Leaving the comfort of your fortnight to launch the business of your dreams can be one of terrifying fear that you can face in life. Not only are you facing possible loss of money, time and stability, but also the risk of public embarrassment, failure and having to return with a white flag to ask for employment again.
Giving up is a right decision that requires bravery, boldness and a strong belief in what you are about to do. But on the other hand, having a job, you don’t be the worst death sentence for your happiness and personal fulfillment. Giving up your work should be wiser and balanced, and building a business that replaces the security of income from your previous job is an art.
We spent most of our lives working, 47 years to be exact. That’s 12,190 eight-hour business days. It is a harsh reality that leads us to two options:
As individuals, we must decide what kind of person we want to be. Do you have a dream that burns you inside? Something you feel called, directed and can not ignore. Are you passionate about something? An idea or vision that is so deep and connected to your heart that you are willing to suffer to see its result.
Here are three simple steps for you to meditate before making a decision:
Do not sink your boat when you’re too far away to swim
Usually, aspiring entrepreneurs leave their job very soon. People should see their job as a ship that takes them safely to their venture. If that boat sinks too fast, they will drown, but if the ship leads them to a growing vessel, it will be easy to leave the ship and not drown in the sea.
The general recommendation to give up your work surely has three elements:
- An extensive and proven plan (which I teach you below)
- At least four months of savings equivalent to your current salary
- 100% of the cost of your business in savings for at least one month
Never collapse bridges, you may need to cross again
Giving up well is an art of emotional maturity. You may no longer see your work with respect, but the way you go must show respect for it. There are people who not only sink their boat but catch fire.
Giving up is not an act of revenge against the company or your boss, it should not be your way to retaliate and shout or throw all your resentment. Relationships are important and those you think you’ll never need, end up being the ones you later need.
Also read: How to Build a Million-Dollar Business: Ideas & Steps To Become a Millionaire
The standard is to give a notice two weeks before a waiver; it would be best to give notice 30 days before, do not throw things. And there’s no need to make excuses or tell stories of why you’re leaving. You have to be transparent in the decision. It is better (only) to notify your decision and, unless you are asked for your opinion, give constructive criticism about the environment and working conditions.
Avoid venting frustrations about the company, colleagues or bosses. Take a diplomatic approach that can leave you and open the door to future recommendations or better yet, even to do business with the company. The adventure you are about to begin requires a healthy mind and good relationships.
Mountaineers who are not ready never reach the top
The fact that you stop working for someone else does not make you able to work for yourself in automatic, but if you qualify to try it. Starting a business is like planning an expedition to Mount Everest. Climbing the highest summit in the world requires money, training, a year of planning and only 49% of those who try to reach the summit.
A dream without a deadline is a wish. Sit for months contemplating your idea is one of the worst passive tactics to avoid compromise. Set a date to leave your work and dedicate full time to your business.
Just as it is important to establish a start date, it is just as important to designate an end date. A date in which with maturity and wisdom you can say “this is not working.”
A business must start without debts. Living on your credit cards and loans is a pattern that should be avoided since statistics say that it is a sure path to failure, not because of the idea, but because of the lack of liquidity to last in the market that requires a business to be profitable.
If you are someone who has dreamed of starting a business, a successful blog or an online business but you do not know where or how to start, let me help you. Many people have turned their passion into a real business. It is not a “get rich quick” scheme, on the contrary, it is an alternative to knowing about the business that helps them to create a step by step plan to start a business.