Welcome to part two of 7 Tips for Being a Strategic Employedpreneur. Be sure to read 7 Tips for Being a Strategic Employedpreneur – Part.1.
Here are the remaining four tips:
4. Develop your entrepreneurial muscle. I love watching SharkTank.It is an hour-long show during which entrepreneurs who feel they have an outstanding product, service or invention, can‘pitch’ their offering to the Sharks in hopes of obtaining capital and the Sharks’ expertise.
Observations about the Shark Tank budding entrepreneurs:
– entrepreneurs who dare enter the Shark Tank must convince the tough, self-made, multi-millionaire and billionaire tycoons (Sharks) to part with their hard-earned cash.
– The entrepreneurs who appear on the Shark Tank show believe in their product or service (if they don’t believe in what they do – no one else will).
– Most of the entrepreneurs have a well-developed Strategic Success Plan that includes a growth plan for themselves as well as a business and marketing plan for their business idea.
– Most of these entrepreneurs know what it takes to turn their idea into a real live moneymaking business. They have researched their market, they have projections for expenses/revenue and they are realistic about pricing and scalability.
I would suggest that you develop a Strategic Success Plan (defined in my book). It is the difference between successfully transitioning to full-time entrepreneurship versus the experience of investing your time and money into a poorly planned venture that does not allow for transition.
5. Learn to leverage technology. Successful Employedpreneurs have learned the importance of having a brand, maintaining an active website, and utilizing social media (LinkedIn, Facebook, Twitter, Pinterest and Instagram). Social media can be a game changer for an Employedpreneur.
What I have discovered is that you must be strategic in your approach to social media. Learn to utilize those tools that will provide success for your ‘Double E’ role.
You may want to consider social media tools that are multi-functional. These tools will help you work smarter not harder.
6. Discover the benefits of launching or growing your business while working. There are definite benefits to launching a business while employed:
– Your day job funds your startup or ongoing venture costs.
– Depending on the type of company you work for and your current role (marketing, customer service, etc.), your day job can help prepare you for being your own boss.
– You can learn the skills that you need as an entrepreneur by mimicking what your employer are doing to grow the business. Learn from the decision makers at your company. Let your employment be your university – it’s like taking a class every day.
7. Be strategic when exiting. The best approach is to create a solid exit strategy that prepares you for launching while working. It should include the amount of money you will need, the number of clients you need for long-term sustainability, and the date that you plan to exit if you have the money and the clients.
I would suggest that you have a plan B just in case your original plan fails or it does not work out exactly as expected.
I hope that you enjoy your journey of being a ‘Double E’. Fifteen years ago, I was an Employedpreneur. I am so glad that I experienced my employedpreneur journey. I learned a lot, I grew in every area of my life and I discovered the difference between work-life blend and work-life balance. If you continue your journey – you will too!© Copyright 2014 Laureen Wishom