How To Know When To Quit Your Job To Start A Business? Ask Yourself These 18 Questions
One of the riskiest and most consequential decisions that people have to make in life has to do with quitting a regular job and venturing out on their own. The risk is crystal clear. You are walking away from the security of a regular income job to a future of uncertainty and hopeful wishing for the best.
Is there a perfect time to quit? Nada. Nope. Zilch. This is one of the things that you just have to do when you have to do it. Nevertheless, such a decision must not be made rashly. Ask yourself these questions when the entrepreneurship bug bites.
1. Does more of waiting promise any considerable advantages?
This is a scenario that presents different considerations to different employees.
If you are young and entrepreneurial at heart, and your career progression doesn’t seem to be happening at a pace you are okay with, then it may make sense to call it quits and go do your thing.
On the other hand, if you are just a few years away from attaining retirement age and securing a substantial pension package then you may want to consider staying put. When you finally embark on running your business you’ll at least take solace in knowing that you have a regular income stream that can cushion you somewhat if things don’t work out too well at the start.
2. Can you handle the demands of running your own business?
If you are under the illusion that running your business will be a walk in the park then you really need to wake up…now! This is a job that will put you to the test over and over again. What you are made of physically, emotionally and mentally will be severely scrutinized on a daily basis.
Working so far from your comfort zone will no doubt weigh down on you considerably but if you take this as the opportunity to learn and grow you will slowly make strides in the direction you wish to go.
Riding the emotional roller-coaster on a track determined by the daily ups and downs of business ownership is an experience best appreciated when you are the one on the hot seat. You must be ready.
Initially the hours are bound to be long and hard. Can your body handle the exertion?
3. Are you tired of thinking about it every day? You are ready.
Before you are ready to take such a major step you will have weighed things in your mind over and over for a long time. At the start you will initially be afraid of failing but with solid preparation this will gradually give way to an increasing willingness to try. Once this urge can no longer be held back and you know that going out there to start is what will make you happy then by all means let no one hold you back.
4. Is your educational and professional background adequate for this move?
Truth be told, you don’t need a university education to make it in self-employment. Nevertheless, you should be well aware of the industry and market you are getting into. Before you decide to quit it is prudent to be sure that you know what risks, threats and opportunities await you. Establish what your strengths and weaknesses are; do the same for the competition.
Having considerable work experience in your chosen field is always going to be advantageous. It is not always necessary though. Lots of people have made it in industries previously unfamiliar to them by exploiting fresh perspectives and the opportunities that arise from them.