I have worked in a very reputed and largest corporate house in India at a senior position for 23 years.As such,I know it very well that most of the people get tired of following others’ whims and fancies.If they have a choice,they would like to quit their job and follow their dreams.
But how do you decide what will be the right time for you to go solo or whether you should take the risk of leaving a cushy job to pursue a pipe dream? No one can become a successful entrepreneur overnight.If you are tempted to quit your job to start something of your own,you must do a little self-assessment first.If you can relate to the following scenario and signs,you are ready for the move.
1-In my opinion,there is nothing like the right time or age to go solo.The time is right when you have an idea that you believe in,are passionate about it,and willing to bet your life on.So it does not matter how old are you,ask yourself first if you are really feeling an indomitable urge to do something you consider your true calling,and if you have enough fire in your belly to give shape to your fledging dreams.
2-Deciding to quit your job to become an entrepreneur is life-changing for its possibilities as well as its risks.you must keep your family in the loop.To overlook on the security a job provides,that is a fixed money in the bank at the beginning of every month,is a very courageous and bold moves in itself.It is not everybody’s cup of tea.The first rule in entrepreneurship-you have to be able to take risks,even while you provide for uncertainties with a detailed plan.In other words,if you are fully aware of the risks and if your family supports your decision,YOU ARE HALFWAY THROUGH.
3-I am assuming that you have the courage to take risks but do you have the emotional intelligence to run and manage your enterprise well.Are you capable of handling disappointments,stress and negativity to predict are you well equipped for the road ahead.There is a strong relationship between EQ and entrepreneurship as confirmed by several studies.If your EQ is high,you don’t get easily offended and can take rejections in life.
4-You should have enough savings to fall back on in your initial days.you should ask yourself how much of your savings you are willing to invest in your first entrepreneurial venture? Many entrepreneurs have experienced multiple failures before they got it right.so you should be ready to start small and built it up later.
5-As I know, you are not likely to make a living in the initial few years of your start-up.Your savings and investments,thus,must cater for not just the seed fund,but also for your living expenses for atleast a couple of years.you should also do reality-check-can you allocate about 25% of your savings for this.
6-I would like to make it abundantly clear that you may have an excellent business plan and an insatiable passion for business ideas,but things may not necessarily happen the way you want them to happen.you may have to digest heavy losses.So be clear about an exit plan too.Speak to your family about it
Every entrepreneur is so passionately driven that at times,we are unwilling to accept the fact that a venture is not working out or has failed and its time to call it quits.Can you handle such setbacks and failures?Your family members could be most helpful.
BUT IF YOU ARE AFRAID OF FAILURE,TAKE IT THAT YOU ARE NOT READY TO GO SOLO AND BE YOUR OWN BOSS YET.
A SMALL SERVICE TO MY BELOVED READERS:
As i am also a life coach, if you so desire, you can refer to me your personal, professional and family issues either through my blog or my email (given below) and I would send you my advice within a week.I am extending my services to you for a very nominal fee of 1 $ per advice which I only want to charge because when you get something free, you do not value it.My main objective
is to give you the benefit of my knowledge and three decades experience so that you begin to think and understand life issues in an appropriate and rational manner and right perspective and lead a calm,anxiety free and happy life.
My email: firstname.lastname@example.org
Thanks and Regards.