"The hardest part is undoubtedly taking the jump . . . But a close second to that is those first few months after you've taken the jump."
I recently interviewed Matthew Smith who quit his job in the banking industry earlier this year to live life on his own terms. (The interview can be found here).
I wanted to interview Matt because I knew he'd be willing to give you an inside look into what it's like to begin and grow as an entrepreneur. There's a lot to process during those first few months. Excitement about the opportunities that lie ahead. Fear around no longer receiving a paycheck. Optimism about a business idea. Overwhelm from not knowing how to structure the day.
Matt opened up about all of this, so if you have some time and are considering taking the leap yourself, I highly recommend watching this interview.
INTERVIEW HIGHLIGHTS
Transform money anxiety into money motivation.
Matt and I spent a lot of time talking about money because it plays such a big role when individuals are thinking about leaping from employment to entrepreneurship. Matt brought up a nuanced point that's important to highlight:
Yes, it's ideal to have a money cushion so that you can cover basic expenses, but it's not ideal to rest on your laurels knowing that your savings can cover you if you need it.
As an entrepreneur, it's important to have an edge; that force that motivates you to create customers and income. The beauty of entrepreneurship is that you can be creative in how you do this. But you must do it.
For Matt, his goal was to have a year's worth of expenses before taking the leap. This would give him enough time to get clear on a viable business idea, while also creating an element of pressure that would compel him to action.
How many months worth of expenses do you want to have in savings before you take the leap?
Start where you are. The opportunities come by doing, not thinking.
Taking those initial steps as an entrepreneur can be very daunting. It's easy to overthink things to a point where the thinking becomes an excuse not to act.
It's important to start with an idea and to work with it. The idea might grow into your business, or it might lead you down another path that becomes your business. You won't know until you take committed and focused action. Matt moved to Spain with one idea about how he would make money, and now he's doing something completely different. He had to get into action to figure this out.
What committed and focused action can you take right now?
Plan your time. But throw the plan away if you need to.
One of the most powerful benefits of being an entrepreneur is that you will have the freedom to plan your days. This requires discipline to ensure that you're productively creating customers and income.
That being said, it's amazing how business opportunities will find you once you get moving. Therefore, it's helpful to remain flexible so that you can switch gears if you need to. Towards the end of the interview, Matt gives a powerful example of how a potential partnership landed in his lap, requiring him to restructure his day.
The first few months after leaping from employment to entrepreneurship can be daunting. But with perseverance and clearly connecting with your 'why', you will find your flow as an entrepreneur.
To view Matt's interview, please click here.