How to Create Business Opportunities Before You Quit Your Job!
Author: Nicky J. Davies |
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Categories: Business Fast Track
There has never been a better time to be your own boss.
Why do I say this? Well, solopreneurs (that is freelancers, consultants, single-handed managed businesses) as well as small businesses have the ability to be very flexible and can work quickly, make changes quickly and will thrive because they can think on their feet, see market changes and respond quickly. Large companies do not have that ability, and many go out of business because of their rigidity and inability to change quickly enough. Think about Kodak who actually invented the digital camera but ignored the opportunity because they saw themselves as being a film company and eventually went bankrupt.
If you look at the American Stock Market, the S&P 500 today, you will see that the average lifespan of these large corporations at the top has fallen dramatically over the past 100 years from an average of 67 years to just 15 years. The pace of change is so much faster and large corporations find it so much more difficult to anticipate and respond that many are literally going out of business.
The other reason why there has never been a better time to be your own boss is the ease with which you can set yourself up in business. The internet has made communications so much easier. Now you don’t even need a physical office to run some types of business. Overheads can be so much lower, and time to get up and running so much quicker.
So with this great business environment, let’s look at how you create opportunities before you start your own business. And let me just say that the number one mistake I see people make is quitting their job before they have a plan in place. This is the biggest mistake I see people make and it really knocks their confidence if it takes longer than they anticipated to get going with their business idea.That is not what we are talking about doing here. Here we are talking about creating opportunities before you start your own business, and definitely before you quit your job!
This is all about the ability to look at things differently, anticipate change, take action quickly and handle the associated risk. This is entrepreneurial capability. Now you may be thinking "well, I'm not an entrepreneur". But I know that is not true. Your life has demonstrated your entrepreneurial capability many times.
Being an entrepreneur is all about seeing how you can fix things, grow things or improve things. Think about your ability to solve problems, fix things, grow things and improve things. That is entrepreneurial capability. If you are the one in your workplace that always asks the question ‘why’; why do we do it that way, why not try this way, then you are on your way to being an entrepreneur!
Creating opportunities requires listening in the same way you do when you see a problem that needs to be solved – listen carefully for the opportunity. It may be an idea, a chance to solve a problem, or an opportunity to work on something together. Having conversations with your network will probably uncover or create other opportunities. Be curious. Put aside any judgments or “yes, but…” and listen to your network and be guided by your intuition.
Where is the low hanging fruit? Where and how, using your business sweet spot and capabilities, could you solve a pressing problem or do things differently to get a win:win for all parties?Without reaching out to your network, being curious and listening for opportunities to solve problems and do things differently for better results, you could end up with a fabulous business concept that nobody wants!
Build your entrepreneurial skillset off the job by joining networking groups or mastermind groups. Take a programme and immerse yourself in the world of being an entrepreneur. Our 8 week programme steps you through 5 shifts to equip you with the tools and skills you need to become your own boss. While on the programme you take action to bring that dream into reality and it happens faster than you think!
​Let me share with you more of my story. Back in 2004 where I was working on a large project that stalled, I saw an opportunity to serve my employer more effectively as an external consultant. I decided that I was going to make a commitment to myself and take control of the situation. I understood my talents and skills and put together a business case to talk through with my manager.
I was really nervous but decided that I couldn’t put up with the frustration or feeling like I was a hostage to my well-paid job any more. I took a risk and it paid off. My manager could see the advantage to all parties and it actually solved a problem for him too, namely my salary package!My business case went in front of the leadership team and they accepted it. I was amazed! Now I really needed to get going with my business!
I reached out to my network and soon had a number of contracts set up before I left my corporate job. Each contract solved a different problem – facilitating difficult conversations in joint venture / partnership projects, managing change across large organisations, developing managers into leaders. Some of that work was not where I wanted to be with my business ultimately, but it acted as a great bridge to transition me from full time employment to business owner. As my business grew, and my confidence grew, I let go of the contracts that didn’t fit with my business vision and mission. This opened up new opportunities. One of those opportunities came in the shape of a person in my network who initially I was looking to work for me as an Associate. He decided he wanted to remain where he was. But he introduced me to each company he worked with over a four year period, recognising that I could help them solve some of their problems too. Over the years these contracts have brought in well over half a million dollars to my business. And I am truly thankful every day to each and every person in my network.
It is possible to create opportunities before you start your own business, you just need to open your eyes and see the many possibilities. The trick really is looking for a problem that you have a solution too.
So, start looking for problems that exist within your organisation or your wider network that you know you can provide a solution to. Think about who in your network knows, likes and trusts you.Your network is full of invaluable information and connections. It can bring you business success instantly. I know I’ve experienced it many times, and so have many of my clients.
The bottom line is, reaching out to your network, being curious and listening carefully means you can uncover those golden opportunities for your business to launch with contracts in your hand. And if you are wondering whether you have what it takes to become your own boss, look out for my FREE 12 Point Checklist, and book a call with me.