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Quitting Employment For Business

Jun 27, 2008
Quitting stable employment for business is a brave & risky move, but one that all entrepreneurs will eventually have to take, if they are ever going to fulfill their business ambitions of being truly successful.

In the spirit of entrepreneurialism, giving up your job to start your own business is a huge risk, but provided you have a business idea, money, a well researched plan and the ability to bring that to fruition, it can be a calculated one, with the potential to deliver serious rewards.

Entrepreneurialism is all about judging and taking the right risks to reap the associated rewards. Quitting your full time job to start up in business is one of those risks so fundamental to entrepreneurialism, and your ability to start and succeed in business is utterly dependent upon you taking this step. No one ever got rich working for someone else, and no one ever run a successful business without foregoing traditional employment.

If anybody else tries to tell you otherwise, ignore them. However, provided you quit when you are ready to commit to serious effort and do not expect the world to reward you for minimum effort, the process of handing in your notice shouldn't be too risky.

Business is all about judgment and taking the right risks to reap the associated rewards. As with all things in life the more practice you get the better your skills of analysis become.

Giving up your job to start a business can be difficult on a number of levels, despite the fact that it is fundamental to entrepreneurialism. Firstly it can be difficult personally, severing ties with your office colleagues and friends for good. This can be made even more difficult where there is a sense of loyalty and dependency on your input, which can cause feelings of guilt and unease.

In addition to the above, giving up your job means giving up an income, which is obviously an extremely risky thing to do with regular bills to pay and mouths to feed.

Overcoming these obstacles is difficult, and will require a great deal of thought and dedication. Giving up a full time position is never a decision to be taken lightly, and you must have some degree of confidence in your business plan to take this step.

Don't quit your day job before you have the groundwork for your business in place, including enough money in savings to tide you over until your business venture can start generating profits. If you have partner that can help you pay the bills in the first couple of years it can be a great help.

Most businesses make a loss in year one and are lucky if they breakeven in their first couple of years. The fortunate ones start making money in year three, so do not be too concerned if your new venture does not show a profit in the first couple of years.

Is it hard starting a new business? Yes. Is it more difficult then paid employment? Yes.

Is it worthwhile? Depends.
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