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Quitting your Job to Start your Own Company

Quitting your job and starting your own company

This is a thought that crosses most peoples minds at some point in their lives. Some act on it, others don’t. So what is the barrier that seems to stand between the thought and action? Mostly, fear. Fear of failure, fear of losing stability, that regular paycheck. It is a definite risk to leave the comfort of the job in hand for the uncertainty of venturing into unknown territory.

The question is- is the expected benefit worth the risk? Analyzing the status quo, and then comparing it against the perceived benefit of starting one’s own business can answer that question. There are two elements of perceived benefits- tangible and intangible. The measurable benefits are of course the monetary ones- for example, expected returns.

The more challenging ones to identify and weigh are the intangible ones, like satisfaction. How about the skills required to start a company? Bringing a business idea to life involves a lot of different aspects. There is the business angle like registration, taxes, bank accounts and such. Then there is the operational side for example, the location of business. Is it going to be leased or purchased? Another area is the staffing. The product/service itself is a very important area. Then there is the sales and marketing of the product/service.

While making a decision, all these areas should be considered and of course, the skills required to manage all aspects of the business. What are the sources of support available? Evaluating ones monthly financial commitments may also be a good idea. It would of help if one had financial security to buffer some of the risk. Being aware of the all important factor of luck is also very important. Quitting a job and starting ones own business may be a scary thought, but could prove a rewarding one if one has the right mindset and expectations.

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