In this enlightening episode of the "Uncommon Wealth Podcast," host Phillip Ramsey delves into the essential steps involved in embarking on an entrepreneurial journey. With an empathetic and strategic approach, Phillip addresses the common anxieties and questions that aspiring business owners face, sharing insights from his experiences as an advisor. This episode serves as an invaluable guide for anyone considering a transition from a traditional job to running a business. The discussion kicks off with the importance of setting up an LLC to establish a formal business entity and moves on to understanding current job agreements and their implications for side ventures. Ramsey emphasizes the significance of risk assessment and tolerance, aligning one's entrepreneurial plans with both personal and family needs. He also touches on the critical aspect of financial planning, urging listeners to gain a thorough understanding of their monthly budget requirements to make informed business decisions. ### Key Takeaways: *   Forming an LLC can make your business venture feel official and provide a strong foundation. *   Understand any existing job agreements to ensure compliance when starting a side business. *   Creating a business plan and identifying target services are crucial steps for successful entrepreneurship. - Evaluate your risk tolerance to make confident decisions about leaving a full-time job for your business