7 min learn
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Entrepreneurship charges have been trending upwards in america for the previous 19 years, and over the course of the pandemic, the unemployment price reached a excessive of 14.7%, a price not seen since The Nice Melancholy. The shortage of job safety and big layoffs have precipitated extra individuals to show to entrepreneurship in hopes of taking management, and I’m right here to assist. Listed below are my ten recommendations on tips on how to be your personal boss.
Associated: The Full, 12-Step Information to Beginning a Enterprise
1. Do not give up your day job till your new enterprise earnings exceeds your day job earnings for 8 months straight
I can’t stress sufficient how vital this primary tip is. Some individuals suppose entrepreneurship is one thing you possibly can be taught in a single day: it’s not. You need to guarantee that you’re at some extent in your entrepreneurial journey the place you might be financially steady solely out of your new enterprise. Quitting your day job to develop into an entrepreneur in a single day is a recipe for disaster–wait till your new enterprise can persistently exceed your present earnings.
2. Save each penny of your day job earnings of these 8 months in