Page 22 - Nine Yards Magazine 2021/2022 - Old Mutual Corporate

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9 things to do before quitting your day job
When you have entrepreneurship in your blood, the temptation will be great to resign from your job and go for it. The sensible thing, though, would be to make sure that you tick these boxes before you do, says Dr Jabulile Msimango-Galawe.
GET SUPPORT
There are only 24 hours in
a day and if the business
has to support you
financially, you’ll have to
do put in longer hours than nine to five. If you can, get an assistant, be it at home or in your business.
GET YOUR FAMILY ON BOARD
Talk to family members who will be impacted financially or otherwise by your
decision, and get their buy-in.
BE OVER-OPTIMISTIC You will need a healthy dose of over-optimism. The day you lose it,
is the day you stop
growing and stagnate. But watch out, it could lead to failure too.
FORMALISE YOUR BUSINESS Formalise the company before leaving your job.
Once you are operating full-time and professionally, you will need compliance documents to access funding or other opportunities.
Dr Jabulile Msimango- Galawe is the founder of DrJ Business Support, co-founder of the
African Institute for Entrepreneurship and director of the Master of Management in Business and Executive Coaching at Wits Business School.
BE WILLING
TO FAIL
Is there room
for failure in
your life? If you
answered ‘no’,
you aren’t ready to be a full- time entrepreneur. You’ll be ready when you can say ‘yes’ and accept failure as part of the process.
HAVE A VISION AND A PLAN Your plan should entail the what, how, when and why. It will be
a roadmap to your goals. Don’t only plan the next two months; plan for the next three years
and beyond. It won’t be 100%
HAVE A BUSINESS MODEL Don’t waste time on a 20-
page business plan; focus
on a straightforward, quickly implementable business model. If your business isn’t too
complex, use Excel and do the essential financial calculations (profits, markup, break-even, overheads).
COMMIT TO LEAN
STARTUP PRINCIPLES
Keep overheads low. If you
don’t need an office, don’t
have one. Downgrade your
lifestyle so that you don’t
put too much pressure
on the business. If you start out with a corporate mindset, you’re bound to fail.
accurate, but it will help you to land close to your target. Without one, you could land anywhere.
CHECK CONFLICTS OF INTEREST
Will your employer’s policies, notice period and other legalities affect the products or services you built while in their employ? If you are going into the same industry with the same services and products, be sure that you are allowed to.
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