Many professionals are taking their careers into their own hands. Here are the five keys to becoming a successful entrepreneur.
Whether companies decide to downsize, or employees quit their jobs for other reasons, many professionals are opting to work independently. With innovation in technology, starting a company is becoming more doable than ever before, which is evident given the popularity in start-ups.
SEE: Launching and building a startup: A founder's guide (free PDF) (TechRepublic)
To help guide professionals considering entrepreneurship, Seth Newab and Efstathios Giannoutsos compiled five strategies for success.
"It was never my plan to run a practice, or even co-run one," Giannoutsos, an orthodontist and co-author, with Newman, of Giving It To You Straight: Everything You Ever Wanted To Know About Orthodontics But Were Afraid To Ask, said in a press email. "The biggest challenge initially was finding clients, but we learned to use different resources and educate ourselves in the business side as we did in our chosen career."
Here are the five tips Newman and Giannoutsos suggested for professionals making the switch to entrepreneurship:
1. Be passionate
"Think about how running your own business could transform your career, send it soaring," Newman said in the email. "That kind of spirit energizes you and all those around you."
2. Don't tolerate inefficiency
"You can fix problems that come up quickly because of your expertise and the freedom of not running into typical corporate obstacles," Giannoutsos said in the email. "If you or your business partner are mired in work processes that are too slow, analyze the inefficiencies and consider the places you could implement solutions."
3. Take on more risk
"A business owner knows the risk-reward possibilities, and by taking well-calculated shots, bigger rewards can come," Newman said in the email. "Set aside time to strategize, and listen to the best-qualified people working for you to develop a precise plan."
4. Continue brainstorming
"Set aside time each week for brainstorming sessions with your staff — and remember to have fun doing it," Giannoutsos added in the email.
5. Don't place a limit on your dreams
"The most important aspect of the entrepreneurial spirit is being limitless – the sky's the limit," Newman noted in the email. "Many people are conditioned in the workforce to be realistic and practical, but dreaming big sets the mission for your company, and it's why you became a business owner."
For more, check out 4 lessons startups can learn from HBO's Silicon Valley on TechRepublic.
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