Do Not Quit Your Job to Start a Business: For many of us, starting our own business is incredibly exciting. After all, entrepreneurship can be a gratifying experience – personally and financially. However, it’s essential to consider whether or not quitting your job to start a business is the right move for you at this point.
While there are certainly instances where entrepreneurs have made a successful transition from employee to entrepreneur, it isn’t always easy. It often entails a great deal of risk that may not pay off.
In this post, we will explore why beginning a business should be carefully considered before taking the plunge and leaving behind steady income and benefits provided by full-time employment.
1. Quitting Your Day Job Won’t Make Your Hustle Better
The idea that quitting your day job will supercharge your hustle and improve your chances of success is far-fetched. Sure, it sounds appealing to ditch the 9-to-5 and experience the highs of “making it” through your efforts, but it’s rarely that easy.
The reality is that leaving a stable income to jump into a risky venture isn’t only unnecessary – it can be detrimental to your future success.
Be careful with romanticizing the hustle – turning something you love into work by making it 24/7 won’t always guarantee your desired result.
Don’t let the advocates of high-stakes gambles fool you – there’s more to success than hustling, so consider all options before taking such a daring move.
2. Patience Is a Key Business Resource
Patience is a valuable business asset, especially when you consider that statistically speaking, most new businesses take at least a year to find success.
Do you have enough money to get you and your family through 12 – 24 months without an income? If the answer’s a resounding no, starting your own business may be super tempting, but there are better ideas right now.
And when I say “money in savings,” I don’t mean cash in investments or liquidating assets. I mean cold hard cash in the bank, ready for bills and groceries and whatever else comes up along the way.
3. Do You Have a Sponsor?
A sponsor can provide invaluable support and assistance in your next steps, professionally and personally, giving you the courage to take risks and pivot when necessary.
A sponsor also opens up doors and leverages networks. They ensure your successes are recognized at the highest levels of the organization. If you feel ready to venture out into entrepreneurship, having a sponsor in place ups the odds for success in the long run.
4. Unexpected Opportunities Could Arise for Your Company
Starting your own business is tempting, but it might be worth staying put a bit longer if you’re stuck in a job. When people leave their positions, those voids can cause cascading changes throughout the organization.
That disturbance in the force often leaves unexpected openings for the bold and daring. If you’ve been eager to show them what you can do and have been developing positive relationships, this could be your moment to take on new challenges, prove your value, and shine as a star employee.
5. You’re Not Ready
I know from personal experience that quitting a job without proper internal set-up can be disastrous in the long run.
When thinking of leaving your current role to start something new, ensure you’re confident and comfortable enough with the change – having a growth mindset, being open to learning and listening, and keeping a positive attitude help tremendously. Success comes with setting yourself up for success both mentally and physically first!
So, there you have it. These are the main reasons why you should think twice before quitting your job to start a business. Of course, there are exceptions to every rule, and there will always be people who find success in doing things differently. But if you’re on the fence about whether or not to quit your day job to pursue your entrepreneurial dreams, this article has given you something to think about.