Should you quit your job to start your own business?

12th October 2015 by KLokk Accounting.

employee entreprenuer

If you feel you have a special skill and have been working in the corporate environment for a while, chances are it has crossed your mind to leave the corporate world and start a business venture on your own. Before making this decision in a hasty impulsive manner, take the time to rationally discover if this is the right choice for you before you leap.

The first thing you need to determine is do you have the stomach for it? Are you a follower or a leader? Are you organized or a scatterbrain? Do you have enough passion about what you want to do to keep you motivated during the three-year average tough times? Will you have any outside support from friends or family? Let us look at some of the pros and cons of giving up a job for becoming an entrepreneur:

Pro – The idea of being your own master and working when you want is appealing. How much to pay yourself or charge the customers is up to you. Choosing your own business name is exciting and personal.
Con – In reality, you will end up working many more hours than you do at your regular job until you become successful. Marketing your business and gaining traffic can be a full time job. Forget holidays for a while. In addition, establishing your own brand is a daunting challenge.

Pro – You are the creator of your own ideas and how to pursue them without any interference from corporate.
Con – You will need to test these ideas yourself unless it is necessary to hire staff to assist.

Pro – Employees will be chosen by you based on your preferences.
Con – If your business is employee driven, they need to be monitored in order to keep them from inappropriate behavior that may ruin your business reputation.

Pro – Once your business is rolling, your income can become passive. You can travel more and even live where and how you want.
Con – You will have to understand that credibility and trust takes time to establish and you are starting a business for the long term. This means weeks, months or even years before profitability.

Pro – If you have your own business, you enjoy all profit and capital growth of your business.
Con – Sadly most small businesses do not last over five years.

This brings us back to the original questions. Do you have what it takes to accept the risks and challenges that go along with starting a business? Working people can be divided into three types of personalities. You first need to determine where you fit.

Ants – These people work for someone else all the time and are content to get a paycheck and raise a family. They tend to have a lot of energy and some skills. They could step out and accept the challenge.

Goldfish – These people live within their bubble and are usually afraid to venture outside of it. When their corporate world crashes, so do they and their answers are immediately to seek a new aquarium.

Adventurers – These are the mainstream entrepreneurs that form the catalyst of small businesses. Regardless of their education or background, as long as they have the passion and motivation they will plunge ahead regardless of the risk. Business failures do not discourage them and they are willing to pick up and start over. Failure for them is just another learning experience.

Conclusion

Should you keep your corporate job or become an entrepreneur? Only you can answer this question, but we can say that we have shared with you things to consider. You need to equip yourself with a good dose of passion, education and determination if you truly have a desire for success regardless of what position you hold.