At what point did you quit your job to become an entrepreneur?

Updated on : January 17, 2022 by Ben Mcdonald



At what point did you quit your job to become an entrepreneur?

Actually that's harder to answer than you think, I formed my first company at 18 even though I'm still technically working as an apprentice.

I never really planned for that company to go anywhere, it was more to be able to claim certain living costs and earn more than the other apprentices working as employees.

shortly after qualifying, I was sent to prison for what was called a violent attack on a night out; the truth is that a son of the police judged my girlfriend and reduced her to her size. After my release, it was difficult to find work, very fucking difficult!

Form an electricity company, price work

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Actually that's harder to answer than you think, I formed my first company at 18 even though I'm still technically working as an apprentice.

I never really planned for that company to go anywhere, it was more to be able to claim certain living costs and earn more than the other apprentices working as employees.

shortly after qualifying, I was sent to prison for what was called a violent attack on a night out; the truth is that a son of the police judged my girlfriend and reduced her to her size. After my release, it was difficult to find work, very fucking difficult!

I formed an electric company, put a price on work, and since I worked during the day, I studied plumbing in evening classes, then I formed a separate plumbing company and hired a close friend who was a plumber as a foreman.

As I approached my 20s, I decided to take a chance. I bought two houses through an auction that were abandoned and generally in poor condition. I did basically all the work myself, exposing the plastering and any masonry work. Then I sold the houses several months later making a net profit to be proud of.

Being the typical Irishman, we had a family farm. Of course, we had a tractor, dump trailer, etc., so I used this to my advantage to form a third company. I created a construction and ground work company and basically priced work everywhere, even though I had absolutely none of the necessary equipment or manpower.

I was awarded a contract on the outskirts of London, a large construction site where I got the base work and the labor. I went and bought an excavator at an auction in Scotland with the profits I made from the houses. Then I applied for a loan and bought two 9-ton dump trucks and had enough funds to survive.

When the work started, I felt like God Himself! I hired four local guys that I knew, but had no means of transportation for the new company. They left in an old work truck that I borrowed from a family friend. The first few weeks went by and the money was low, but my employees were paid on time in full, as always, even if it meant I had absolutely nothing.

Then I was granted a second job, in Northern Ireland, in a new hospital that was being built, but my finances were on edge and I was in deep debt, working seven days a week, usually 12/14 hours a day. more if I decided to sleep at work in my car.

I had no choice, I outsourced the work. I was going to take advantage of it, but not much. I had no choice, my balls were in a vise.

Finally, as the first phase in London was nearing the end, I received partial payment as expected, immediately rented two new work vans and bought another excavator to increase productivity and employed several others, all while studying electricity so that I could take on new jobs. that require specialized Certification.

Enniskillen Hospital went ahead, I was able to get my power company to outsource the work to the main electrical contractor - Lakeland Electrical. I hired as many men as I could and sent them there, although they still wired houses, shops, etc.

My plumbing business was not so successful, I was making a profit; but not so much. I took an additional risk, rented property on an industrial estate in my local city, and opened a plumbing and heating supply store that also used as an office for my plumbing company.

Fast forward five years, among my four companies I employed forty-one people not including myself. I could afford to work less and I wasn't drowning in debt, well; not so much anyway.

A close childhood friend had started a company, a new concept in which there was not much rivalry. Recycling wasn't something he knew much about, but he had taken risks before. I invested in your company, bought a dump truck, 12 containers (unused containers were rented or used for my own businesses) (waste from contracted containers would have been sold as landfill to maximize profits), and various machines that it would be necessary that I did not yet have studies as an excavator, telephone manipulator, collection station and as an incentive, I came up with the idea of ​​incorporating several schools. In exchange for them recycling with us, we would spend their school sports equipment. Basically buying soccer balls and jerseys in exchange for your business and advertising.

Several months ago, I bought the local bar and restaurant, my sister-in-law runs it. I own eight residential properties that I rent. I currently employ a total of 69 people.

If you want to get involved in entrepreneurship, that's absolutely great! But, just understand the struggle that goes with it. You will work like a fucking dog for years just to survive and you could still fail losing everything. You will go to bed hungry, as you will really fight finely at least for a while. You will face some of the toughest decisions you will ever have to make and trust me when I say it is a cutthroat business. Everyone's main concern will be making money - they may befriend you, but they don't really care about you. Everything is business and the most important thing in business is profit; otherwise, no one would bear it.

Prepare and do your homework before you begin. Confidence is key, but knowledge and experience are priceless!

I struggled for over a decade to get where I am, even working on holidays like Christmas Day. few nights out, no love life, no vacations, etc. But I made some good decisions at the right time, I had the knowledge, a little bit of luck and I had the determination to literally support myself on a daily basis for years, failure was not an option!

Hops, this helps, good luck buddy!

I remember the first time I quit my job to become an entrepreneur almost 6 years ago. I was working at a Big 4 consulting firm. You know what to do.

Use a suit. Check in at 9 a.m. M. Analyze numbers on a spreadsheet. Format Word documents. Make beautiful Powerpoint presentations.

I couldn't bear it.

I had ideas. I wanted to build things. To start a business. Travel the world.

I called an old friend and told him about this. I was on board. We decided to create a social media app for travelers.

We hired a company to develop an initial prototype of the app for $ 6,000. I would spend my days at the office and my peer

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I remember the first time I quit my job to become an entrepreneur almost 6 years ago. I was working at a Big 4 consulting firm. You know what to do.

Use a suit. Check in at 9 a.m. M. Analyze numbers on a spreadsheet. Format Word documents. Make beautiful Powerpoint presentations.

I couldn't bear it.

I had ideas. I wanted to build things. To start a business. Travel the world.

I called an old friend and told him about this. I was on board. We decided to create a social media app for travelers.

We hired a company to develop an initial prototype of the app for $ 6,000. I spent my days at the office and my afternoons working with the company on the application.

As the days went by, he had bigger and bigger ideas for this. I could see that it would become as popular as Facebook. Maybe they would buy from us. Can you dream true?

Finally, I decided it was time to do everything possible. To make my vision come true, I had to work on it full time and needed an investment to hire more people.

So I went to lunch with my boss and told him I was leaving. It was scary and exhilarating at the same time. He had no plan, just a dream.

A year later, it fell apart. We had worked hard, but it wasn't meant to be. I started freelance online and traveled the world. Then he joined a startup and then moved on to another startup.

Two weeks ago, I went to lunch with my boss and CEO of my current startup. I said the same words that I said 6 years ago. I was leaving.

Only this time I have a plan.

I really hated working there at the casino from day one. I was entering my eighth year. I was absent a lot. I had started my MBA. There was also a business that was trying to get off the ground.

The night shift had just started. I was on my way to work when out of nowhere I leaned back to see someone. I don't remember if it was a girl or just went to get drunk with the boys. Anyway, I informed the wife after my shift when she told me that there were several people from work who had come to visit the house and asked if I was sick for not reporting. My wife told them

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I really hated working there at the casino from day one. I was entering my eighth year. I was absent a lot. I had started my MBA. There was also a business that was trying to get off the ground.

The night shift had just started. I was on my way to work when out of nowhere I leaned back to see someone. I don't remember if it was a girl or just went to get drunk with the boys. Anyway, I informed the wife after my shift when she told me that there were several people from work who had come to visit the house and asked if I was sick for not reporting. My wife told them that I went out to work.

It was now office policy to make random home visits just to check on employees by pretending. And binggo! I won the jackpot!

I knew I would be fired shortly. But he didn't know whether to be worried, nervous or happy. At best, it was a skeptical future.

A short time later, I was called into a room where there was nothing, executives and senior officials sitting at a long table, and invited to sit at the lower end. In short, I thought it was over. And he just confessed that he was going to resign ... I still haven't handwritten the letter.

However, I managed quite well after working there. I assumed I owed them a good fortune. Good trip

I started a business eight years ago that operated primarily on weekends while doing senior-level administrative work and also teaching as an adjunct at various universities.

I left management to focus on business a couple of years ago, but quickly realized that I was too optimistic about my business growth projections and that we also needed better health insurance. My business didn't grow in the year it took me to focus on it.

So I took a full-time college teaching job, which gives me more flexible time and health benefits. This also gives me the summer off, and I focused on sales last summer and had my best year

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I started a business eight years ago that operated primarily on weekends while doing senior-level administrative work and also teaching as an adjunct at various universities.

I left management to focus on business a couple of years ago, but quickly realized that I was too optimistic about my business growth projections and that we also needed better health insurance. My business didn't grow in the year it took me to focus on it.

So I took a full-time college teaching job, which gives me more flexible time and health benefits. This also gives me the summer off, and I focused on sales last summer and had the best year of my life.

If you can keep a day job and still do the business, great. Two incomes are better than one. I also have my day job withdraw a ton of taxes to offset expected business taxes.

I have done it twice. Both times I went into huge debt with personal credit cards ($ 50,000 and $ 70,000). Both times, the company I founded finally raised investment capital and things worked. Here are the few pieces I have learned about surviving as a freelance entrepreneur after leaving my job:

1. If you are not 100% sure, don't even try to survive financially. Get your job back.

Being an entrepreneur is painful ... and not the romantic pain that ends in two hours and is packaged as a Disney special. It's a dull, lingering, financially disastrous ache that's only worth it if

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I have done it twice. Both times I went into huge debt with personal credit cards ($ 50,000 and $ 70,000). Both times, the company I founded finally raised investment capital and things worked. Here are the few pieces I have learned about surviving as a freelance entrepreneur after leaving my job:

1. If you are not 100% sure, don't even try to survive financially. Get your job back.

Being an entrepreneur is painful ... and not the romantic pain that ends in two hours and is packaged as a Disney special. It's a dull, lingering, financially disastrous ache that's only worth it if there's absolutely nothing else you can imagine doing. If it's not so black and white for you, get your work back. Now.

2. Plan for at least 2 years of financial suicide. That's a bare minimum.

Most entrepreneurs start their entrepreneurial journeys with optimistic forecasts. If they can do these four things, well, they will be the next Facebook or at least Instagram. Anyway, that's the fairy tale. The reality is that you will probably be going through financial quicksand for years. So plan it!

3. Find a co-founder as passionate as you. Ideally a rich one.

When you're lost and alone in the desert with no instructions on how to find water ... it's easy to let the hallucinations and vitamin deficiencies that ramen induce take over. But when you have a co-founder, advocate, best friend who needs him as much as you do ... that person can keep you sane. If the person is rich, they can also invite you to dinner once in a while!

4. It doesn't matter if you ever lived like a king. You are now a beggar.

Before taking the plunge as a social entrepreneur, I was making easy money, driving a nice Mercedes, staying in 4-star hotels in New York City, and enjoying life. It took me a few months to realize that I was poor when I started my first business. The result: I used what could have been 3 years of savings in 5 months. Don't be as stupid as me.

5. If it reaches zero, credit cards can be your best friend. But beware.

The only thing more terrifying for an entrepreneur than losing money every month is losing money that you don't have every month. But this is part of the financial suicide mentioned above. When it hits zero, 0% interest credit cards (available in the US for the first 12 months if you have good credit) are your best friend.

** Use With Caution - If you're foolishly unsure that things will work out, go back to Step 1. Ask for your job back.

6. (Final Financial Survival Step): Work on your mind game. It is the most valuable asset you have. It is more important than money.

Entrepreneurship is often a war of attrition. Those who can take the most pain and stay in the game longer are often the winners (if they are smart and adapt all the time). The key to staying in the game is not money. It's knowing the truth about yourself and your team: you are immensely capable and resourceful, and you will find a way. After all, there is no other option!

A2A - thanks to Khan Demont

From the insane amounts of content I've consumed on entrepreneurship and side hustles, to building my freelance writing business (I don't do it anymore) in parallel, here's what I've learned:

There are two ways to approach the subject of secondary hustle and bustle.

Some would say, to achieve true success, you must burn all the bridges. In other words, you must have Plan A and not Plan B.

It is desperation, and the fact that you have no other options left, that will drive you to turn your sideline into a success.

And history is full of success stories from leaders and entrepreneurs.

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A2A - thanks to Khan Demont

From the insane amounts of content I've consumed on entrepreneurship and side hustles, to building my freelance writing business (I don't do it anymore) in parallel, here's what I've learned:

There are two ways to approach the subject of secondary hustle and bustle.

Some would say, to achieve true success, you must burn all the bridges. In other words, you must have Plan A and not Plan B.

It is desperation, and the fact that you have no other options left, that will drive you to turn your sideline into a success.

And, history is full of success stories of leaders and entrepreneurs who "came from nowhere" to achieve great amounts of success.

To be honest, I also think it's the fact that they had no other choice; it was a "life and death" situation, which led to their success. There are not two words about it.

Think of it this way. While we have a full-time job on our hands, we just don't have that crazy thirst to build that side hustle. For example, let's take two entrepreneurs, A and B.

A is a full-time scammer. Out of a job, but hell-bent on turning his hustle into a thriving business.

B is working from 9 to 5, but is also slowly building up a side hustle.

Everything else is the same. That is, they both have to pay the rent. A family to take care of. And the usual expenses.

Under the given circumstances, who do you think will work the hardest in the side hustle in order to make the rent at the end of the month?

Who will knock on doors, make phone calls, and do whatever it takes to get clients in order to generate income?

You guessed it, it would be A, because he's more desperate. His situation is dire, so he will work much, much harder.

Following the argument above, it makes sense to quit your job right away and focus on your side hustle.

However, don't forget the fact that we only hear the stories of the successful ones. What about the countless entrepreneurs who tried their best but failed? There are thousands of them too, right?

The safest way to do this is as follows:

  • Spend a couple of hours (at least 1) a day on the side hustle
  • Continue with your 9 to 5 with the same gusto
  • Focus on getting enough clients / sales to generate income equal to or greater than your salary
  • To make sure the month you had a lot of sales is not a fluke, aim for 3-6 months of success
  • Once you know that you can earn enough income (equal to or greater than your salary), you can quit your job and fully focus on the side hustle.

This is the safest way to do it. This way, you do not put yourself or your family at risk. Yes, you cannot build an empire like Steve Jobs or Mark Zuckerberg or Jeff Bezos. But, you will build a successful and sustainable business that will give you a lot of satisfaction.

In my case, when I was building my freelance writing business, I quit my job right away. However, I was never able to earn as much as I did at my job. Fortunately, since my wife was working full time and earning a good salary, we didn't take a big hit. In hindsight, I should have followed the advice above and generated sustainable income through my hustle before leaving my job.

Another way to do this would be to save enough funds to carry you and your family for 6 months. Then, and only then, quit your job and fully focus on your side hustle!

Remember though, in case things don't work out, you need to have a solid strategy for getting back into the workforce.

Good luck friend!

Plain and simple:

When your heart is no longer in it, it is time to quit smoking.

There are countless stories of entrepreneurs facing struggles that have moved on and overcame obstacles to success. Some of the obstacles are relatively trivial, others were monumental achievements to overcome. The point here is that when your heart is in it and you love what you are doing, your product, your customers, your employees, and your company, you will find a way to make it happen.

In today's age, it seems that almost any business model can, to some extent, flourish. We live in an era where

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Plain and simple:

When your heart is no longer in it, it is time to quit smoking.

There are countless stories of entrepreneurs facing struggles that have moved on and overcame obstacles to success. Some of the obstacles are relatively trivial, others were monumental achievements to overcome. The point here is that when your heart is in it and you love what you are doing, your product, your customers, your employees, and your company, you will find a way to make it happen.

In today's age, it seems that almost any business model can, to some extent, flourish. We live in an age where niche segments can be aggregated and capitalized to create small but profitable businesses. Aside from the blatantly obvious flawed business models (social media for pets, I'm talking to you), almost any challenge can be overcome.

Even when the model doesn't work, there is still hope. Here in San Francisco / Silicon Valley, the 'pivot' is a common strategy to radically alter the course of your business when your model doesn't seem to be working. (Fab.com is the example of a great execution of a pivot. They started out as a gay social network, and now they are considered the Amazon.com for design). In any pivot, it is not a change, it is a fundamental revision. of the product. But the employees are the same, the customers are roughly the same, and most importantly, the spirit and ethics of the company remain the same. This is important in this context because "it just isn't working" often shouldn't even be a tipping point for an entrepreneur to quit.

But, when you don't care anymore, that's dangerous. In fact, it's the most poisonous thing in the world for a startup. It is dangerous for you due to the physical and mental stress it places on your body. It's dangerous for your employees because they no longer have a leader who keeps pushing to make sure they have a job to go to. It is dangerous for investors who have profitability expectations, which are contrary by nature to a jaded founder. Finally, it is dangerous for customers who are somehow investing in your product. (money, opportunity costs, transmission of competitive products and time).

When you don't want to stay up until 3 a.m. working on your product, it's time to quit. When you don't want to come into the office at 6 a.m. M., It is time to quit smoking. (These are simply points of illustration, for some people, it is not time commitment that is the problem.) Ask any established founder what time he walks into the office, or stays until, and I guarantee it won't be '9 to 5'.

As a final note, entrepreneurship is a way of life, not a job title. Although you may walk away from your business, it does not mean that you have given up as an entrepreneur. It simply means that it was not the right time to succeed. :)

Follow me: @gregmuender

Yes, you are crazy. Please do not do it. That is terrible advice. You might warn that it depends on your age and wealth, but that's just a correlation to the success rate of entrepreneurs, wondering if you should leave paid employment just to try?

No one in their right mind would encourage him.

Now why?

Wealth, network and experience.

So sure, IF you have the roughly $ 50,000 in fully available wealth to support yourself with, X2 (for two years), PLUS the roughly $ 30,000 it takes to start a business ($ 130,000 for those who gamble a lot), sure, just go out and start something.

could

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Yes, you are crazy. Please do not do it. That is terrible advice. You might warn that it depends on your age and wealth, but that's just a correlation to the success rate of entrepreneurs, wondering if you should leave paid employment just to try?

No one in their right mind would encourage him.

Now why?

Wealth, network and experience.

So sure, IF you have the roughly $ 50,000 in fully available wealth to support yourself with, X2 (for two years), PLUS the roughly $ 30,000 it takes to start a business ($ 130,000 for those who gamble a lot), sure, just go out and start something.

I could have responded with that, but I didn't. I didn't because your question is not whether you should quit your job and start a business, your question is whether you should quit your job and become an entrepreneur.

If you were an entrepreneur, you would be now.

Are you an entrepreneur at work? Are you an entrepreneur at home? Are you sure??? If it were, wouldn't you have started something, nights and weekends, and wouldn't you be asking this question?

Are you an "entrepreneur"? Are you sure??

People work best alongside others who share the same philosophies. It is not skills or experience that matter, but WHY we work. When building a startup team, considering a job or managing clients, what you do and how well is a simple 1 + 1 equation that determines if you are fit. Whether or not they can create magic together, dare I say synergy, is the result of thinking and behaving similarly.

In the startup community, the word "entrepreneur" is as misunderstood and misplaced as "angel investor" and that misalignment challenges everyone. We are forced to waste time.

  • Businessman
  • Founder
  • Company owner
  • Inventor
  • CEO
  • President
  • director
  • Beginning
  • Couple

Those are all terms that are used to describe someone who runs their own business. But they are not terms that should be used interchangeably, as they do not mean the same thing!

A challenge for everyone is that in our new economy, everyone wants to be “entrepreneurs”, since it is the term that embodies the characteristics of this new work-life integration. 1 But are we really all becoming entrepreneurs? Should we consider ourselves this way, when an entrepreneur is very different from a founder, someone very different from a business owner?

More importantly, how can we connect, partner and work with like-minded professionals, leveraging synergy, when regardless of what we call ourselves, the needs of an entrepreneur are VERY different from the needs of a founder, business owner, CEO? , or partner?

What is an entrepreneur?

Traditionally, the entrepreneur has been considered as a person who organizes and operates a business or businesses, assuming financial risks greater than normal to do so.

The term entrepreneur was coined by an admirer of Adam Smith's book, The Wealth of Nations (which I suppose, no, I hope you know). Entrepreneur is a French word coined by the economist Jean-Baptiste Say, and is generally translated as "adventurer." Say studied Smith's book and, while agreeing on all points, found that the omission of entrepreneurial entrepreneurs (his characterization of it, not mine) was a serious flaw.

Say pointed out that it was the entrepreneurs who sought inefficient uses of resources and capital and moved them to more productive and higher-yielding areas. Entrepreneurs seek profit opportunities and, in doing so, create new markets and new opportunities.

Are you doing that? Now?

How would you "become" that if not? Nothing is said about having to run your own business to be an entrepreneur. There is absolutely nothing wise in giving up your source of income to try.

Are you involved in business, taking financial risks greater than normal to create new markets?

You can do it at work. If you haven't already, you can't really become that, naturally you would.

Of course, to be fair, we can assume that this question really refers to starting a business or becoming a founder.

So let's go back there. Good idea?

  • Ali Mese has a great perspective here: how quitting my corporate job for my startup dream ruined my life 2
  • Why you shouldn't quit your job to start a business 3
  • A 15-year study of 5,000 entrepreneurs finally answers the question: Is it better to quit your day job or keep it? (This title does not convey it, but the conclusion of the survey is no) 4

Think of most overwhelming startups that fail. By design. That's the role of a startup, a founder, and an entrepreneur - to address that in our economy, which is more likely to fail.

By conventional wisdom measures, 90% of all attempts fail.

So let's be frank; Let's make much safer bets than any other bet you can make: you are going to fail. I'm going to fail in what I'm doing.

And you're considering quitting a job to do that.

Footnotes

1 Why do so many people want to be an entrepreneur? | SEO'Brien 2 How leaving my corporate job for my entrepreneurial dream screwed up my life 3 Why shouldn't I quit your job to start a business 4 A 15-year study of 5,000 entrepreneurs finally answers the Question : Is it better to quit your day job or keep it?

Real time of stories….

Many of us in the IT industry think about this very question and search for an answer. Well here it goes ...

After engineering (2012 passout) I didn't have any skills. I had first class, but in my mind I knew that I could barely write a C program and run it successfully. I joined a pretty awesome sports analytics company and loved every second of it. The first time in my life I learned something with genuine interest. Unfortunately, they stopped running that company in Bangalore and instead gave me the opportunity to work remotely. Moderate pay too. For 6 months I worked at home and was doing well

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Real time of stories….

Many of us in the IT industry think about this very question and search for an answer. Well here it goes ...

After engineering (2012 passout) I didn't have any skills. I had first class, but in my mind I knew that I could barely write a C program and run it successfully. I joined a pretty awesome sports analytics company and loved every second of it. The first time in my life I learned something with genuine interest. Unfortunately, they stopped running that company in Bangalore and instead gave me the opportunity to work remotely. Moderate pay too. For 6 months I worked in my house and was earning a good sum. One day the ghost called the middle class mentality haunted me. Family members began to ask where he was working. How much did he earn, etc. I didn't give a damn, but my mother, my poor mother, thought a lot about my future and told me that one day I would go to work outdoors, etc., etc.

22 years .. enjoyed ?? No. Did you study, did you get the first places? No. Did he have something? No, except family love.

The next 4 years I learned more than all my 22 years combined. In the background was that emptiness of doing nothing and going to the office ... boring life ... Like all friends, we also argued about starting a company and it would be limited only to the weekend. One day my friend who was intellectually amazing inspired by his friend told me about E-bay and selling some things ... 8 months I was living again ... buying items from Mumbai, Delhi and other places and selling them on eBay , Flipkart, Amazon, Snapdeal, Paytm, etc. We were quite good at learning quickly together and executing it. I handled the packaging and part of the acquisitions and it was amazing ... I was a bit hectic but I wanted to do something and the things learned cannot be compared to any paid course ...

Then came disaster .. My friend was betrayed by his girlfriend he was abandoned. I was devastated. He couldn't focus on anything. He lost interest in everything ... In the end he collapsed ... He had a big impact ... Fortunately, our regular job The salary helped us ... He recovered slowly ... However, it took 8 months ... For the Guys it is very difficult to forget a girl whom they loved the most.

He likes development and I like digital marketing ... Good combination I guess ... We got down to business and started researching and creating a website again. Now it's 80% done and we're working on it ... Sure enough it's going to be pretty amazing ... Once I recover, I'll quit my job and go. (It doesn't mean that everyone has to go to work in addition to starting a business.)

  1. It never goes the way you planned or thought ... But don't give up ...
  2. Do not lose confidence at any time .. Never ..
  3. You'll be broke ... like financially sometimes, but never lose your nerve ...
  4. Never listen to your negative family or friends. Just don't do it.
  5. Don't rush ... Think it over ...
  6. Believe in yourself .. You can do anything ..
  7. Learn simultaneously ... Never stop learning from mistakes ...

All the best ... Everything you do in your life will be insignificant but it is very important that you do it ... !!

I am planning to quit my job at the end of this year (about 10 days) and the last thing I want to do is regret it.

That is why I built a business that I am passionate about and hired a few clients, which helps relieve the pressure. I think that's why most people regret it.

They hope to have their own business, only to find that they are struggling to make ends meet. On top of that, all the unexpected managers that come with running a business can make it less glamorous.

In fact, I asked 39 successful entrepreneurs to share their advice for people who want to quit their job and manage theirs.

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I am planning to quit my job at the end of this year (about 10 days) and the last thing I want to do is regret it.

That is why I built a business that I am passionate about and hired a few clients, which helps relieve the pressure. I think that's why most people regret it.

They hope to have their own business, only to find that they are struggling to make ends meet. On top of that, all the unexpected managers that come with running a business can make it less glamorous.

De hecho, le pedí a 39 emprendedores exitosos que compartieran sus consejos para las personas que algún día quieren dejar su trabajo y dirigir su propio negocio. (¡Estoy planeando dejar de fumar para fines de este año!). He reunido mi 9 favorito.

  1. Make sure you have something that people actually want or need; talk to your potential clients, know who they are, and understand the problems you will solve for them.
  2. You need to have an action plan and implement it everyday. You’re not going to have this huge profitable business tomorrow. You need to show up everyday, and overtime that stacks up into a big result!"
  3. Don't launch until you have a growing, sustainable number of paying customers. I learned this lesson the hard way and ended up having to move in with my parents just a few months after quitting a job and banking on the quick success of the side business I had been working on at the time.
  4. Start your business on the side first, if you are able to. Doing this will allow you to fully test your business idea, while still having the comfort, stability, and income of your full-time day job.
  5. Moonlight in your evenings before taking the final plunge, but remember that you will probably never feel 100% ready. Take the leap of faith before you know for sure. Otherwise you will just keep changing the bar on where "ready" is.
  6. Give yourself a series of experiments, and work with a qualified coach or mentor to shortcut your learning curve. When you're ready to step off fully, you'll feel it deeply and be much more prepared for long term success.
  7. Most folks obsess over tips or trips or techniques, following these ideas so they can give themselves permission to quit their job and circle the globe. I decided to hit the road. Happened to make some scratch before I left. Here I am, 6 years later, still circling the globe.
  8. Set a time frame that's reasonable yet challenging to go all in, and don't make it any farther out than 18 months. Within that time frame, force yourself to give it your all. It might seem like holding a part-time (or even full-time) "steady" job is a safety net, but it will quickly become an anchor.
  9. Don’t wait for the fear to "go away" because it never will. Do not be committed to needing to know all the answers before you get started because clarity comes from having already taken action, not from waiting. You’ll be able to start taking action when you give up the need to get it perfect; each failure brings you that much closer to your next success.

If you want to read the rest of the post, it’s here: https://watchmequit.com/39-successful-entrepreneurs-share-one-tip-quitting-job-running-business

Well you will lose stability because in a job you are paid by the hour and skill.

And thus you are entitled to a paycheck at the end of every month irrespective of the company you work for.

Therefore, you lose stability and income in your life. Now you are not entitled to a monthly paycheck for a certain amount. Now you have to take 100% responsibility for yourself.

You are now prone to profit / loss as an entrepreneur. You can enjoy all the gains or suffer all the losses yourself.

Now you have to get out of your comfort zone, take the initiative and step forward every time you can.

You h

Keep reading

Well, you will lose stability because in a job you are paid by the hour and skill.

And therefore you are entitled to a paycheck at the end of each month, regardless of which company you work for.

Therefore, you lose stability and income in your life. Now you are not entitled to a monthly paycheck for a certain amount. Now you have to take 100% responsibility for yourself.

You are now prone to profit / loss as an entrepreneur. You can enjoy all the gains or suffer all the losses yourself.

Now you have to get out of your comfort zone, take the initiative and step forward every time you can.

You have to hone various skills and make various sacrifices at the same time. You have to do it just so you can trade the future when the time comes.

Necesitas poner todas tus fortalezas y contratar tus debilidades.

I will give a list of skills that you must hone. They are as follows :-

  1. Self Discipline
  2. Emotional intelligence
  3. Self motivation
  4. Attention span
  5. Reading
  6. Long term thinking and planning
  7. Continuous learning
  8. Sales
  9. Outsourcing
  10. Marketing
  11. Leadership
  12. Patience
  13. Money management
  14. Ability to adapt improvise and overcome
  15. Networking
  16. Personal accountability
  17. Learning how to learn
  18. Meditation
  19. Communication skills
  20. Listening
  21. Time management
  22. Ability to break down a process into smaller steps
  23. Ethics and values
  24. Ability to simulate outcomes

And some sacrifices that you must make at the same time :-

  1. Family & friends
  2. Health
  3. Hobbies & passions
  4. Time
  5. Happiness
  6. Sleep
  7. Entertainment & sports
  8. Stability
  9. Income
  10. Comfort
  11. The need to be liked
  12. Pride & Ego
  13. Instant Gratification

Frankly, because "quit your job and look for it", when it comes to entrepreneurship, it's not really being an entrepreneur. It is reckless.

The word "entrepreneur" is very romanticized. It is often treated as something unattainable by ordinary people. As if you had to transcend to become an entrepreneur. In doing so, we generally hear stories about people who quit their jobs, threw it all into the company, and made it.

Naturally, we do not hear from those who have thrown everything into their business and failed. Why? Because it would greatly diminish the power of the

Keep reading

Frankly, because "quit your job and look for it", when it comes to entrepreneurship, it's not really being an entrepreneur. It is reckless.

The word "entrepreneur" is very romanticized. It is often treated as something unattainable by ordinary people. As if you had to transcend to become an entrepreneur. In doing so, we generally hear stories about people who quit their jobs, threw it all into the company, and made it.

Naturally, we do not hear from those who have thrown everything into their business and failed. Why? Because it would greatly diminish the power of the word "entrepreneur".

It remains mystical precisely because of the success rate we hear on a constant basis. To make those stories even more powerful, they are usually shared with the most exciting parts being highlighted.

Play out the following scenario. You have two different friends, both of whom started their own companies. Both are equally successful and make the same amount of money (from what you can see). The only difference between the two is that one stayed at a job while developing the company and the other one left to "go all-in."

At this point, you are probably likely to share a story about both of your friends in the same vein as the introductory paragraph. But, upon the slightest digging, you learn that the friend who left the job had long periods of struggle prior to this explosion of success. You hear nothing about this from your other friend.

Now, which story are you likely to tell? More importantly, which story are you likely to hear?

The "rags-to-riches" narrative is always exciting, because it inherently requires our protagonist to reach the "riches" stage, or else the story never gets told. It is both selective and self-fulfilling.

It is also misleading.

Since there are so few stories that combat this common theme, the general perception is that no opposition exists. Not only is this blatantly false, but it is significantly more likely that a person fails in an entrepreneurial venture than succeeds with one.

The great irony of entrepreneurship is that everything the general population holds valuable about it is arguably the most dangerous elements of it. Again, the danger is what makes the payoff look more appealing, but don't lose sight of the true goal: the payout is appealing, no matter how it was obtained.

Real entrepreneurs who can balance risk versus reward will almost universally preach about remaining at a steady job while also developing a company. Those are the stories that should be championed and, while they are shared, they continue to get squashed by the more dramatic ones. And the societal commentary that an entrepreneur must be solely committed to one and only one project or idea.

If you want to be an entrepreneur, the single-biggest mistake is to fall in love with a singular plan and quit your job to pursue it.

Instead, figure out if it is viable with as little risk as possible. Then, determine how to make it work with the little free time you have, because once the company takes off, your time will be just as restricted as it is with another job. If you can't work around it now, you will be unable to work around it in the future.

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