When is the right time to become a full time entrepreneur?

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When is the right time to become a full time entrepreneur?

Taking the leap in entrepreneurship is a decision that needs risk and courage. Anyway many try their luck because it seems nobody likes to be called as “corporate slave” and everyone desires to become a boss. Isn’t as easy as submitting your resume?  Wait are you sure that you are ready to forgo your regular salary and company incentives?   How about the possibility that you have to sacrifice your weekend escapades or even big portion of your savings?

One thing about starting up a business is allocating a lot of time and energy. Apparently, it’s not enough that you ask someone to assist or partner with you, especially in the early phase of your venture.  If you’re like the courageous few, possibly you’ll quit your full time job to concentrate on your business endeavor. The main reason everyone else is afraid to resign from their job is because of the financial security. When you give up your employment status it’s not only about the compensation every month, it  also about surrendering benefits such as HMO, SSS, Pag-Ibig and other perks.

On the other side, there are also instances that the wannabe entrepreneurs decide to set up businesses as their way to escape from their terror bosses.

“You never want to start a company as a reaction to a bad situation,” Y Media Labs founder Ashish Toshniwal, via Fortune Magazine, shared. “You need to have an idea you are really passionate about, or you’ll never make it through the first couple of years, which are extremely tough.”

Toshniwal’s insight is a challenging tip before walking away from your office station. Because business is not about revenge or proving your entrepreneurial prowess alone, but it also entails a lot of things and that includes encouraging clients to patronize ideas.  So it’s advisable that before you quit your job you know in your heart that you are passionate to have business and in fact, it’s good if your passion is your business.

Another interesting to note in switching between job and business is the change of lifestyle. According to numerous businessmen and freelancers it’s better to test your idea and stamina first by doing your business for part time basis.

“We were stupid. We dove right into starting a business by quitting our jobs one day and starting a business the next day. Don’t quit your day job to start a business, start a business at your day job. Kidding, but you know what I mean. There are a lot of hours in the day. When you get home from your 9 to 5, start working on your new business. This type of work ethic will also give you a good idea of the hours you’re signing up for (I’m writing this post at 1:32am). Once you bank some clients and some cash, then you can draft that two week notice (more on this later),” Jeremy Watt and Julie Brown of Uplaterthanyou.com imparted on shopify.com.

Meantime, it’s also superb idea to keep your job salary to support your business expenses.  With this you don’t have to worry if you spend big bucks for construction, packaging and marketing because you still have a concrete source of income.  Furthermore, it’s also a gruelling pursuit if you use your savings both as business capital and fund for your day-to-day expenses.

Overall it’s wise to not quit from your job unless you thoroughly analyze every angle especially your preparedness.  Start to enrich your knowledge by reading relevant materials and attending seminars about your business interest. Seek advice of the experts so you  don’t know only if you ready to quit your job, but also to minimize the risks you will take. Good luck!