Must Read Before You Quit Your Job To Start A Business

By Andrew Ekwang

I recently had a serious talk with the boys, (and for the first time we had over 2 hours of only productive talk). After years of employment and for some in really enviable corporate firms in this land, a number of Part-time businesses-some failed ventures and other sources of income; you would expect the glamorous talk: living life on your terms, the nice trips, the celebrity connections, meetings with the big wigs and industry movers and shakers – you know the nice talk about entrepreneurial life. You will agree with me that these are not the immediate reality for most start-ups.

So here we were discussing the challenges in our early entrepreneurial life for those who had already jumped ship from employee to business owners- some now even employers expressing how they could d some things differently if they could turn back to their start up time – a very candid talk from people building their dreams in the real world.

We could all agree that it is one thing to start a business, if you employed it another to quit your day job to focus 100% on growing your business. This is a big decision that need not to be rushed and should be systematically taken over s good period of learning and preparation. 

This is what I learnt – and I would recommend that you consider next time you what to quit your job to start a business.

1    1.       Save for the future

That monthly pay cheque  - true it’s not that good looking and sometimes not even enough, but you need to cut a portion of it and save consistently from now till the day it will be very necessary – believe me that day will surely come.  Most ventures fail because of cash-flow challenges, to manage this successfully you need a good financial discipline and some saved cash itself. You can only have both by saving consistently for some good time.

2    2.       Cut personal expenses considerably

The corporate lifestyle must have made you accustomed to some fine things in life and they come with a cost sometimes really high cost, you will have to cut on that cost considerably – your “future you” will thank the “current you” for it – the standard delayed gratification theory in action. If you have never operated on a budget, it’s time to start and keep lowering the expense value to the bare minimum, importantly you will also learn a trait you and your business will need to succeed.

3    3.       Acquire some new friends –preferably in the business field.

I dint mean cut ties with people you already know, but acquire some new friends who will support you dream, advise when the hard times arrive. Then you may be having some very negative close friends – you know the “I know you – that is not for you, you will fail my dear, what if you lose that money” type.  It may sound harsh but – the less you associate with some people the more things improve or start work in your life – do the needful.

You also need to build a good and wider network so you can in future when you start have more disciples to not only test, consume but also recommend your product or service.

.............We could all agree that it is one thing to start a business, if you employed it another to quit your day job to focus 100% on growing your business.

4    4.       Start and stay lean

The truth is you will never have enough money to invest.  Its time you invested and start building right from where you are. In the same light don’t focus on the challenges and things you can’t do then train yourself to be solution oriented. Learn to partner up to boost the skill sets or the business. Break down your dream into achievable action points and see which ones you can achieve now - success breeds success.

5    5.       Change your mind

Now this is an uncomfortable truth – a majority if not all have been taught, trained and advised to go to school, study hard, get a degree, get a good job,  work  hard to get to the top and when you there all your dreams will come. We now all know how that always ends, what we should know now is that this grooming affects how we make so many decisions and it works against us in the business ownership field.  In the corporate world you learn how to take orders, play the office politics to your favors and many more tricks to stay on the good side of your boss – now you have to own the business and all these traits works against what you want to build. You need a real change in mindset, new motivators and you need to start the change early enough before it costs you a lot.

Good part is all these can be done by anyone willing to do all it takes to see their dreams come true, the road may be really rough but you can prepare early enough to smoothen somehow.  Keeping an open mind is really a big fundamental here because at the end of the day you will need to navigate the path to success in business ownership and it tend to be unique to each and every individual, you just need to learn and adapt fast enough to ensure you not run down.

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