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5 Things Aspiring Entrepreneurs Must Ask Themselves before Quitting Their Full Time Job
Reaching your entrepreneurial goals calls for a journey on a risky road. One of the major risks one needs to take before starting a business is to quit their full-time job. Of course, entrepreneurship is not something you can achieve without overcoming your fear and taking risks that others won’t. However, it simply does not mean jumping on the bandwagon just because someone else is doing the same.
In business, one decision may be good for one person but for someone else, it can be disastrous. So, while you know you will have to quit your job for the sake of your entrepreneurship dream one day, it is very important to know if it is the right thing to do at that time. For those who are already confused, this may sound like a catch 22.
The solution is simple. Just stop over-thinking and make a list of questions that may be blocking your decision making ability here. With a clear list of questions, try to answer each and every question one by one. This will help you clear the mist and you will be able to judge your situation in a better way. Ultimately, you will be able to make a better decision at the right moment.
To get you started, here are five essential questions every aspiring entrepreneur must ask his/her self.
Is Your Job The Reason You Want to Become an Entrepreneur?
There are a number of people who see entrepreneurship as an escape from their tiring and dreary job. In most cases, this is the ‘only’ motivation for them and that is what makes them jump into impulsive decisions that may not be in their best interest.
What is more important than a reason is a plan or an idea. No matter how sick your job makes you, it is not wise to give up your financial security without a proper plan in your mind.
Do You Have Enough Money or an Extra Income Stream?
Before any business starts generating revenue, it requires investment. The amount of investment varies from business to business. In any case, however, you will need some extra finances besides your capital. If you do not have piles of savings in your account, you will have to stick to your job for a steady stream of income. For many start ups, profits do not start pouring in before two to three years. That doesn’t mean you will have to stick to your job for that long. Yet, you will need a regular income to pay your bills for at least a year.
Have You Planned a Daily Schedule?
Quitting does not mean having the freedom to sleep till noon. Often, this is the mistake that derails entrepreneurs from their track. Don’t quit your job just because you are tired of waking up early in the morning. In fact, your business might demand more time and effort, at least for the time it is in its startup phase. Before you quit your job, make a schedule of what you will do with all the time you’ll have on your hands. Experts suggest dedicating the same 9 to 5 time, or more, to your business as well. However, an extra coffee break doesn’t hurt when you are your own boss.
Is Your Team Ready for The Job?
What team? Of course, you won’t necessarily have a team from the very first day, but one thing that becomes very important when you quit your job is family. Your very first office is most likely to be your own home. Secondly, your finances are likely to suffer. You might have to re-plan everything, ranging from your monthly budget to your home-office setting. If your plan is not backed by your partner or other family members in the house, it suggests that it is not the right time to take the decision.
You will have to work under a lot of stress and you might also lose all the support, emotional and financial, you can otherwise expect from your family.
What’s Plan B?
What’s just as important as having a plan is to have a ‘backup plan.’ Despite efforts and ideas, not every entrepreneur is able to reach their goals in the desired time. While failure doesn’t mean you should quit your entrepreneurship dreams, it might require you to get back on the 9 to 5 train before making another attempt. That is why it is very important to stay in touch with recruiters and people who might help you find employment again.
One helpful piece of advice in this aspect is to leave your job on a positive note. Make sure you have given your employer enough time and notice period. If you discuss your plans with your employer, they are very likely to offer their help and support if required in the future.