Dr. Evans DUAH, ACMA, CGMA, CA, CGIA, ICCE, FCILG, MIoD’s Post

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Lecturer | Finance Expert| Mandela Washington Fellow | 2022 Most Influential Young Economist Sub-Saharan Africa | Author & Speaker

𝐐𝐮𝐢𝐭 𝟖-𝟓 𝐣𝐨𝐛? 𝐒𝐭𝐚𝐫𝐭 𝐚 𝐬𝐢𝐝𝐞 𝐡𝐮𝐬𝐭𝐥𝐞? 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐛𝐞𝐬𝐭 𝐰𝐚𝐲? 𝐇𝐨𝐰 𝐭𝐨 𝐠𝐨 𝐚𝐛𝐨𝐮𝐭 𝐢𝐭? 𝐏𝐚𝐫𝐭𝐢𝐜𝐢𝐩𝐚𝐧𝐭: “Please I’m tired of the 8-5 grind. I want to start my own business and earn more money while I have more time to pursue my passion. How can I do this?” After some follow-up questions, which showed he had only one source of income and lived almost hand to mouth, this is the summary of my answer: 𝐒𝐓𝐄𝐏 𝟏 - Don’t quit your job yet. No matter how bad it is, it’s still the main source of livelihood for you and your dependents. You will have to be patient and build gradually and intentionally. That good life won’t just happen. So, you will need a strategic plan for your transition. 𝐒𝐓𝐄𝐏 𝟏- After going through the draft of your plan, enumerating your expected outcomes and needed action plans, you will now have to leverage on your free time. Never use your employer’s time for your personal business. It’s unethical and you would not appreciate it if same is done by your staff when you start your business. Thus, in your free time whether 6 hrs or 40mins, start a side hustle to have one, two or three other sources of income. 𝐒𝐓𝐄𝐏 𝟑 - As your side business begins to generate revenues, and most importantly, when it’s above the expenses, then first ensure you DON’T spend the excess. Do your best to maintain your lifestyle and plough back profits to grow the business. 𝐒𝐓𝐄𝐏 𝟒 - Once, your income from the side hustles exceeds the income from your job, for at least a calendar year, then this will not be a bad idea to finally quit your day job and focus your full time on your side business which then becomes your main business. 𝐍𝐁: You don’t have to quit your job to be an entrepreneur. You can choose the intrapreneur route and rise through the ranks in corporate world to generate [good] enough wealth and social capital. Neither should you waste your time in corporate world when you’ve ascertained the cost-benefit analysis and sought for expert opinions and realized you stand a better chance taking the risk to be an entrepreneur. Share your thoughts(questions or contributions)in the comment section

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Simon Adu-Agyei

Teaching Assistant |Founder/ Executive Director of Smile Wide Foundation Africa|Empowerment Speaker|Leadership|Youth Empowerment Advocate|

2w

Dr. Evans DUAH, ACMA, CGMA, CA, CGIA, ICCE, FCILG, MIoD Great insights Transitioning from a traditional job to entrepreneurship can indeed be daunting, but your approach is both practical and encouraging. I particularly appreciate the emphasis on patience and building a solid foundation before making any drastic changes. Using free time wisely is crucial; it allows individuals to explore new opportunities without compromising their current employment. Reinvesting profits is a testament to discipline and commitment to growth, both of which are vital for long-term success. It’s wise to wait until a side hustle is stable before making the leap to full-time entrepreneurship, as this minimizes risk and facilitates a smoother transition. Furthermore, the idea of intrapreneurship offers a valuable perspective. It reminds us that there are multiple pathways to success, and one doesn’t necessarily need to leave the corporate world to achieve their goals. I’m curious to know the types of side hustles you believe yields the most success for those just starting out? Your thoughts could inspire others to find their niche

Sarfo E. Kantanka

Information Technology Education | Motivation & Inspirations |

2w

Hello sir, please how can a teacher who teaches from 8-4pm have time for side work. I’m young and I need a plan. Thanks

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Mehdi Aman

Technology & Analytics Associate Director at Integrate Consulting An Affiliate of Kantar

2w
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Umusalma Yakubu

Student at Palm University College | David Okai Okantey Foundation Scholar | CAMA member| Data analyst | Public Speaker | Debater | Volunteer | Peer Mentor

1w

Wow. That’s insightful, Dr.

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Very educative and incitful Dr thanks for your education ( I will adhere to it )

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Ahmed Tahiru

I empower you to achieve financial literacy | Junior Data Scientist | Aspire Leader '24 | Finance Enthusiast | Avid Bibliophile

2w

Great advice, Dr. Evans. I completely resonate with this approach. Entrepreneurship is a journey, not a race, and transitioning gradually ensures you're building a strong foundation. Patience, consistency, and strategic planning are key. Thanks for the insightful breakdown.

Sebastian Appiah (SEBS)

Founder, SEBS Inspiration | Inspirational Leader | Empowerment Speaker | Transformative Author | Project Manager | Marketing Consultant | Students Advisor

2w

I agree! Great advice Sir 💯

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Emmanuel Kwegyir Ansah

|| CA (Associate Member - ICAG) || Accounting || Aspiring Business Leader || Workflow Automation || Public Speaking || Leadership || Entrepreneurship || Graphics designing ||

2w

Very helpful

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Robert Nyame

| Chartered Accountant | ALX Alumni | Transformation and Strategic leader | Harvard ALP'24 | Taxation | Aspiring Business Consultant

2w

Love this

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Enoch Kusi

Assistant Procurement Officer and Logistician

2w

Great advice. Thank you Dr. Evans DUAH, ACMA, CGMA, CA, CGIA, ICCE, FCILG, MIoD 🙏❤️

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