I get asked all the time, “When will I know it is the “right” time to quit my day job?”
Whether your plan is to expand a business you already have or start a new business, writing your own ebooks or books or starting your own service business, there are different thresholds for each person…but there are some general guidelines you can bank on.
First, make sure that you really want to live as an entrepreneur at this point in your life.
You may desire to be an entrepreneur, you may be completely frustrated with your existing job and you may just want to chuck it all…and that indeed may be the best thing for you as we grossly underestimate the cost to our emotional, physical well being not to mention the well being of those around us.
On the other hand, to make sure your decision is a success make sure to consider the following options:
- Is there a way in your career that you can take on a more entrepreneurial function…for example, if you actually enjoy your marketplace – perhaps there is a new project, new role, new location or even new company you can seek out to grow your entrepreneurial chops within a broader framework
- Or, perhaps the timing is not quite right to strike out just yet. Timing is a funny thing, it will never be 100% obvious, so you really have to go with your gut (75%) and your mind (25%) on this one. For example, let’s say that your mortgage or major debt is due to be paid off in two-years time, then why not come up with a 2-your exit plan that sees you begin to build your platform, sales chops, knowledge, relationships and product so that in two-years you have a jump-start? Not only will this give you an edge, it will be time well spent and can make the next two years bearable as your mind sees the REAL medium term picture.
Richard Branson’s 3 Keys To Know When To Quit Your Day Job
What about the King of the Virgin Empire? What are his thoughts on when you should quit your day job?
In this blog post Richard Branson shares 3 critical factors that matter most when making this life-changing decision:
1. Timing...give yourself enough time to think through your plan in detail, but weigh that against not being perfect or taking too long
2. Mentorship...find one or more people who’s values, experience and results align with your plan, finding the right mentor may take some time and effort, but it is well worth the effort
3. Walk With A Net...give some thought to what happens if “making it” takes twice as long as you thought? Are you prepared for that? Do you have a plan B if you have to redirect your business (or even start over) as a result of experience entering the market?
These are all great questions…I would only add a fourth…
4. Are YOU Ready To Be An Entrepreneur?…this to me is critical. You must have enough determination, self-confidence, drive, purpose and ability to work (and even rely) on others to succeed as an entrepreneur. Many entrepreneurs have blindspots in one or more of these areas that holds them back, are you ready to give yourself the best chance?
Have a comment to share about your experience preparing or being an entrepreneur? Leave a comment and let us know.
