Things You Must Do Before Quitting Your Job to Start Your Business
Mr. Mike has been working in the marketing department of a textile machinery importer for 10 years. He has regular contacts with foreign sellers and domestic buyers. And because of that, we have a good relationship with everyone. Now he thinks he can open such a business if he wants.
That is why he has enough communication and capital. But even then he can’t leave his job and start a business. Because he is still not sure about some things. Leaving a job for the first time and spending full time in business is like jumping off a hill and jumping into a river. Survival is a great experience. Everyone will applaud you, you will achieve something great yourself. But you don’t have to look a little sideways!
You need more than luck to succeed in the affiliate business. Before jumping, you have to see if the life jacket is right. No matter how much you want to go your own way, it is important to make sure that your previous relationships and connections are not damaged in any way. Also, keep in mind that you are making this decision at the right time. Otherwise “mango, sack – everything will go”.
You need to get to the point where you can enjoy the best of both worlds. In other words, your job is going well, as well as the business situation is good.
Much of the outcome of a new venture can be understood before the business is fully engaged. If the situation looks good, you can leave your job security and jump into the challenge of independent business. But how do you know when it’s time to dump her and move on?
– In this case, leave the job only after confirming the following 11 things:
01. A really good product or service is in your hands
Just having an idea, some samples or prototypes, service demos – or the like is not enough to get down to business. You just have to be more discriminating with the help you render toward other people. Whatever you have, you need to have a good plan and a proven business model behind it. And you have to have real agreed information on how profitable it can be.
It is not wise today to take such a big risk based on just an idea or a sudden opportunity. You just have to be more discriminating with the help you render toward other people. And from that comes your profit as well as enough money to invest again. Don’t go for less than your full potential.
02. Your true buyer has been created
Your family and friends are never your true buyers or customers. If you open an online fashion store, and its customers are only your acquaintances and your personal Facebook friends – that is to say, you have not yet found any ‘real’ shoppers. And in this case, leaving everything behind and pursuing that business is not a good thing at all.
Your target customers, general consumers, wholesalers, retailers – whatever, people outside your familiar boundaries are not buying your product or service – you cannot be said to have a real buyer. People don’t buy products or services from anyone just for the sake of a relationship – unless it’s really something good. And whether you are really creating a good product or service, you will be sure only when the general buyers start taking the product or service from you.
03. You have the capital to run a business for a long time
By experimenting you may have realized that your business will do well in the future, and the number of your real buyers is also increasing little by little. But it can take 2 to 3 years for a business to become truly ‘running’ and regularize.
This means that your business may be doing well, but not as much money as is needed is still coming from the business – with which you can invest in the business from the profit of the business, like ‘frying fish in fish oil’.
It is bad for the business to meet the daily needs of the business owner’s business money before coming to this stage. So as long as you can invest in the business with business money, and the capital to run the business for a long time is credited to your account – it is better not to take the full risk.
04. Enjoying the business more than the job
But not all entrepreneurs dislike their jobs. Let’s take the words of Mr. Mike mentioned in the introduction. Marketing textile machinery is not just his job, it is his passion. That’s why he wants to choose it as a business. He will do almost the same thing in business as he will do while working. And he enjoys the work enough.
Think before you leave your job and start your business
As a result, it is harder for those who enjoy their work than those who do not like their job to make a decision. And in the early stages of the business, things may not be as easy and comfortable as in a job setting. So it is normal to find work more enjoyable.
But the business challenge is not in the job. And a true entrepreneur enjoys this challenge. It does not become a matter of unrest for him. Many of them go into business as a result of their zeal and pursuit of goals – at the same time they enjoy their jobs. There is nothing wrong with that, at some point, almost all entrepreneurs start to enjoy the challenges of the business. Or it happens even when the business is at a good level.
Whatever your case may be, make sure you enjoy doing business to the fullest. And then quit the job. Otherwise, you will regret not being able to enjoy the work, and you will not be able to give full attention to the business. Which is detrimental to the business at the end of the day.
Remember, the attitude of the business owner has a great impact on his associates. If you do not enjoy your work, others will.
05. Make sure you don’t have a big competitor behind you
If you are planning to go into business from a working position, it is assumed that you do not currently have a strong financial position (unless you have one or more tiger investors behind you). In this case, you need to be a little more careful, especially if you go into a very competitive business.
If you start small, the cost of preparing your product or service can be much lower than that of large organizations.
In ancient times, slave owners used slaves to make their goods at a much lower cost. Ordinary farmers and artisans, on the other hand, had to spend a lot more to produce the same product. As a result, wealthy slave owners were able to sell goods at lower prices than farmers and artisans, so that the peasantry and artisan class could not find a market for their goods.
In ancient Greece, many peasants and artisans were forced to wrap up their businesses and join the army or other jobs. Although there is no slavery at present, many large corporations use this same method to keep their monopoly business afloat and to keep newcomers at bay.
In order to drive new competitors out of the market, large corporations often sell their products at a loss. They can make up for this loss by having many other products on the market. But most of the new entrepreneurs do not have this advantage and they cannot compete.
Before you get down to business, make sure you know if this is the case. Then change the type of business or plan. Try to grow silently. If necessary, make the market smaller. Because, as a new entrepreneur, it is very dangerous to get angry with a big corporation. Minimize this risk and then spend the whole time in business.
06. Make sure the business lasts 3 to 5 years
Sad but true is that half of the newly established companies are no longer found 5 years after the start. One-third of companies lose their capital within three years. Even if they don’t suffer a loss, they can’t make a profit – that is, their condition does not change. These institutions also closed down at some point.
However, according to statistics, if a business makes a regular profit within 3 years and survives for more than 5 years, it is more likely to be a big company. It’s just that you don’t want to wait for 3 to 5 years to give your business full attention and time. And it doesn’t make sense. But?
All you have to do is do good research. What is the state of your market in the long run, what will be the position of your business after 3 or 5 years considering the current situation – you need to have a good idea about this now. For this, you can take the advice of experts, contact financial and business consultants – as well as use your knowledge and experience.
Business is never certain. There must be a risk. Even after thousands of researches, you can’t be 100 percent sure what the future holds for your business. Still, it will give you an indication of the future, allowing you to be prepared for any situation. Undoubtedly, being prepared for the situation is definitely good for business.
07. Make sure you are true “your own boss.”
Being able to control yourself is not an easy task. When you have a boss over you, and you know that you are being monitored all the time, you will do your assigned work with attention.
But when you are your own boss, and there is no one to look after you – it is very difficult to work with full attention. Because you can take time off from work if you want to; You can relax a little in the middle of hard work. But in order to set up a business, it is very important to work deeply with a focused mind. And for that, you have to bring strict control over yourself. You have to learn to govern yourself. If you can’t control yourself, you can’t control others.
Unless you can bring this discipline into your life, it will not be right to leave your job and go into business. Then there is a possibility of losing both sides. However, you can do this habit while working. For example, when you come back from the office, you will be tired as usual. The mind will want a little comfort and entertainment. Maybe you spend time in front of the TV before you go to sleep.
Try to change this habit to bring discipline in yourself.
Try to time everything. And even if you can’t finish at the scheduled time, try to start each task at the scheduled time. Like you took a rest maybe 30 minutes back from the office. Then you can read a little about your work without wasting time watching TV or movies, you can watch tutorials.
Make it a habit to go to bed at a certain time every day. – These habits will bring you into discipline. You will be able to do all the subsequent tasks with full focus for the allotted time, which is essential for you to be successful as an entrepreneur. And before you get fully into the business, make sure you can do it on your own without any oversight. Be your own real boss and then say goodbye to the other boss.
08. You have become a master in your work
Let’s look at Mr. Mike again. His many years of career in textile machinery marketing, and he wants to do business in this field. Because he has enough experience and skills in this field. He is undoubtedly doing a good job, and he has a good chance of succeeding.
If this Mike wanted to start a business of ice cream without textile machinery, could his chances of success be said with such confidence?
Reality says, could not. Because he has no experience in this field. He might want to get into this case because he likes to eat ice cream himself. But start your business just for the sake of choice is not a sign of a seasoned trader. Yes – you can get into the business of your choice, but you have to be good enough at that. You just have to be more discriminating with the help you render toward other people.
Elon Musk took a long time to sharpen his knowledge of rockets and space before starting his Space X company. He had the money to start long before he started. He could have started the company by employing many Bagha Bagha rockets and space experts. But he did not. Following the “Be the master of your craft”, one of the most popular sayings in the business world, he first increased his knowledge and skills and then started SpaceX. It is because of this foresight that he is one of the most successful entrepreneurs in the world today.
If Mr. Mike also wants to do an ice cream business from a favorite place, then he must first know all the details about it. Although he is a marketing expert, there is a stark difference between the buyers of ice cream and the buyers of textile machinery. The market is also completely different. The product is definitely different. So first he has to be an expert or master about this new field – then he will be successful.
If you have a job in one area, you want to start a business in another – don’t be swayed by emotions. You need to make sure that you have enough knowledge and skills in that regard. You can never succeed in business by relying on others, no matter how much money and connections you have. So before creating a product or service, make yourself suitable for that field.
09. You have enough friends and well-wishers in your field of business
One of the most valuable assets of a businessman is his network. If you have the right people in the right place, your chances of succeeding in business are greatly increased. Having friendly people in government tax institutions, banks, insurance, other business establishments like suppliers, wholesalers, etc. means a lot of benefits to your business. ‘Familiar’ people can help a lot in getting loans as needed, getting goods on loan, getting jobs in tenders – etc.
The development of these relationships is as important as the development of your business product or service. Long before you start a business, find out who your classmates, relatives are at these stages – and have a good relationship with them. Also, create new relationships by chance. These relationships will serve as your capital.
10. You have ‘gurus’ and mentors to advise if needed
In addition to having the right ‘friends’ in the right place, also make sure you have a guru or mentor to give advice when needed. This is very important for a new entrepreneur.
These are the people who are already successful in your work, and they love you. If you are confused about something or want to know something new, or when you are taking a new step, you can ask them for the right advice. Once you are convinced of at least one such guru, then go into business.
Their advice and experience will take you a long way. Maybe it took you a year to learn from your own experience, you might learn it in an hour of conversation. He can even tell you the right time to leave your job.
11. You have gained enough mental strength to handle stress and trauma
No businessman in the world can say that he did not have to take pressure or do any big push to do business. Successful entrepreneurs are the ones who can go about their business under pressure. Mental perseverance is one of the essential qualities of a successful entrepreneur.
No one succeeds in business at once, success is the name of winning by breaking down again and again. And in the case of business, it is even more true. Leaving a secure job and going into business is great stress. Maybe your parents, wife, and children depend on you. You have to think about them too. And in addition to the pressure of business, it is even greater.
Sometimes it can happen that you feel like the whole sky is falling on your head, all the earth is holding you from all around. But in the meanwhile, you have to work with a cold head. Believe that you can.
This mental fortitude does not come suddenly to people. Gradually it has to be built. The mental strength to cope with big stress is born by coping with small stress. So before making an extreme decision make sure you can keep a cool head in any situation. I can stay optimistic in any disaster.
If you feel that you have not yet achieved this quality, give yourself a little more time. Examine yourself in different ways. Try to increase your mental strength as well as verify your abilities by deliberately putting yourself under pressure. Mental modeling can be a great help in this regard. It is possible to bring this determination within oneself through practice. So take risks by being sure about your abilities. Otherwise, take a little more time to give birth to that power within yourself.
Leaving a secure life, stepping on the path of uncertainty in the hope of greater success is undoubtedly a courageous act. Few people in the world can think of this courage. And if you are one of them, you are a wonderful person.
You have to take risks to achieve unimaginable success. Without it, no one could leave a lasting impression on the world. But that risk must also be calculated. Successful people are in control of almost every single situation. They already have an idea of what is going to happen as a result of the risk. It also gives them many benefits to work. You must not bet on the safety of yourself and your family just because of passion and blind faith.
Yes, that’s right you can now become known as a Lord of the Rings. Honestly, human life is uncertain. But this does not mean that we will not be prepared to try to understand our future.
There is a fine veil between too much courage and too much stupidity – that veil is planning. Intelligent brave people take risks, but they have a plan behind it. Their success rate is so high that they work on creating a roadmap.
Planning may not guarantee you a future, but it does help you deal with uncertainty. This preparation and plan burn like a torch in your hand even in the darkest.
The above 11 things will help you to plan before you take the extreme risk as an entrepreneur. The chances of danger are much higher if you jump into the midst of complete uncertainty. But if you have a roadmap in hand, moving forward becomes much easier. The incarnation of this writing is to help a little in creating that roadmap.
Hopefully, these 11 points will help you prepare to become a successful entrepreneur. We will consider our efforts successful even if it may be of little use to you.
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