It’s time to quit my job! So much ado about quitting your 9-5 job and becoming an entrepreneur these days. I am a strong believer of pursuing your goals and dreams and doing what you love but entrepreneurship is not for everyone. Never go into anything by following the tide and trying to do what everyone is doing. If God has not told you to do it, don’t! The question then is how do you know if it’s God’s will for you to go into business? This has to do with hearing from God, post for another day. (This is the faith side of things). I know quite a number of people who have quit their jobs to go into business and they regret it till today. Business is not for the faint-hearted.
If you find it hard to get a job then by all means after you have done your due diligence, go into business. Bear in mind that no one ever said it will be easy though. As a matter of personal opinion, I believe you need to experience how an organization is run by either internships or full positions to fully understand how to run a business. An MBA degree should be helpful but there’s nothing like true experience. Some have gone into business without previous work experience and have succeeded but not without mistakes and business errors. There are a few things you need to consider before quitting your job and going into business.
Business plan: Do you have a short and long term business goal and plan? Or you just feel you hate your job thus business is the next best thing?
Technicality of your business: Do you have the practical knowledge and technicality of the business you want to launch? Or you just feel it is a lucrative business area and many people make money from it?
Business knowledge: Do you know how to run a business, the nitty-gritty? Business is not just about operations, making a product or creating a service, it is a combination of sales, marketing, commercial, finance, legal, human resources and so much more. Have you put this into perspective?
Market knowledge: If you have no knowledge of the economics of the market, locally and globally, you are in for a ride. Interest rates, inflation, exchange rate, market demand and supply will give you a very good ride. Monetary and government fiscal policies will make it even more interesting for you.
Capital: Do you have the financial resources to start and sustain a business? Are financial loans and grants readily accessible to you? Are you ready to borrow at high interest rates or give someone partnership in your business because they can provide funds?
Passion: Do you have passion for the business you want to go into or is it just for the money? If it is just for the money, little set backs can set you off your feet even before you manage to break even.
Value: What value are you creating? Is there a market demand for your product or service? Will there be a demand in the long run or is it just a momentary market space?
Discipline: The last but not the least. Business owners have more responsibilities that 9-5 jobs need. You own and run your business, what ever energy you invest into it is what others will invest as well. So do not think that your boss makes you get to the office by 7am and leave by 9pm is a good reason to quit and run a business. Business owners hardly sleep. You will have more responsibilities as a business owner and thus you need the required discipline.
Have at least all of these in place? (There are more not listed here), then go ahead, quit your job and build the best business ever. You can keep your job and still be an entrepreneur too!