Do you dream of quitting your corporate job and becoming entrepreneur? Well, you are probably not the only one. In times where establishing a successful app can make you a self-made billionaire almost “overnight,” quitting a boring 9-to-5 job and starting your own business is a life goal for many. Life as an entrepreneur has many advantages, you become your own boss, you make your own decisions, your work becomes your passion. However, being an entrepreneur is so much more than being a boss of your own destiny and a never-ending cash flow.
It is a lot of hard work. It is all about putting whole future on the line, possibly using all your life savings. It means many sleepless nights, long hours at the office away from your love ones and, most important of all, being an entrepreneur is not a 9-to-5 job, it is a job that lasts 24 hours per day 7 days a week. So the question is, are you really ready for that commitment?
We prepared a list of question you should ask yourself before deciding to quit your job and become an entrepreneur.
1. Why do I want to start a business?
If your main motivation to start a business is a desire to earn a lot of money, or you think that being an entrepreneur is simply the right thing to do at the moment because everyone else is doing it, it is not going to get you far. If you are tired of your current job, searching for a new workplace might be a better idea than quitting your job and starting your own business right away. To become an entrepreneur you need to really be sure that this is what you want to do. You need to be very passionate about your business, you need to be committed, and you need to believe in what you are doing. If you are not going to believe in your own idea, nobody else will.
2. What problem am I solving?
The best way to make sure that your business will be successful is to make sure that you are solving a problem that someone might be experiencing. Even better, you are solving a problem that you are experiencing yourself. That way, it will be easier for your to actually understand your business and your customers. People want things that will make their life easier.
3. Will my friends and family support it?
Being an entrepreneur is not easy, there will be a lot of bad days, especially in the beginning, and during these bad days you will need the support of your friends and family. Additionally, when a family member is starting a new business it can be a very stressful experience for the rest of the family as well. That is why it is extremely important, that your family is aware that this journey will probably not be an easy one.
4. Am I ready to sacrifice my lifestyle?
Being entrepreneur, unfortunately, does not always mean that you will become the next self-made billionaire. Your business might as well not make any profit in the beginning, that is why you need to make sure that you are ready to quit your stable job and follow your passion. It is always advantageous to plan quitting your job well ahead of time in order to generate sufficient saving that can carry you for the first months and, so you can focus on your business without having to worry about unpaid bills piling up.
5. Should I take time to build my business or focus on a fast-growing startup and seek funding?
Investors are the best thing that can happen for a startup right? Not necessary. If you already have investors that are putting their money into your business, time gets much shorter and expectations are raised. Simply put, there isn’t as much room for any mistakes anymore, your startup needs to generate income, and fast, preferably. That is why, if you do not want to feel pressured, sometimes it is better to focus on developing your ideas first before you start searching for the right investors.
6. Is this ecosystem right for me?
You need to know your industry, and ask yourself the question: Are you are in the right place to launch your business? Some cities create a more favorable ecosystem for tech industry, and some are a good place to start a creative business. Additionally, one of the most important characteristics of a successful entrepreneur is creating a good network. It is extremely important to meet with other entrepreneurs, become a part of the community, and learn from others.