With the current state of the economy there has been an encouraging push towards entrepreneurship. For many, “take action!” is the most common cry. The idea is to take all those dusty ideas in the recesses of your mind and put them to use for the good of yourself and the economy. Great idea! But don’t quit your day job.
Too many people quit their jobs in order to start their own company, but this is a poor business practice unless you already have paying customers. If you think you have developed the next million dollar idea then get started! Just make sure you do it between 6 pm and the wee hours of the morning. Those are the hours where true entrepreneurs are born. How dedicated are you?
While it may sound discouraging, this is truly the safest way to protect yourself from drowning in debt. As a debt specialist, I have seen the same scenario play out time and time again. An enthusiastic entrepreneur has a great idea and decides to quit his day job in order to chase his dreams. First, his partner quits. Then the financiers revoke their offer. Before he knows it he is taking a second mortgage, getting payday loans, and is so far into debt that he has to consolidate or declare bankruptcy. In my experience, Murphy’s Law applies more often than not in the field of entrepreneurship.
The truth is, if you look at most successful companies, they were started in a garage somewhere during free time. If you want to be a successful entrepreneur then make sure you have paying customers before you quit your day job. If you do that, then he worst that can happen is you lose some time.
So if you truly believe in yourself and your idea then you should not lot anyone stop you. Just make sure to protect your future by keeping your day job and working on your pet projects when you come home. Once you get some clients or sales you can use that money to re-invest and eventually quit your day job.
There is nothing wrong with following your dreams. Many readers of this post will build the latest technological advancements and propel humans into an even greater age. Nonetheless, your life of entrepreneurship may be cut short if are debt ridden and jobless. Look at the big picture and keep your day job.
About the Author: David Schmidt is a loan debt specialist. He works as a full-time consultant and offers advice to a wide array of clients. One of the websites that he operates allows people to eliminate payday loans.
Image: @boetter / Flickr