 snips
Jun 23, 2025
Navigating the shift from employee to entrepreneur can be daunting, but it’s packed with opportunities. Fear and financial uncertainty often hold people back. Embracing a growth mindset and reframing risks are crucial for success. Transferable skills like communication and project management play a pivotal role. Side hustles and franchises can ease the transition. Essential steps include thorough planning, building a financial runway, and seeking mentorship. Taking that leap can lead to fulfilling entrepreneurship.
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INSIGHT

Risk Perception vs Reality

  • The biggest challenge leaving a job is the emotional and mental perception of risk, more than the financial risk itself.
  • Jobs appear safe, but they're just as insecure as small businesses; control matters more than certainty.
ADVICE

Evaluate Worst-Case Scenario

  • Ask yourself, what's the worst-case scenario if your business fails after a year or two?
  • If failure threatens your basic needs, reduce your business scale and take a minimalist viable product (MVP) approach.
ANECDOTE

Side Hustle with a Partner

  • Henry ran a pizza delivery franchise with a partner while keeping his day job due to insufficient initial income.
  • The business couldn't support both owners drawing salaries immediately, illustrating financial challenges of starting a business.
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