Are you about quitting your job to start a business? If yes, then why do you want to quit your job? Why do you want to start a business? Well, this article will help you get in the right mindset to quit your job and start a business.
I am an advocate of the need to take control of your life and starting a business is one of such ways you can gain control over your life. It thrills me to see people; both young and old take the leap to start their own businesses. But it also saddens me because most of these budding entrepreneurs start out with the wrong perception.
I love meeting entrepreneurs, I love listening to their plans, success or failure stories and their ideas because I know I can get my spirit ignited simply by listening to others. Most inspiring are the stories of employees; who are giving up the perceived security of their jobs to start a business.
However, I will like to point out certain perception I have noticed in individuals who are making a transition from being employees to becoming entrepreneurs. If you are an employee wanting to quit to start your own business; I will advice you put your resignation letter on hold until you’ve read this article and absorb its message. As an employee wanting to start your own business; have you at one time or the other made any of the statements below:
- I am tired of my job
- I want to be my own boss
- I want to get rich quick
- I have a brilliant idea
- I want to be free
- I am the best in my workplace
- I have gained a lot of experience from this job, it’s time I quit.
If any of the statements above is a reason why you want to quit your job to start a business; I will advice you think again because your motive for going into business will determine whether you succeed or fail. Without wasting your time, below is a detailed explanation that will help you avoid quitting your job for the wrong reason.
7 Wrong Reasons to Quit your Job and Start a Business
1. I am tired of my job
My answer: if you are tired of your job; maybe because it’s stressful, or your boss is lousy, or your job is something you hate doing. Then I will advice you get another job rather than start a business. Why? The reason is because building a business is more stressful and demanding than a regular job. In a regular job, you are assigned to one task; while a business will require you handle multiple tasks almost at once. And as an entrepreneur, you might also need to do exactly that same task you hate.
Let me give you some instances: most people hate their job because it entails either selling, handling paper work, dealing with endless customer complaints, balancing the books or focusing too much on a single task, etc. My dear, if any of the above applies to you; then please forget about starting your own business because your business might just be dead on arrival.
I have seen entrepreneurs burn themselves out; simply because they weren’t prepared for the stress involved with building a business. So please, don’t make the mistake of starting a business simply because you are tired of your job. It’s not enough motivation to survive in the business world.
2. I want to be my own boss
My answer: before I go further, let me first ask you this question. Do you really understand what it means to be in charge? Do you have what it takes to be a boss? If you want to quit your job simply because you want to be your own boss; I will advice you have a rethink. Most people think being a boss/leader is all about being in control, barking out orders, hiring and firing employees. From personal experience, I can tell you it is more than that.
Being a boss in your own business comes with responsibility; meaning you are responsible for the success or failure of your business. As an entrepreneur, you have to make sure that your business system is running at full capacity everyday; even if it means having to make some personal sacrifices.
As the boss of your own company, you will have to make sure everything is provided for; you will have to deal with all problems arising from your business and most importantly, you will get paid only after your business and employees have taken their share.
As a boss, you won’t have the opportunity to say “it wasn’t my fault.” And even if you end up firing an employee; you will still have to solve the problem the sacked employee created. Do you really understand what it means to be the chief decision maker? Well if you don’t, then I will recommend you watch the movie “24”; then you will get a feel of what it takes to be a boss.
3. I want to get rich quick
“The Rich Dad Company is an overnight success; but it took us ten years to get there.” – Robert Kiyosaki
My answer: If you want to start a business because you want to get rich quick; then I say congratulations, you are on the right track. But let me ask you a question: are you prepared to work for three straight years without pay? I bet you will scream “NO.” well, this is where the problem lies.
Most people wanting to start a business are looking for instant gratification; they want to be overnight successes. But let it be known to you that building a business is a high risk venture with a high failure rate. 90% percent of all new start-ups fail in their first ten years; so think again.
4. I have a brilliant idea
My answer: this is the most common statement made by potential entrepreneurs but unfortunately, a brilliant idea is not enough. The world is filled with brilliant ideas but the world lack determined entrepreneurs that understand the intricacies of building a multi-million dollar business. If a brilliant idea is all it takes to build a successful business, then everyone will be a millionaire overnight.
But unfortunately, it takes more than that. Growing a business requires capital, thorough understanding of the business, competence, cash flow management, a good business team, diligence, leadership skill and most importantly; the ability to sell. So now you see why it takes more than an idea to build a business.
5. I want to be free
My answer: it will be foolish of you to want to quit your job and start a business because you want a lot of free time. Well if you must know, business offers no freedom especially in the start-up phase. Do you realize that entrepreneurs work longer hours than most employees? There’s never going to be a free time in business; it’s up to you to create the time you want.
As an entrepreneur, I sometimes never let go of my business. Even while on vacation, or I am driving or travelling; I am always on the phone, laptop or mobile device just to stay in touch. I sometimes wake up in the dead of the night to do some brainstorming, or reflect over a business problem, or do some tasks or write for my protégés.
In fact, this article you are reading now was written in the wee hours of the morning; while most of you are still enjoying your sleep. What am I trying to buttress? The point I am trying to stress is this: there’s will never be enough free time to do everything what you want; whether you are an employee or entrepreneur. But there will always be enough time to do a single task, which you consider most important; only if you are willing to make out such time.
6. I am the best in my workplace
My answer: it takes a lot of knowledge and dedication to be the best in your workplace. So if you are one of the best employees in your firm, then I give you a thumb up. But I want to make a point clear: business is not about an individual, no matter how skilled that individual may be; it’s all about the team. Business is a team sports, so also is investing. In business, team work is more important and valuable than individual skill.
For instance, Lionel Messi may be the best player in the world but he is nothing without his team mates. No successful entrepreneur ever rose to the top by individual effort; they rose by the collective effort of their team. So even if you forget all the lessons, don’t forget that: “being on the best team is much better than being the best player.” If you are the smartest person on your team; you are heading for trouble but if you are part of the smartest team in your industry, then it is massive profit all the way.
7. I have gained a lot of experience from my current job
My answer: if you have adequate experience from your job and you want to quit, then my best advice is this: Get another job. The fact that you are an experienced chemical engineer does not make you competent enough to run a chemical manufacturing business. Your experience as a real estate agent does not qualify to be a real estate investor. Why? The reason is because their role demands are different and your experience is one-sided.
Business is not a one skill affair; it is a synergy of different skills and experience. That’s why entrepreneurs are generalists; they need to know a little of everything. While your job might forge you into a specialized technocrat such as an accountant, attorney or medical doctor; an entrepreneur must know a little of business laws, production management, customer relationships, marketing and sales, people management, accounting, product development, etc. An entrepreneur must have a thorough understanding of the business basics; else, failure will be unavoidable.
As a final note, it is never my intention to discourage you from becoming an entrepreneur. In fact, it’s my greatest wish to see you running your own business; because entrepreneurship is the major driver of innovation and economic growth. That is why I took the pain to write this article; I wrote this to equip you with the right mindset. To make you understand that the mindset with which you start a business determines the outcome of your venture.
So if you are going to quit your job or start a business, do it for the right reason. Do it because you have a strong mission in your heart; just like Henry Ford and Steve Jobs. Do it because you want to be part of the solution rather than the problem. Do it because you want to satisfy a need or solve a problem. Above all, do it because you want to etch your name in the sands of time by improving the welfare of humanity; taking a pointer from entrepreneurs like Andrew Carnegie and Bill Gates.