I have met so many people who say they want to be an entrepreneur. That they want to quite their boring jobs and start a company. Although the thought is exciting enough, the journey ahead is not so green. A lot of people, me included, take the plunge and later realize that there were a few things we should have taken care of before jumping in.
I am putting down a few things which I feel is very important to take care of before you quit your job to start your own company.
1. See if you really have it in you
This is something which is the most important step before you decide to quit your job and start your company. The fact is that not everybody is entrepreneurial which is good because we need people to work for companies as well, right?
You must have an intense urge and desire to become an entrepreneur else you won’t make it. Understand that this is not a joke. It is far tougher being an entrepreneur than it is being an employee.
You should be strong and determined both mentally and physically because you’ll have to put in long intense hours of work. After all everything counts on you.
2. Start saving and spend minimal
A paycheck is a terribly bad habit which we all get used to. When you quit your job, this is what will hurt you the most. In order to cope up with that, make sure you have enough savings to last you at least six months if not more. This should be separate from what you plan to invest for your startup.
If you don’t take this step there can soon be a time when you’ll be tempted to go back to a job. And that’ll be bye-bye to your startup dreams. How to save you ask?
Well, there are a few things entrepreneurs do, like learning to code themselves, handling different task which does not necessarily have to involve hiring another person, using your limited startup budget in the best possible way, etc.
Apart from that, do take care of your personal expenses. You should have a balance between your professional and personal expenses, don’t run out of either of them before reaching your goal.
3. Choose the right business
I have seen a lot of people asking questions like what is the best business to start with so and so capital, etc. If you are one of those people who tend to ask others for such advice, please continue with your job. You are not ready yet.
One of the biggest things I have learnt in the past one year of my journey is to take calculative risks. As an entrepreneur, you’ll have to depend a lot on your basic instincts rather than other people’s advice. In such cases it is good to think from different angles, sort things out and develop and plan which involves a calculative risk. Don’t jump in with only your passion. It won’t last long.
Pick something which interests you, has scope to make money and at the same time has some competition. If things exist, that means there is a market for it. Just try to make it better.
4. Start while you are still working
Well, the fact is that, many entrepreneurs quit their jobs and later realize that whatever they predicted for their startup was not entirely correct and that they’ll have to bail out soon. This can be really depressing. Failure is something which not everyone can embrace well.
Before you quit, try to work on your idea, get the product validation done, do a market research and maybe even launch a first beta and see what response you get. This will give you a realistic picture. I know this is tough which keeping a job, but trust me, this is make your job a whole lot easier once you quit when you realize that there is true potential in your business.
5. Stay strong, committed and positive.
I really can’t stress more on this. The entrepreneurial journey is nothing less than a roller-coaster ride, in fact, it could even be more, but definitely not less. You have to stay strong and positive throughout. There will definitely be times when you’ll be low and negative thoughts will prevail, but you’ll have to stay committed and focused.
Negative thoughts and behavior will only pull you down. Nobody wants that. So, have a realization whenever that happens so that you can always bring yourself back on track.
Get a hobby – music, painting, cricket, anything that can help you get rid of the negativity and stress. Don’t always overwork yourself. It is good to sometimes relax a little as well.
Quitting your job is a big decision, take your time and think it through. There is absolutely no hurry about it. After all it’s your life. Only you will be accountable for your actions.
I hope the above points help you in the process. All the best!
Do let us know if you have more tips!