7 Points to Keep in Mind Before Quitting the Job and Starting up Your Own Venture
We do not exist in isolation and hence, your decision of starting up might initiate a ripple effect, touching upon the lives of your family members, and anybody having a close and important position in your life.
The sense of security offered in a full-time job might be difficult to find elsewhere. The business world is adrift with stories of successful entrepreneurs who were at the peak of their stellar corporate careers and then make the leap into the dynamic and ever-changing world of startups. However, there also exist stories of ventures that fell flat on their faces, with the aspiring entrepreneurs having to bite the dust off and return to their erstwhile corporate careers.
If you have been grappling with this conflict for a while now, there is a way out of the conundrum. After having a closer look at the way certain entrepreneurs have emerged successfully from the corporate clan, there are primarily 7 points to consider for making the switch, successfully.
Don’t Startup Because Your Current Job is Miserable
Oftentimes, people have been pushed to starting up, simply because their current job fails to live up to their expectations or aspirations. If that is the sole motivation you have for starting up, I recommend you revisit this decision at a later stage. Or perhaps start with drafting the business plan of your startup, as then you will be able to have a closer look at the idea and would be in a better place to judge whether the time is right for you to startup or not.
Lastly, personally speaking, if you are miserable in your current job, an easier and more pragmatic step to take would be to either switch jobs or address the factors not working in the current job. Being an entrepreneur may appear nice and fancy from the outside, but it is a huge responsibility, warranting immense commitment.
What Are Your Strengths & Weaknesses?
Simple as it may sound, it is still pivotal for you to figure out exactly what your personal limitations and capabilities are. Before starting up, it is advised to let your strengths grow and enhance with time, whilst you take care of the limitations. For instance, if you are a tech person but strategic communication fails you, in order to eradicate that limitation, you can either develop those skills or get a person with flawless communication skills on board.
Are You Willing to Wear Multiple Hats?
Moving forward, you cannot afford to limit the scope of your work while starting up. For instance, even if you are a techie at heart, it would be required of you to look into recruitment, be a hustler for your venture, and talk to media and associates and the likes. The same, might conflict with the reason why you decided to startup in the first place. Hence, be absolutely sure, if this is something you really wish to get into. Furthermore, be prepared as well.
Have You Thought of All Expenses?
Calling it quits will obviously take away the hefty pay-check you have been so used to receiving, at the end of each month. While there is a significant dip in the income, the expenses pretty much remain the same. Besides, starting up can be capital-intensive, regardless of how much you try to bootstrap. Think of all the expenses you are looking it in the beginning, along with the lifestyle changes, the cost of experimenting, testing, getting the technology or the people on-board for your startup, and the rest. As far as possible, do not have high amount of loans and debts to pay.
What Are Your Steady Revenue Streams?
Creativity and freedom of expression are other factors driving people to quit their jobs and venture into the realms of entrepreneurship. And often, the creative mavericks, the ones passionate about their dream or idea, find it difficult to think about the money. Capital isn’t something you figure out along the way, after starting up. That is the perfect recipe for disaster. Before putting in your papers and calling it quits with your current job, please have a few revenue streams and realistic financial projections to help you understand what exactly you are getting yourself into. Besides, if your startup cannot immediately start minting money, it is important to have a back-up option. You have to be focused on scaling your idea, without letting the pressure to fund your monthly bills and expenses drain your energy.
Do You Have Enough Support?
We do not exist in isolation and hence, your decision of starting up might initiate a ripple effect, touching upon the lives of your family members, and anybody having a close and important position in your life. To help you transition smoothly; share your plans with your family members, friends and anyone you consider important. Also discuss the financial projections, the kind of lifestyle changes you might be looking at initially. This can be a huge change for everyone involved, and hence getting support from your closed family members is very essential.
Is The Market Ready vs Are you ready?
Simply because you feel passionately for the startup, doesn’t mean the investors or the customers would as well. For them, you are really just another startup and hence you need to ensure the market is ready for the product you are trying to create. Starting up too soon, when there isn’t enough awareness in the community or too late, when the market is already overflowing with similar products and startups, can extend the timelines of achieving key indicators of performance in your business.
Pay a closer attention to these 7 points. Become obsessive-compulsive and share the idea with the people you find around, including your mentors, professors, family members, colleagues and the rest. Gather necessary feedback and constantly work on your idea. If you feel you are ready, inside-out take the leap. Go ahead and create the impact by solving the problem you have identified!
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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