Rajinder Singh Mann Discusses the Transition from 9 to 5 Job to Entrepreneur
So, you want to quit your job and become an entrepreneur. You think the grass is greener on the other side, but this time you’re going to make it work, no matter what. That’s a great choice to make! Here are words of advice from accomplished Real Estate Developer from Surrey, British Columbia - Rajinder Singh Mann, to set you in the right direction and kick start your journey into entrepreneurship.
No Plan B
This transition from a 9–5 job to a full-time entrepreneur isn’t as easy as simply quitting one day and starting something from scratch the next. Many factors come into play when deciding whether someone should leave their 9–5 job for good, and one of them is the need to be clear and certain that going back isn’t an option, that there is no Plan B. Making your transition into entrepreneurship as the only option for you will keep you focused on your goals and things will start aligning to your goals. As other successful known business leaders such as Kevin O’Leary have said don’t have a Plan B, you must be 100% committed to what you’re doing to be successful, and that’s exactly what Rajinder did more than 30 years ago.
Understanding Your Customer and Market
There are a lot of tools and fluff out there, but to be successful in entrepreneurship, don’t just dream about your business or product becoming a success, be practical about where it stands in the market.
Go out, drive to places that carry similar products, check online to see activity to get a good sense of the activity and competition in the market. Scope things out practically and know where your product or service fits into the market. If you don’t know this, you will lose sight of your business pretty quickly.
Being in Business With Yourself
It takes hard work & dedication (and sometimes a bit of good luck) to become successful at your new entrepreneurial venture. You may need to consistently work 7 days a week initially or work early mornings and late nights. If you’re not ready for this kind of commitment, then Rajinder Singh Mann believes that quitting your day job isn’t necessarily the best choice for you right now. Many entrepreneurs fall into the trap of believing that they can take their newly founded business full-time after only a few months (or even weeks) of being active in their field. This strategy rarely works out well. You need to be realistic about how long it could take to build a successful business before quitting your full-time job.
Can You Afford to be an Entrepreneur?
As an entrepreneur, you may have no one else but yourself to rely on. This can be a good thing when times are good, but when the going gets tough, it’s easy to start feeling stressed about finances and financing your business.
There is always a financial risk, but relationships are critical to many parts of your business, including financing. Building strong relationships with customers that use your products or services but also with the banks that will lend you capital is critical and cannot be overemphasized. The traditional banks, newer lending programs, and investors will be some of the most important relationships you’ll need to nourish.
Don’t Overthink Things
Committing to becoming an entrepreneur means you will be making a lot of the decisions. These decisions are likely going to contribute to your success or struggles in your business, which makes them all the more important. In his experience, Rajinder Singh Mann has learned that although these decisions are important and require careful thought, it is best to avoid overthinking. Overthinking often clouds your judgment and paralyzes your thought processes. It can send you in a downward spiral worrying about the things that could go wrong, instead of focusing on making the best decision and moving forward decisively. Make a decision and move ward swiftly.
Unlimited Work Schedule vs. 9–5
Entrepreneurs do not have a regular work schedule. They can work at different times throughout the day, often working long hours. There are no set days off for an entrepreneur to take off. This type of work environment is not ideal for everyone. If you want to be an entrepreneur, it can be difficult to juggle family and personal life with irregular work hours.
At the same time, Rajinder Singh Mann feels that entrepreneurship also provides a lot of flexibility which is a significant benefit — that while you will put in more time and effort, you also have the freedom to choose when and where you work. You can choose what kind of hours you want to work, and when you want to work them. Your schedule will not be made up of set days off like a traditional 9–5 job would have.
Extra Responsibilities/Risks
Entrepreneurship comes with many responsibilities and risks. Entrepreneurs must be ready to take risks to open their own business venture. They also must manage all aspects of owning a business, such as taxes, marketing, and advertising costs. Entrepreneurs also come up with the money for start-up fees and other necessary investments when opening a new company or product line.
Employees make a set salary each month and don’t usually face any additional financial pressures unless they choose to do so. Entrepreneurs need to work to make an income in addition to whatever expenses have been incurred from running their company. If you’re thinking about being an entrepreneur, it’s time for preparation because it is not something you can do with a snap of your fingers. It takes years to build up a solid business and brand to make a high income. If you’re not prepared for this, it might be best to stick with the 9–5 job you have now.
Final Thoughts
If you’re thinking about being an entrepreneur, that’s fantastic but it’s time to check in with yourself on these major aspects Rajinder thinks are important to successfully transition into entrepreneurship. If you are confident about these differences in entrepreneurship, then don’t waste any more time and make a leap!
