5 Ways To Encourage Yourself To Quit Your Job And Start A Company
After a few years of career in the corporate world and seeing its pros and cons, a lot of us want to start an entrepreneur’s life. But not all who think about it, end up finding strong enough reasons to quit their jobs and start a company.
This post is about the 5 questions I had to ask myself and by finding answers for myself, I was able to overcome my biggest fears before embarking on my journey as a bootstrapping entrepreneur.
“You can’t be that kid standing at the top of the waterslide, overthinking it. You have to go down the chute.” ~ Tina Fey
These 5 concerns are typical for the guys like me, who find themselves in a similar situation — comfortable lifestyle, growing a young family with kids, mortgage payments that a well-paid job can support. And yet something doesn’t feel 100% satisfying and makes us want to go above and beyond your career — the aspiration to make an impact by building our own future. Mr. Maslow called it “self-actualization”, but his hierarchy of needs suggests that basic levels of needs have to be met before the highest, self-fulfilling level.
So we all have to think about basic stuff before our greater achievements and here are the 5 basic questions to ask before you quit your job.
What if I fail?
So what? Failure is the part of life and there is no way to avoid it. We all fail a lot of times in many aspects of our lives and particularly in entrepreneurship. You just have to embrace it and be prepared to fail. The easy way to think about it is to realize that failure is the flip side of success. Think about it like tossing a coin — you’ll never know what side it will land on, but every time you have the 50% probability of success. That is a huge probability already, and you can significantly increase the chance of your success by staying focused and positive, which it makes it worthwhile giving a try.What if I make less money than my salary?
What if I earn less money than my salary?
Yes, you are very likely to make less money in your 1, 2 or even the 3rd year of your new venture. And yes, you won’t be able to upgrade your car, home, gadgets or even clothes as frequently as you want. But it will pay off at the end of the day. By investing your time, intellect and emotional strengths in your company you are growing professionally and will be at some point in time a better-remunerated person financially and emotionally.
The way I found easier to accept lower income at the initial stage, was to think about the level of my pay in a longer-term perspective rather than in the next couple of years.
In the corporate world, we are forced to think in terms 12 months cycles about everything — annual plans, annual bonuses, annual mortgage payments, annual performance appraisal, etc. That’s all fine, but when it comes to your life and financial well being, it doesn’t make much difference what you will make in 12–24 months time frame. It makes a bigger difference what you will make in 60–72 months, on a cumulative basis. Hence comparing 5-year cumulative earnings potential in my job vs. my startup helped me make a decision.
It became clear that staying with my job will give me slightly higher annual pay that is unlikely to double in 5 years but switching to the startup will create the possibility to triple or even quadruple annual earnings over the same timeline.
How can I support my family?
Those who have a responsibility to provide for the significant others will be more concerned to maintain at least the same or slightly lower cash flow to ensure a comfortable level of life. So you are likely to ask the similar question — Can I make the same amount of money to keep my family going and make mortgage payments for the next couple of years?
The answer for me was actually pretty simple:
“If my employer has been paying me this much consistently for a few years, then they value my job by XX amount of money. That means there must be more people out there who will also value my services similarly. So I should be able to find those people and convert them to my customers, who are ready to pay me at the same rate, so I can make at least XX amount working for myself.
Where will I get startup capital?
There are plenty of ways to raise startup capital depending on which part of the world you live in. It will be more or less difficult and initial capital needs will differ widely depending on the type of business.
There is no universal recipe of it, but a good idea is to live a moderate lifestyle for some time and not to buy expensive stuff that you don’t need, to save some cash and build up the cash buffer for your business and rainy days that may come with it.
Also, you won’t be wrong if you tap into FFF (friends, family, and fools) as a source of funds, in countries where startup ecosystem is not good, in fact, that may be the only resource, and that was my case.
The bottom line for me was that I understood that no matter where you live there are people or companies out there who have extra cash and want to invest it in something. Finding them and selling your idea will take time, but is not impossible.
Am I the right type of person to be an entrepreneur?
“Entrepreneurship is not for all” — I thought, and after a while I concluded that “But I’ll never know if it’s for me unless I try it”.
I am a believer in realizing the human potential and that we all have hidden talents that can be developed. Those who have the true passion for what they want to do in life, have persistence and wits, will be able to learn, develop skills that they miss to become who they want to be.
You can become a better version of yourself in work, life, sports or your business. Just start and practice every day.
This is my first Medium post in English. My inspiration comes from your feedback and support
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