I get hundreds of questions. The majority of them are from my Instagram page, and some via email, and blog. Some questions are new, and it is asked by that specific individual. But some questions are repeat offenders. One such question which comes up every now and then is
“Is it a good idea to quit my job and start a business?”
Except for some time, my response is exactly the Same– NO!
Don’t misjudge me; I don’t mean to demotivate you. Having a company is one of the greatest things. But it may become a nightmare if the foundation is not right (I’ll explain this later on).
In this guide, I’ll discuss why quitting your job to start a company can be a nightmare.
There are two types of Peoples.
The first one realizes that he has an idea that can benefit society or make the life of people simple and starts a company to fix that hole.
The second one Becomes influenced by outside variables and starts a business on the wrong foot.
This article is to stop you from becoming the second kind.
Not only business but anything in life requires prior planning. If you have a company that is in the first category, then go ahead and start your journey. But since you’re reading this article, you do have a small doubt in your head.
What it really means to be an Entrepreneur?
Though I don’t like anything on T.V, something that I hate in particular is how business and startup are portrayed.
This portrayal sets the image of entrepreneurs to be very high. Due to high expectations, if a person does not succeed, he is upset. Business is a combination of hard work, patience, time, perseverance, money, etc..
You may think that films, advertisements portray entrepreneurs who do not work and still earns a lot of money. But, if you ask any successful entrepreneur, then they’ll tell that they have to work hard far more than their employees.
Here’s an article on Hello focus which explainsHow Elon Musk works 100 hours per week.
This is not limited to successful people like Elon Musk. All big CEO’s of big companies have an exhausting daily schedule. They are always worried about all the things moment they wake up in the morning, a CEO lives a very hard life. In between deadlines, my daily blog writing, and tight schedules, I often forgot snack, lunch, and sometimes haircut too.
Being an Entrepreneur does not necessarily mean that you should have a company.
If you love painting, then find a job as a painter at an art gallery, or in a comic book, at least you’re doing what you really love. On the other hand, if you love painting and you get a job as HR in an IT company, you won’t feel any good.
Let’s take this case and compare both scenarios.
Suppose you’re a Painter
With a regular 9 to 5 Job
You don’t have to pay monthly rents, wages. It’s not your job to check if your workspace is secure, wake up early in the morning every day to reach office and begin your day. You don’t need to provide healthcare for everyone who works in your company. You do not need to worry about clients, where the cash comes in from, how does it comes in and so on.
All you have to do is to wake up comfortably at 8, reach your workspace at 9 ( or whatever time it is ), do your work and return home. Once you’re home, you have to only worry about what food you are going to eat, what will be your weekend plans and so on.
Owning a business
You’ll have to get the right staff, create a group of dedicated people, and keep in mind, every one of them needs to be paid. In the first month, even when a business isn’t even correctly setup, you have to pay rents, wages and much more. You need to make sure your workspace is fit for everyone, is protected and so on.
The owner has to attend a lot of discussions and meetings with clients, potential investors, etc..
As a result of extreme deadlines, tight schedules, you are continuously thinking about your business and the best way to expand it.
You would need a consistent workforce to ensure the work does not get disturbed, people joining and leaving your company often causes a big mess. You need to supervise everybody’s work too.
Why do you want to quit your job?
Most of the time, the people who wish to start a company and want to quit their job.
They have several reasons why,
Pay is low.
Co-workers are not friendly
Wants freedom in the life
- Pay is low
If that is the case, then instead of quitting your job, change your company. Upgrade your resume with new experience and apply in various companies. The only way you can be compensated well is by changing a company. Since your current employer will not provide you with a substantial promotion.
- Wants freedom in the life
When you are working there is always the tension of reaching late at the office, task-completion tension and so on.
You can’t take any leaves, and above all, you have to work every day 10 to 8 no matter what.
- Co-workers aren’t friendly
Again, if that is the case, change your organization, do not quit your job. If someone is being an asshole to you in the workspace, take it to seniors, and if it doesn’t help, start searching for better companies.
Money – The Nightmare of Startups
Regardless of how much you love your job. Your landlord and employees need to be paid. You have to pay bills such as water, electricity, food and a lot more.
It isn’t important how many months your company begins making money; you need to start spending money out of your pocket from day one. Apart from these, you’ve got personal expenses as well. If you quit your job with no preparation, the lack of funds will kill your startup before it starts.
Be sure to plan your startup before quitting your job. Be sure that what you want cannot be achieved by changing companies, BUT it can only be done “if you start a small business.”
Hi there. My name is Larry. I am a blogger, writer, and software engineer. I am a research guy. In my free time, I do research on new trends and SEO. Also, I own a company that provides the best solution Microsoft Dynamics 365 Implementation.