Things I Wish I’d Known Before I Quit My Job To Become An Entrepreneur

By Serge Santos

Working for an employer can be a fantastic opportunity to develop essential skills, gain invaluable experience and build a network, all while receiving a steady paycheck. However, there’s nothing more exhilarating and liberating than being your own boss. 

I know first-hand that the journey to entrepreneurship isn’t easy, nor is it one that happens overnight. To give yourself the best chances of success, you need to create an edge that sets you apart from the rest.

There is a great deal you can [and should] do to prepare for starting your own business while still in employment, and these efforts can make all the difference when you finally decide to take the leap.

Here are the key things that, looking back, I wish I had focused on before leaving my job to become an entrepreneur.

Build core hard skills

One of the most important steps on this journey is developing core hard skills that will elevate your personal brand. For example, gaining a deep understanding of your industry and building a narrative that showcases expertise will help position you as a credible authority in your field.

In addition, knowing the basics of finance is essential, especially developing a solid understanding of key accounting concepts. Get to know the difference between accounting and cash flow management. These skills will empower you to make informed decisions when you become an entrepreneur.

Don’t overlook the importance of actively engaging in sales as much as possible, as well as learning how to promote ideas and projects internally. Mastering these skills is crucial, as they are not only key drivers of revenue – after all, a company is truly a business only when it secures its first customer – but they also provide invaluable practice in the art of persuasion. Embracing these opportunities will really enhance your readiness for the journey ahead as a business owner.

Develop strong negotiation skills

Developing strong negotiation skills is a must and, as Chris Voss describes in his book “Never Split the Difference”, the goal of negotiation is to uncover information and influence behaviour. It’s about gathering intelligence and steering the conversation in your desired direction.

This is another major skill that requires practice and cannot be learned from books. It can determine how successful you are both as an employee and as an entrepreneur.

When running your own business, you’ll frequently negotiate contracts, pricing, and terms with suppliers, employees, clients, and partners. Strong negotiation skills can help you secure better deals and motivate people and business partners, ultimately improving the chances of your future business’ success.

Negotiation isn’t just about reaching agreements – it also involves resolving conflicts. Effective negotiation skills can help you navigate disagreements and nurture more positive and meaningful business relationships.

Sharpen your commercial instinct

To succeed as an entrepreneur, it’s important to put the time in now to sharpen your commercial instinct. This begins with intuitive understanding of the economic factors and other drivers that should influence business decisions. “I rely far more on gut instinct than researching huge amounts of statistics,” said Richard Branson.

Getting to know the various revenue streams and cost structures will give you powerful insights into what drives the financial success of your organisation. Also, seek out opportunities to take on P&L responsibility. This will deepen your understanding of financial operations and enable you to read financial statements, manage budgets, and analyse performance.

By grasping these concepts, you’ll be better equipped to navigate challenges, make sound financial decisions, and seize opportunities when you run a company of your own.

Master office politics

Knowing how to handle office politics and being able to navigate the power of dynamics within your company can significantly impact your career trajectory.

“Many people feel that playing the political game involves devious plotting or blatant self-promotion. But in reality, ‘politics’ is what naturally happens whenever people with different goals, interests, and personalities try to work together.”,” said Marie G. McIntyre.

To avoid this trap, focus on being strategic in your interactions. Gain experience in managing people. This will force you to make tough decisions like hiring and firing, which will be invaluable on your entrepreneurial journey.

Build substantial savings to provide flexibility

Having a ‘safety net’ of savings in place is essential for any aspiring entrepreneur, as it offers the flexibility and security needed to pursue your ambitions.

Aim to save enough to cover at least one to two years’ worth of living expenses. This financial cushion can provide you with peace of mind, allowing you to focus on developing your business without the constant pressure of immediate financial obligations.

Having a savings buffer will position you well to take calculated risks and explore any opportunities that may arise. It gives you the freedom to invest time in refining your ideas, building your network, and developing your skills without the worry of making a quick profit.

This kind of financial stability can also help you weather unexpected challenges or downturns that might arise in the early stages of your business.

Network relentlessly outside of work

Networking is a vital component of your entrepreneurial journey. Making effort to connect with others outside your workplace can bring significant benefits, so start by learning to sell yourself effectively in a variety of settings.

This means honing your ‘elevator pitch’ and adapting your messaging to resonate with different audiences, whether at industry events, community gatherings, or social functions. The ability to communicate your value and vision can open doors to more opportunities and collaborations than you ever thought possible.

Final thoughts

As you prepare to go the business journey alone, remember the groundwork you lay now will pay dividends in the future.

Focus on building those essential skills and knowledge now, and you’ll be positioned well to achieve all your dreams as a business owner.

Embrace the journey with an open mind and a willingness to learn. Each step you take now will not only prepare you for success but also enrich your experience as you navigate the exciting world of entrepreneurship.