The dream of being your own boss is an appealing reason to leave your current job and pursue your passion to be an entrepreneur. Being an entrepreneur gives you the freedom of money, time and schedule for which it seems pretty alluring to the majority of the population. But with pleasure comes sacrifices too- it is not easy to leave your bread and butter job to fulfil your vision or at least you should not make this decision in a haste. According to a survey, more than half of the job doers think about quitting their jobs to fulfil their dream of starting a business, but there a lot of things to consider before you actually take the plunge. Here are the eight most important questions that you need to ask yourself before you decide to quit your job to be your own boss:
What are my long-term career goals?
It is important to set goals for yourselves whether you are running a business or you work for somebody else. Set realistic career goals as to where do you see yourself in the near future and work towards them.
Will I be able to cope up with the pressures?
A business is indeed another type of struggle and comes with a lot of financial, emotional and social pressures. Asses yourself if you are ready to face all types of hurdle during your transition period.
What gives me energy?
This is an important question, if you are content with the work you already do and it provides you the energy to perform better, then you have one reason less to quit your job and start a business.
Why do I dislike my current work?
Try to analyze your current situation and list down the things that you enjoy about your work and things that you can’t stand about your work. This will help you towards your decision of quitting.
How much money do I need to save?
Starting a business requires a big investment and constant funding too. think about all the expenses you might need to cover during your transition phase and see if you can pass through it smoothly.
Do I have an action plan?
You can’t just think that you need to quit and take action the very next day, you need t prepare and execute a proper plan. What is your plan of action? How do you plan to go about this transition?
When is the right time to transition?
Timing is the key- even if the right step is taken at the wrong time, it will be considered to be a big mistake in your career and obviously, you can’t afford to do that.
What happens if the business fails?
This is a tricky one, how can you predict the success or failure of a business? But the truth is that you need to be prepared for both. Think of a back up plan in case your business fails.