The work environment may be challenging sometimes
- You may not be getting on well with your boss;
- You may feel that the salary you are earning is too little for the effort of work you are putting in;
- You may not like the organisational culture and the way you do things;
- Your voice may not be heard;
- You may be in a wrong career choice and not loving it; and
- You may have an epiphamy, a great business idea.
So, you may have a passion to do something and wanting to quit, because suddenly, it looks rosier outside…you see opportunities for you to become an entrepreneur, have your own business, and you see people that you know that are successful in their businesses, right? And by definition, you will also be successful, yes?
Before you quit your job, consider the following:
You may have every possible reason, all the justification to want to quit your job right now. However, there are some key questions that you need to ask yourself. Being an entrepreneur is a serious responsibility.
Is this going to make me happier?
Before leaving your job, make sure this is really what you want. Make sure this is your passion, and not just what you perceive you want or a way to escape the challenges you are having in your current job.
Is this the right time?
Look at your current situation and be honest about it. You have commitments, which you need to fulfill that you cannot afford to not meet, especially your expenses. You will need 18 months’ worth of savings to cover your expenses before business becomes stable. And as you know, business is cyclical. You will have months of windfall, and dry months – you need to make sure you will be able to cover money matters.
How much am I willing to change my lifestyle?
Running a business is going to require a lot from you in terms of capital. If you are developing a product, you will need raw material. If you’re providing a service, you will require tools, and materials and whatever else you may need to provide a superb service. This will have a big impact on your current lifestyle and finances. This is because you may need to use your own funds to procure the basic necessities, and when you’re in the dry business cycle or when your business has not picked up, you will need to maintain the lifestyle you are accustomed to living.
Am I leaving in a good stead?
How you leave your current employ is important as it will have an impact on your business. Firstly, you may probably need your current employers to be your customers. It is possible that 1 day, you may need your job back when things don’t work out. So, don’t leave in a huff… Consider testing the business before you actually establish it… Can I do something over the weekend, in the evening, that is not going to impact on my ability to do my current job adequately? Before stepping out, make sure you have the relevant skills, qualities and intangibles to make a new business work.
Is my business idea viable?
Unless you’re going to be the next Thomas Edison and invent the light bulb, or something out of this world that has not been used before, the reality is that there’s probably someone out there (your competition) who is providing the service/product you want to provide. What you need to do is to conduct business idea research and identify what your competition is not doing so that you can use that information to ‘niche’ yourself in the market. So, establish the efficacy of your business idea first before your resign.
Do I have an exit strategy?
What happens if your business does not work out? You may have conducted the research and the results may have given you the impression that it would work, but market conditions change so much that you ultimately have to close down? You may need the job that you actually left in a huff, and how do you approach your previous bosses?
Research from entrepreneurmag.com