The transition from your 9 to 5 job to entrepreneurship is quite a task. Yes, there are numerous perks of owning your own business. However, you need to be driven and have certain qualities to make the transition.
Sidd Pagidipati knew, when he initially started his career as an analyst, that he would eventually venture off on his own. Growing up in a house of physicians, he always knew he wanted to disrupt the healthcare industry.
After a little over a year of experience as an analyst, Sidd finally decided to make the leap into entrepreneurship. He shares the following tips to anyone who is looking to start their own business to make the transition as smooth as possible.
Do something you are passionate about
You need to explore yourself before you venture off and start a business. It is important that you start a business in something you are passionate about. Sidd always knew that he wanted to improve the healthcare industry by utilizing technology.
He started with an idea to create an HMO platform, America’s First Choice Health Plus (AFCHP), that made it easier for individuals to understand their plans. Sidd found a problem that many people with HMO plan face, being unaware of the benefits, and solved it for them. He filled a gap in the market and continues to bring technology and healthcare together with numerous other startups as an investor. He says that when you are passionate about a cause, you will work towards it no matter the odds against you
Trust yourself
Entrepreneurs need to be gritty. Your idea won’t just come to life, you need to work hard. Even with all the hard work, there will be times when others will doubt your work. There were numerous instances when people around Sidd would tell him his idea for AFCHP wasn’t going to be successful. However, he never gave up on it until he made it into a leading HMO platform in Florida.
When you trust yourself, you will automatically appear more confident. Making it easier for your team to also trust your idea because they have a confident leader. There may be times of uncertainty and doubt but don’t let that turn you away. Nothing worth achieving is easily achievable, says Sidd. It took years for us to fine-tune AFCHP with many ups and downs. But the hard work and effort were worth it at the end, the team was only able to reach success because we all had faith in our idea and never let our doubts get the best of us.
Take calculated risks
It is almost impossible to be successful without taking any risk. However, you need to be smart about the risks you take. Learning to manage your risk is one of the first things you need to learn on the job. Know which risks are worth taking and which are not. For example, with AFCHP Sidd had to choose between limiting the platform to Florida or taking it nationwide. The team wanted to start small so opted to focus on just Florida, settling for a “double” instead of a “home run.” It worked out perfectly for them.
Before deciding on limiting the platform to just Florida they ran a risk-assessment which revealed that if they were to go nationwide, the platform had more competition and has a higher chance of failure. Which prompted the team to stick to Florida.
The sooner you learn management skills the better
It is quite a leap from working for someone to starting your startup. Most people who consider becoming an entrepreneur think too far ahead, about how their life would be when they are successful rather than taking it one day at a time. Sidd says that he learned early that if he was to be successful he needed to learn how to manage. When it comes to managing, it’s not just about the team but also time, efforts, and finances.
“When you work for someone else, at most you just have to worry about managing people and tasks. Having to manage everything all of a sudden can be difficult for most, especially when the burden of success falls on your shoulder. The way to approach it is to take it one day at a time. Be aware of all your resources and the best way to manage them is to be as frugal as possible. For example, when it comes to finances, you need to cut down on unnecessary expenses like spending on a fancy office, elaborate marketing plan, and so on. How you manage finances and resources will directly impact your business so make decisions after thoroughly thinking the outcomes through rather than on impulse.”
Becoming an entrepreneur is a lot easier today than ever. However, the chances of failure are also higher. Know that if you plan on leaving your job and starting your own business then it takes more than a great idea. There are tons of great ideas that don’t pan out because it lacks a proper business plan or lack of passion and drive.
It is important you learn from the path taken by successful entrepreneurs like Sidd Pagidipati to improve your chances of becoming successful.
