How to Make “The Jump”
I was having a conversation with a very good friend of mine earlier this week and he asked me a question that I’ve been asked a number of times: “What do I need to do if I want to make the jump from side hustle to full-time entrepreneurship?”
If you’re looking to make “The Jump” from side hustle to full-time entrepreneurship, I challenge you to think about what I call “The Three M’s”: Money, Mind and Map.
MONEY. There are two things I’d recommend you have before leaving your “9-5” and pursuing your side hustle full-time: recurring revenue and an emergency fund. When I transitioned from corporate to full-time entrepreneurship, these were two things I didn’t have that I wish I did. I was not generating enough revenue from my side hustle to maintain my lifestyle upon leaving corporate and I definitely didn’t have an emergency fund. I would strongly suggest having both of these things because you can EXPECT recurring revenue just like you EXPECT paycheck on the 1st and 15th & an emergency is bound to happen once you pursue full-time entrepreneurship.
reMIND. In my first year of full-time entrepreneurship, I experienced three of the greatest financial hardships of my life. In addition to financial stress, I experienced a mental and emotional stress that felt irreparable. When making the jump from side hustle to full-time entrepreneurship, you need to have a community of people who are aware of your journey and have the skills, tools and resources to empower you. In your darkest moments, likes on Instagram and retweets on Twitter won’t stop you from wanting to end it all; you need people who can speak directly to your situation and REMIND you that you are more than your circumstance and trouble won’t last always.
roadMAP. The difference between a boss and a bum is a play. Bosses make plays and bums get played. There are a number of bosses in bum circumstances and there are a number of bums in boss positions. The difference between a boss and a bum is not their position, it’s their ability to make a play, especially when the pressure is high and time is running out. When looking to make “The Jump”, think about what plays you’ll make during the first quarter, during the first fiscal year, in your first two years. Most businesses fail in their first two years, so the plays you make in those first 24 months have a major impact on whether or not your business will still be paying you dividends in 24 years. If you want to make “The Jump” from side hustle to full-time entrepreneurship, make sure you have a ROADMAP that shows you how to get from point A to point destiny so that in 24 years you’re not back where you started, working a job you hate wishing life was different.
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