TRANSITIONING FROM PROFESSIONAL TO ENTREPRENEURSHIP
What are the factors that determine or are likely to motivate the move from Professional to Entrepreneur?
This article is inspired from the recently concluded 2019 Annual Technical Workshop by the Young Engineers Forum of Nigeria. Mr. Emmanuel Martin Nwachukwu shared valuable insight into Entrepreneurship while speaking on the sub-theme “Transitioning from Professional to Entrepreneurship”.
Mr. Emmanuel is a serial entrepreneur who has a track record of entrepreneurial stings and learning points. During his session, he speaks on numerous unsuccessful enterprises that lacked a proper business plan. According to Emmanuel, entrepreneurship meets a need in exchange for purchasing power. Which could either be;
- Opportunity Driven Entrepreneurship
- Necessity Driven Entrepreneurship
In becoming a Professional, a young person must build capacity by;
- Getting a Degree
- Get Certification
- Write Professional Exams
- Get a Skill
- Learn a Craft
- Get Experience
- Take on new challenges
- Network with professionals
- Ask Questions, conduct research, be inquisitive
- Be Ambitious
- Keep your integrity
In transitioning from Professional to Entrepreneur, an experienced engineer should;
- Have a Business Plan for the new venture.
- Think like a business man
- Get used to more work and longer hours
- Decide how to most effectively position yourself
- Determine your target market
- Expect to do it yourself
It is advisable to run the business as a side hustle, while keeping a paid employment until the business is able to comfortably pay your salary. More so, ensure that you have banked some living expenses before transitioning from professional to entrepreneur. Entrepreneurship is daunting, and it is important to look carefully before taking a leap!
