I have just uploaded a new ebook on Scribd. I have combined previous blog posts and content form other ebooks to put together a comprehensive one stop resource for people who are starting a business after losing their job.  Hope you enjoy.

The Rebound: The Ultimate Guide to Starting a Business After You Have Lost Your Job

In almost every industry we are seeing two things happen. 1) people are losing their job and 2) people are being asked to go from full-time employment to part-time employment. In the case of number 2) this can present an ideal opportunity for people to make the transition from employee to entrepreneur.

For example, in the UK more than one million people are forced to work part-time. For many wannabe entrepreneurs this presents a fantastic opportunity.

There are a number of issues people have to face when leaving employment and entering the world of entrepreneurship. The first is the cultural transition. This is often the hardest. Entrepreneurship is a completely different game. The typical employee mentality just doesn’t work. As an Entrepreneur you are on 24/7. You eat, drink and breathe your business. But the main thing is that you actually enjoy it. It’s fun.

As an entrepreneur, you have to be a million times more assertive. You can’t hide behind a large organization. Another issue is the “right first time” mentality that stifles creativity in established organizations. You need to ditch that as an entrepreneur, and work using a more experimental approach. Okay, I’ll admit it, a more “trial and error approach” (based on your best guess, of course).

The second issue is lack of resources. Bootstrapping is a skill. By working part time you are still receiving an income while you are getting your business off the ground. It also gives you time to get to grips with running a business on a small budget.

You can make the transition from employee to entrepreneur gradually. You won’t suffer the initial shock that many people who enter the entrepreneurial world straight from employment feel.

Working part time will help you with time management. You will be forced to fit your new business activities into the time outside your part-time job.  Also, the income from your part-time work gives you a certain amount of space to focus on the medium to long term of your new business. Without the part-time job you may be in a situation to make “short term gain” decisions that may be detrimental in the medium to long term.

In summary, it’s a bit like going off drugs. Changing from an employee to entrepreneur can be quite difficult. By working part-time you don’t have to leave the world of employment cold turkey style. You can gradually make the transition into your new business as revenues begin to increase.

Ultimately, being told by your boss that you will have to work part-time could be the biggest opportunity of your working life.

The importance of mental preparation is probably the most under-emphasized element of entrepreneurship. By definition, as an entrepreneur you must become more motivated than the typical employee. This is purely a mind game. Master the mind game and you have taken the first step to being successful.

Motivation is key, and your vision will determine how hard you are prepared to work.  In a way, it’s a self fulfilling prophecy. By getting yourself into a positive and productive mental state, by using your vision as a motivating factor, you will work harder and therefore are more likely to succeed.

Unfortunately, pessimism is infectious. It’s hard for non-entrepreneurs to understand an entrepreneur’s mindset. In too many cases entrepreneurs get infected by the pessimism of friends and family. This is not a good thing. However, the opposite can happen. An entrepreneur can infect employees with their vision. If this happens, then the business will be on the fast road to success.

I have read countless books where successful entrepreneurs put their success down to attitude. To use a controversial example. I recently watched a YouTube video of Jordan Belfort who headed up the infamous New York brokerage firm Stratton Oakmont in the 1980s/1990s. Although the guy did some illegal things and served hard time for it. He was genius at motivation. Initially he achieved great things legitimately. He talks about how he got himself and his workers into the right mental state to achieve incredible results. It’s worth a look.