Manage episode 163121897 series 1281827
In this episode, #1 Bestselling Author and Highly Acclaimed business & Entrepreneur Expert, Mel Abraham answers a common question that comes up when transitioning from employee to entrepreneur and that is when to quit your job. There isn't a single answer that works for all as it is different for each and every person.
First, you have to understand that if you don’t get it right, you face key problems that are:
- You are living a dual life,
- You have no joy in earning, and
- There is no or low cash flow.
When you get it right, these key promises are fulfilled:
- You feel the flow,
- Your passion is monetized, and
- Ultimately you have freedom and cash flow.
So, for the transition we have to work from the principles of:
- Being committed vs reckless,
- Planning and testing, and
- Set your scale threshold.
Now, we can move forward and understand how you can affect the transition from job to entrepreneur using the framework:The Entrepreneur Transition Formula Preparation
- Passion: Find what you enjoy doing. It should be something that you would do even if you didn't get paid—something that you just love to lose your time in.
- Value: Figure out how you can provide value doing what you are passionate about so that you can gain in the value exchange economy that is out there.
- Interview: Go out and survey or ask your potential customers, clients and markets whether what you create is what they will buy
- Plan: It is about planning your business. Plan the how, when, where, when and what about your products, market, costs and revenue.
- Micro launch: To reduce the risks, do a test launch on a small audience and see how your product or service performs.
- Assess: Get the information from the micro launch and evaluate it so that you can make adjustments before taking it to the market.
- Financial viability: It needs to make financial sense so work out the costs, investments and revenues.
- Team: Take careful steps to decide on the critical people that you need on your side.
- Scale threshold: This is the point where you can quit your job. The threshold is different for everyone, so factor in your current income, cost, lifestyle, family and other people that depend on you.
ABOUT MEL ABRAHAM
Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.
Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.
Meet Mel at http://melabraham.com/
THE ENTREPRENEUR'S SOLUTION
The Entrepreneur's Solution is a weekly entrepreneur, business, wealth and lifestyle show where entrepreneur, speaker and author Mel Abraham reveals all of his business and entrepreneur building strategies. Mel is one of our time's most sought after mentors and speakers that not only teaches but also lives what he teaches. Discover how to design, create and build your business so it gives you the life and lifestyle you want.
Subscribe to the free entrepreneurial podcast here: http://melabraham.com/podcast
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