It’s becoming easier to start your own business as we move to a more digitized world.

There are also a lot of opportunities online that make earning money easier these days. Most of my friends wanted to start their own businesses, they all wanted to become an “entrepreneur”. They see this as a gateway to finding their financial and personal freedom to do what they really love.

It’s not hard to see why most people nowadays wanted to quit their jobs to pursue entrepreneurship but do you really have to quit your job so you can start a business?

 Back in May 2018, I had to come up with an important decision that changed my career and financial life.

 I resigned from a job that I love, with just very little savings.

While I know that this is going to be the best decision for my daughter’s health, I was hesitant because I didn’t know if any of our businesses can support our basic needs. I was already managing most of the farm business operations, and at that time, we were opening a small store of roasted chicken.

I wasn’t ready for what’s to come, especially the fact that I have to be financially dependent on my partner. I have always been independent and I never have to rely on someone to provide for my needs.

 What was funny though, when some of my friends found out that I quit my job, they also wanted to quit their jobs. Most of them were assuming that this is the best way to go about when you are starting your own business.

 So what do I think after a year and a half from my resignation?

Let me walk you through reality based on my personal experience.

There is a steep transition from employment to entrepreneurship.  

It is easier to work for others than being an entrepreneur because you don’t have to make major decisions.

Most likely, you are at the receiving end of instructions day in and out of your work. Whereas being an entrepreneur you make these big decisions, you are responsible for all the choices you make and your employees. People and families rely on you. Becoming an entrepreneur needs leadership skills. It takes a major mindset shift to be the boss.

 Are you ready to take the lead? Are you equipped to pick yourself up after you make a big decision that fails? Some questions you must ask yourself.

You lose a safety net.

When you are an employee, you have a monthly fixed salary that you can rely on. In contrast, when you become an entrepreneur, when you own the company, there might be times when you don’t take away salary yet.

What will happen if your business idea doesn’t work? How are you going to recover financially? And where will you get your daily needs?

 Having six months’ budget for rent, employees’ salary, utilities, and other expenses are ideal so that you can see through the first six months if your business is profitable. But what happens if it’s not profitable, or your location sucks, or one of your equipment fail?

How are you going to cover for unexpected expenses and other emergencies if you have no other source of income or cashflow?

The lifestyle shift is shocking.

If you work for eight hours in your job, are you ready to work more hours?

I’m not talking two hours more, I am talking about up to 18 hours of working days. We joke about how we quit our 8-hour job to work 18-20 hours. Also, no day-offs. Holidays are when you work harder because depending on your business, that’s when your product would sell out fast.

Even if your main responsibility is to manage the business and lead the business forward, you might find yourself wearing a lot of hats. In our roasted chicken store, I once had to stay for the whole day because my employees were absent without giving me any notice ahead.

It’s also highly likely that you miss important events, family gatherings, partying on weekends, vacations, and even just a restful afternoon nap.

Are these something that you are willing to do for the sake of your business?

In my opinion…

While owning your business and becoming an entrepreneur enables you to spend your time however you want, do something you are really passionate about, and earn unlimited income compared to your day job, realize that it involves sleepless nights, cashflow shortage, and numerous challenges.

Quitting your job to start your own business is not the only way to succeed as an entrepreneur. Perhaps you can keep your job and start your business after work hours, or during your spare time. If you have an 8-5 job, for example, you can do two hours of work on your business and still have enough time for a restful sleep before midnight. On weekends or during your day off, instead of bingeing on Netflix, you can use that time to tend to your business.

While this is my view, I also believe that the technology that we have today has made it easy to start a business. It is high time to start something that you are passionate about and give the world your gifts.

But whatever route you take, I believe that it comes with dedication, discipline, and commitment to make any business succeed.

So, I’m curious to know, are you quitting your job or keeping it?

Cheering for your success,

jenny