Joining the entrepreneur class: our 5-step plan for making it happen

We all have hard days on the job, but if a sense of existential dread has overcome you lately, it is time to change direction.

David Kerr III was in the same boat as you a few years ago – he often stayed late working on things he didn’t have any passion about for not nearly enough salary.

Eventually, he had enough, as frustration with his life prodded him to take action. He unearthed ideas that had been hibernating in his mind for far too long and he ran with them. Little more than a year later, he was able to cast off his corporate shackles.

With the essential functions of his business handled by outsourcers, he spends his time dispensing advice to fellow entrepreneurs, and he spends his free time pursuing whatever interests him.

Want to do the same?

Follow our 5-step plan, and with hard work, determination, intelligence, and a bit of luck, you too can join the entrepreneur class.

1) Follow your passion

Let’s be honest: while it is possible to run a successful company without being passionate, it is a lot more fun when you are.

Can’t get enough of travel? Online travel agencies, starting a niche travel blog, or becoming a freelance tour guide are all things you can do.

Troll around for ideas and keep hashing them out until you come up with ones that offer you the opportunity to build a steady stream of income for yourself.

2) Highlight your skills

Passion is important  – however, it is only comprises half of what you need to succeed. Having bankable skills is another big piece of the puzzle.
Referring to the above examples, someone who is an extrovert and has a EQ will likely excel at being a tour guide, whereas someone more analytical, detail-oriented, and computer literate has a better chance at succeeding in travel blogging.

3) Build up a war chest

Okay … so you have a great idea and you have the skills needed to bring it to life – time to cut yourself loose from the ball and chain?

Not so fast.

Before you pull the trigger, you need to give yourself enough runway to lift off – $504 in your checking account won’t cut it.

If you need/want to get rid of your job ASAP so you can focus on your idea, you’ll need at least six months rent and bills saved up in advance.

Start cutting out cable and restaurant meals now –  as of this moment, you are a person on a mission.

4) Hustle hard on the side

Is your job tolerable but boring as heck? In this case, we actually advocate holding on to it, but turning every last free moment into business building time.

It is a tremendous sacrifice, but you are trying to change your life – get clear on your priorities, and fast.

5) Get your net profit to replacement level ASAP

All those evenings and weekends spent busting your butt have one goal – to get you to a net profit that will allow you to quit your job comfortably.

Once you reach or exceed that number for 3-6 consecutive months, you can then begin the process of untangling yourself from your position in the corporate world.

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