Starting up a business is not easy and very often, it can really take over a person’s life due to the huge efforts and financial commitments required. Therefore normally I would not advise anyone to quit their job and start a business because that could be a recipe for disaster. Do it right and your life changes drastically for the better. Do it wrong and your life goes spirally downhill. So always plot your move carefully and make sure you do your homework before making the big escape from the rat race. Below are five reasons why you must never quit your job and start up your business.
Starting up a business needs time
Starting a successful business takes time. Do not be fooled by media reports of young entrepreneurs achieving overnight success and becoming incredibly rich. Founders of Microsoft, Google and Facebook actually went through a lot of hardship, trial and errors before attaining wild success at international platform. They had made a lot of mistakes and setbacks before achieving business successes. Henceforth, learn from others mistake and avoid the potential pitfalls. It could be a long time before your business makes any profit, so make sure you hold a job while going through the phase of starting up a business.
Bills, bills and bills
Unless you are born with a silver spoon, we all have bills to pay and worry about. Quitting your job would hurt your pocket especially if your business has not started to earn sustainable revenue. Your relationship with your spouse or family members could also be strained if you are the sole breadwinner. So make sure your household finance is in order and in shape before you made the plunge.
Do it for the Passion, not for the Money
Not everyone starts a business for the sake of money, but for an entrepreneur to be successful, he must have the passion. If you are creating a business primarily to get rich, your focus will only be on money, sales growth and on expansion for the sake of expansion. You will lose sight on refining your business ideas, improve your product, increase product variety and enhance your customer service skills. So always ask yourself the reasons for starting your own business. Is it because you feel it is your calling and something you feel so passionate doing it over and over again every day? Or do you want to quit and start up a business because of the freedom? Quitting your job and starting a business might be a tempting but risky option, especially if you are doing for the sake of money and freedom.
We all live in a connected society. At some points in our lives, we all need some form of help from friends, colleagues, associates and schoolmates. Being in a job allows you to build up your network in your industry and could prove helpful in future when you start up your business. So before you quit, ask yourself what sort of reputation you think you have built up over the years and can your current network help you in your business empire?
Many entrepreneurs failed to realize that starting a business consists of a business idea and sales. You can have the best product in the world but if you can’t sell, the business will not make it. Period. And in order to sell, you need to have people skills. You need to have persuasive skill to convince buyers and investors. You must have good presentation skills to get investors to buy in your ideas. The best platform to gain these skills and experiences is through your job. Always observe the best performers in your office. Learn from them how they negotiate, how they present and how they market their products. So before you resign from your job, ask yourself whether you have acquired these people skills and if not, my advice is to stay on and keep learning!
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