Since childhood, we are a part of a constant run of chasing our dreams. For most of us, especially the ones hailing from a non-business background, getting a secure job with a good income at an MNC is what we want. However, today, with favorable government policies and resources, there are many individuals who have quit their 9 to 5 jobs to work full-time on their startup with large or small business ideas.
Being your own boss is not the usual 9 to 5 thing. As an entrepreneur, there will be days when you need to pull an all-nighter and days with hardly 3-4 hour desk work. But starting your own business does not happen in a day. It is a sum total of all your learnings, knowledge acquired, and passion for making it happen. In fact, from your first step in your career when you were asked ‘why should you be hired for this internship‘ to getting that revolutionary business idea, every event contributes to making you who you are. Here are a few questions you must ask yourself before quitting your job to become a full-time entrepreneur.
1. Do you have enough savings?
Before quitting your job to pursue your entrepreneurial dreams, ensure that you have enough savings that can fund your business entirely for at least three months (keeping personal expenditure aside). This is one of the biggest mistakes that individuals who quit their job and start a business make. While it is possible for startups and businesses to receive funding from investors, you must also have an emergency fund ready with you.
2. Do you have an idea that’s good enough?
Finding a job on job sites is a much easier task than building a company from scratch. Ask yourself if you have an idea that is good enough. By saying good enough, the idea must help revolutionize the markets with your product and must also fit in with the needs of your target audience. Research about the market and try to figure out if your idea has a good probability of succeeding, in the long run, is higher before leaving your 9 to 5 job.
3. Are you willing to sacrifice your weekends?
Everybody has 24 hours a day to get done with their tasks. As entrepreneurs, get ready to sacrifice all your family meetings and leisure time as you must be willing to spend every second of your day on your business. It sounds simple when you’re in your high spirits, but the ground reality of the situation is much harsh.
4. Is the timing right?
While working on your dreams is important, try to see if you are quitting your job at the right time. If you have an unavoidable family issue that you need to take care of or have a mortgage that needs to be paid, it might not be the right time to quit an established job providing you with security to pursue these dreams. Timing is crucial, for both you and your business.
5. Do you have a Plan B?
It is important for you to develop a backup plan before becoming a full-time entrepreneur to avoid getting blindsided. Do you have any other side hustles that you can work on temporarily to bring in money, or will you go for a full-time job in another MNC and put your plans on hold? To keep your options open, in case a situation like this arises, making sure you stay in touch with recruiters, previous colleagues, and other networks.
6. Will this make me happier?
It’s necessary to test the waters before diving deep in. Do you think pursuing your entrepreneurial dream will make you happy? Are you satisfied with your work right now? Do you really want to be an entrepreneur or just want to escape the 9 to 5 scenario? If you believe being your own boss will make you happier, go ahead and give your resignation right away.
Entrepreneurship is tough and will ask you to compromise your best days for your business. However, at some point, once your business starts to accelerate, you’ll be proud of the empire you have made. So, if you’re ready to go broke and sacrifice your weekends, you might be a step ahead in starting your journey as an entrepreneur.