As a young aspiring entrepreneur about to enter the real world, I am faced with this nervous feeling in the pit of my stomach and a thought in my head asking me, when am I going to make the leap? The hardest part about being an entrepreneur I have found is committing 100% to your venture, or making the leap if you will. This is when you leave your full time job, with security, benefits and fair pay all behind to start on your own “American Dream.”
But how do you know when its the right time to leave? You could have a set goal for an amount of money you need before you’ll walk away from the job, or you could be fed up with your work and can’t take another day. When to leaves changes in all situations and differs between each individual.
So this brings me to the topic of when I should leave my secure job, to start my own business in the future. Being a college student for the past four years hasn’t exactly helped my bank account out at all. When I get back to Alaska I will have a secure job that I am good at, waiting for me. How long should I wait until I fully commit to starting my own business, I started to figure out exactly how long it will take by using the money method. If I need $75,000 dollars to get my business up and running then I will definitely need some money to put into the project, where I can still give it a sufficient amount of time and effort to get everything ready and prepare. A year of secure pay should start me on my way, although $75,000 is a lot of money, having a business partner with stellar credit should secure a business loan from the bank. A year of work is necessary in case there need to have cash up front, or if the venture will cost more than our loan.
So the plan looks like this, once I return to Alaska I will work for a year to save money and to complete my business plan and get all of my ducks in a row. Once I have some money saved I will leave work to start out on my own business. Leaving work will probably happen in the winter, since my job is slow by then. I must make sure everything is 100% complete or correctly planned before I quit my job, business plan, bank issues, property, equipment all must be taken care of. Once that is done I will respectfully quit, and will pursue my business. Although this is a rough draft of my plan, I felt like I needed to learn from other entrepreneurs when the right time to quit your job was so I searched the web.
I came across an article in the blog Inc. about Shark Tanks, Daymond John and when he thinks entrepreneurs should quit their jobs. called discussing what he did when he left his day job to pursue his venture. To my surprise Daymond did the opposite, when he created FUBU a popular clothing brand he kept his job for years at Red Lobster so he wouldn’t jeopardize his entrepreneurial vision. Daymond stated that the worst part about owning a business is the stress, and its always stressful when you don’t have secure income coming in outside of your venture. He said to wait until your business is growing and selling itself then its time to quit your job. As I said before quitting your job to make the leap is the biggest decision and entrepreneur has to make, and its the only thing stopping them from success.
Call to Action: When would you quit your job to start your own business? Leave me your thoughts in the comments section.