Safety net
However, if you are still in a good job that pays you well – regardless your passion for entrepreneurship – I suggest you not to quit your job just yet.
Let your job be your safety net
You should start a business while you are in the work force – Consider it a perk and a leverage that will help you enter entrepreneurship smoothly (and lower your risks, too.)
Some reason to justify the above:
- You still have the cash flow from your salary to fund your start up and your living expense while starting a new business.
- You can trial-and-error while still having a safety net in your job.
Choose your entrepreneurship path
Those who start a business while working 9-to-5 as an employee choose several paths: Weekend entrepreneurs (work on the start up on weekends), webpreneurs (build an online business), and part-time entrepreneurs (work before, in-between, or after your office hour.)
Whichever path you choose, when you are comfortable with your business and the cash flow from it, then you can start thinking about leaving your job.
I know I sound so conservative, but considering the unstable economy, despite the positive outlook, your cash flow can be disrupted at any given time.
One major drawback juggling between two different worlds
Starting a business while on employment has its own major drawback: You are tempted to stay in your job and run the business – Your justification: If everything goes this well, why bother quitting my job?
While your justification has valid ground, you might lose the opportunities your business can bring you – Something that can go viral and grow exponentially vs. your job safety. I, of course, choose the former than the latter.
Some advices
My advice is this: Quit your job as soon as your business’ profit can take over your salary, and once you decide to quit, avoid returning to the workforce at all cost. I heard too many stories that people are giving up on entrepreneurship easily when things went against their way. Doing this is not only wasting your resources, it also loses you plenty of opportunities that money can’t buy.
Entrepreneurship is a journey – not the end. Perseverance and continuous learning will bring you to unimaginable riches – even in the midst of today’s recession.
Ivan widjaya
Start a business using your office’s resource ;)
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This is very valuable information. Everyone should subscribe to RSS feed for this blog!
Cheers :)
Thank you for this post! I did a Google search for “quitting job to run business” and I came up w/ this! I’m actually going through the same thing right now. Blogged about it: http://bit.ly/35iO4s
Hi,
The title fetched my immediate interest as I have done the exact thing which you are saying one should not do.
I left my job and started working on my own concept.
I did so because I think while crossing a river put your leg on only one stone , balance , proceed and not both legs on different stones simultaneously and fall.
This will sound strange but one should give proper justice either to his employer who has faith in you or business in which you have faith.
Enjoy. :)
Hi Jihan,
Pretty cool blog post that gives us idea why not to rush into entrepreneurship :) To note, the rule of “high risk, high gain” applies here – Taking risk plunging yourself into entrepreneurship can yield you high return. But that’s the upside, and in life we always have the upside and downside ;)
Hi Sanfeg,
I do agree with you. Balancing a day job with entrepreneurship is very difficult. All is coming back to each of us – Are we ready to go all-out? If so, by all means, let’s do it. But if not, we better take cautious steps.
To add, in my case, being ready means mentally and financially ;)
There’s also the saying that you should start your business young, live off your parents for as long as you can – that way you’ll get the best of both worlds =P
Good word for self-employed hopefuls. The number one killer of all start up business is underfunding. Letting the current J.O.B. fuel the future is wisdom and also affords the pressure relief every business baby needs to begin to crawl. If a person simply hates their job and dreams of going it alone, your advise give them that vision of hope while the work and help bring a potential bad attitude in check. The job suddenly serves a different purpose that encourages the vision.
Living the dream,
Darrell
Tan,
That could be a great strategy :))
Here’s another one – Marry someone filthy rich and you can start any businesses you want, anytime :D
Darrell,
Thanks for the good words.
Indeed, staying in a job with an entrepreneurial motive could even get the startup to be something big faster. Some wouldn’t agree with me, as doing two totally different world together will not do any good for both. But in reality, the major problem in startup is funding, just like you said – Unless, of course, you can secure funding sources that allow you to quit your job and live off from the funding for 3 to 6 months.
Good luck living your dream, Darrell! :)
Every one wants a steady paycheck. Only the ones willing to sacrifice can make it. what side of line are you on? both have ups and downs. In a society where the job market is always unpredictable, many people long for the security of steady work and a feeling of control. This is why so many of us turn to the idea of starting our own businesses. After all, this route holds appeal for plenty of reasons: you can be your own boss, set your own hours, and do something you enjoy for a living. However, not everyone who chooses the path of self-employment will necessarily be successful. While it is true that the majority of businesses in this country are small businesses, few start-ups make it past the three-year mark. This occurs for a number of reasons, from poor planning to inefficient marketing and poor qualifications. Therefore, if you are planning to start your own business, it is vital that you find out beforehand if you have what it takes to be a success.
Well said!
Being on both sides is challenging, as both of them demand your full attention. To add, the best way to enter entrepreneurship today is to make transition from 9-5 job to business ownership as painless as possible.
Taking much risks reward more, but careful planning followed with swift action can turn you into entrepreneur in the most convenient one. Remember, control is everything – Losing control and hand your future to fate is probably the least thing you’d do in today’s uncertain economy.
Thanks for sharing :)
Thank you very much i found this to be very helpful.
Thanks, Joseph!
Where possible, get a job doing something you’d like to own a business in one day.
That way you get paid to learn the business, build contacts and greatly increase your chances of future success.
Ade Shokoya – founder of ItsAnEntrepreneursWorld.com
P.S: Free Video Reveals The No.1 Mistake That Quickly Destroys Businesses In a Recession…Click here for more information.
Ade,
That’s one of the best practice – Focusing on learning as much while working for a boss, instead of focusing on the paycheck.
I agree, why not stay on at your job and slowly build a business so that you can support yourself WHILE the business grows
I think so, too – Yes, it seems conservative, but we must prepare for the worst these days…
i’m surprised this is one of the top google searches frankly. i’d prefer to an article that is based on facts, not someone’s opinions. this is not a compelling article.
denise,
Unfortunately, blogs are mainly about opinions… Perhaps you’d enjoy reading business journals and scholar papers, instead :)
I agree that it might not be a compelling article (I’m not a good writer!), but I guess search engines and other visitors think it is – that’s why it lands on top ;)
I think this is a good article. It is sound advice that can save people the heartache of financial stress of taking on more than they can chew. As a business broker I see more people than I care to admit who jump into businesses without the proper guidance or planning. Your comment on quitting your job when your business can support you is valid too. Hedging your bets is not always a bad thing, especially in this economy.
hi…
just want some opinions…
i just started a job for 2 months already…(still under 3 months probation)
but i’m willingly to start a business of my own soon enough…
i’m thinking that while i’m still not married, still have no car, no house etc.., so my monthly cashflow just as minimal as it can be includes the school loan, house rent & utilities…
so if lets say i wanna quit my job after the probation and focus more on the business, will that be a huge problem..??
tq
Hi Isaac,
Your drive for entrepreneurship makes you ahead of the rest 90% in the work force. Many think about going into entrepreneurship, but didn’t for some reasons – fear of failure is one of the major reasons.
Please don’t consider this as a professional advice, but if you want to lower your risk in starting up, I suggest you to keep your job while starting up a business. Once your business can at least replace the income from your job, then you can consider to quit your job and focus on your business.
Remember, the stats say that 9 out of 10 business fail within the first 2 years, no matter how promising a business seems. So you need to embrace failure as an integral part of your entrepreneurial journey. I like to “fail fast” so that I can start over better. My principle is if I fail faster, I can get to success faster, too.
I hope this helps…
Hi,
Thanks for the advice..
The reason I asked the question because my heart now can’t focus on my current job..
In fact, during my work day I’ve been doing some research & study about my future business..I know it’s not a good action, but that is my problem now..
I used to do several small part time businesses before, but weren’t last long..
And I think it is because of the lack of focus back then (it was during my study)..
So, I’m thinking that it is better for me to focus 100% on my future business..
Plus, like I said, since my expenses still at the minimum, I think I can work something out to cover up my expenses by doing my business..
But, my decision might be clouded by my own enthusiasm..
That’s why I need some advice..
Thanks..
Isaac,
Quitting your job and go full-force in entrepreneurship could work for some people, but not for everybody. I myself a full-time entrepreneur and started my journey without a job dragging my feet :)
One thing to ponder: How would you finance your living expenses during the startup period? If you have a definite answer to that question – and “I’ll work on it” is not a definite answer – by all means, start your business full time!
Don’t get me wrong – enthusiasm is required in entrepreneurship. It’s a good thing and every entrepreneur should have it. However, you are right – your enthusiasm might cloud your common sense.
I’m not a party pooper, but again, don’t go all out unless you have ways to support your expenses while starting up. I heard too often stories about an entrepreneur goes back to workforce because his business failed miserably – due to miscalculating costs and risks related to entrepreneurship. Don’t be such a guy.
Hi,
Thanks for the heads up..