Going from Employee to Entrepreneur? You Need to Change Your Mindset First

Written by: Frederick Cameron, Index Time Clock

Many people working a 9-to-5 job would love to be their own boss someday.

You have probably read numerous stories about employees who quit their jobs and started multimillion dollar franchises or businesses.

While you might think these goals are out of reach, you should know that anybody can go from employee to entrepreneur as long as they have the right mindset.

What mindset, you may ask? Your mindset influences most of your decisions whether you’re at work, playing with your kids, grabbing a drink with your friends or even pitching a new business idea.

In most cases, your mindset directly influences the results of your activities. In this regard, the first thing you need to acknowledge is that the excellent employee mindset isn’t the same as an entrepreneur mindset.

There is obviously nothing wrong with being a good employee. However, if you want to enter into business, you need to think like an entrepreneur.

Let’s compare the entrepreneur mindset to the employee mindset…

The Boss Mindset

Being a boss is really cool as it gives you the power to make important decisions and run your company in the direction you see fit.

However, being a boss comes with its fair share of challenges and you need to be aware of them from the get-go. For instance, as an entrepreneur, you will have to take responsibility for all decisions you make, whether good or bad. This can be a big adjustment for those who are used to having a manager or director approve their ideas and oversee their work.

Unlike being an employee, where your superiors will set deadlines and expectations for you, running your own business means you’re the one setting up time frames for projects, working through logistical issues and more.

In short, a big difference between the two mindsets is how proactive and decisive you need to be. As an employee, you have to wait for instructions. As an entrepreneur, you need to understand that there is no one but you.

As an employee, you are always waiting for something. For promotions, project assignments, salary reviews, work approvals, et cetera. As a boss, you will be the one doing all of the assigning and approving.

Another big difference between the employee and entrepreneur mindset is the acceptance of risk.

As a boss or an entrepreneur, risk-taking will be your new hobby. Unlike being an employee, where the top management makes the riskiest decisions, as an entrepreneur, you take all the risks and you should be ready to live with the outcome of the choices you make.

Of course, consulting experienced entrepreneurs isn’t entirely off the books, but you should be prepared to take risks regularly.

When you become a boss, being uncomfortable automatically becomes your comfort zone. You’ll obviously face a lot of critics, skeptics and uncooperative employees regularly. In this regard, you need to develop a thick skin and be firm on the decisions that you make.

Furthermore, you will be required to test new ideas continually, take huge risks and take hold of new territories.

As an entrepreneur, learning is continuous, and you have to focus on your long-term and short-term goals at the same time. You will probably pop champagne for various milestones throughout the journey, but unfortunately, there is no destination.

Unlike employees who have set goals and work schedules, being a boss requires you to see the bigger picture always.

Lastly, as an entrepreneur and a boss, you will need to be comfortable with being a jack of all trades.

Unless you happen to be a lawyer/accountant/sales expert/marketing specialist, chances are you will need to learn a variety of skills that are outside of your main speciality.

You will also need to learn continuously from either apprenticeship or attending entrepreneur conferences, podcasts, reading books and even YouTube among others.

In the end, being your own boss can sound glamorous but it requires a lot of work. However, if you’re ready to be decisive and proactive with your career, embrace risk and take the time to continually add to your toolbox of skills, you’ll be well on your way to running a successful business.