Friday, 9 May 2014

Job vs Entrepreneurship - Does it really necessary to quit your job to become an entrepreneur.

The people who want to become an Entrepreneur or want to move out to do something of their own, a question keeps haunting them: Should I leave my job or what is the best time to leave job and move to full time for fulfilling my dreams.  I myself keep looking for the answers and so I studied to analyse the aspect. What I found is very encouraging and informative which I want to share with all of you.
So, for all the readers there is no standard answer or set rules. It all depends on what you want and when you are ready and confident enough to take that plunge.

Starting a new business is an exciting venture, full of challenge, opportunity, and excitement. There are plenty of benefits to working for yourself. The flexibility, the autonomy, the ability to build something: All are great lures for those who like the challenge of an entrepreneurial business.
However, the same factors that attract people to self-employment can also become a burden. Autonomy can mean having no one to bounce ideas off. Flexibility means you can take time off during the week, but you may also find yourself working through the weekend. And when you need to spend as much time marketing your business as you do working with existing clients, you might wonder if the grass is greener on the other side of the cubicle.

  1. When it’s time  -  You Decide it’s Time
In some ways, starting a business is kind of like having a kid or getting married —it never feels like the right time to do it. There will always be more things you want to figure out before making it happen, more things you want to fall into place.
But guess what? The idea of everything falling into place is a myth (or at least a rare occurrence). You have to create the conditions that make you feel comfortable with taking that next step.
So, think about what it is that needs to be in place for you to be able to bust that move.
It's always an incredibly tough decision to dive into something unknown, especially when it’s headfirst! Not many of us, despite dreaming about the thrill of forging our own paths, are thrilled about the possibility of a volatile cash flow or paying for our own health insurance. But if you know in your gut that you want to get your business off the ground, than it’s time to push through the challenges ahead and make it happen.

  1. Full time vs Part Time
Many new businesses begin as a part-time job, created on nights and weekends by someone who has nine-to-five duties during the week. But often true success requires fully committing to a business, which means eventually you will be forced to make the leap from part-time entrepreneur to full-time business owner.
The key is to know when to make that leap. Many professionals wait for years, looking for that one clear sign that it’s time. Chances are, the decision will be made after a long, careful deliberation.

  1. Challenges
Ø  Decide whether it’s right for you or not ::  So you’re thinking about making the leap from your boring old day job to the exciting world of entrepreneurship? That’s great, but before you start buying into the idea that all entrepreneurs do is build companies, cash out and spend their remaining days sipping umbrella drinks on the beach, let’s get a few things straight…
First of all, it should go without saying that entrepreneurship is hard work. Really, the number of startup concepts that fail should clue you in to the fact that business ownership isn’t all IPOs and stock options. However, what most aspiring entrepreneurs miss when they envision making the leap is just how difficult it can be to leave the “9-to-5” mindset behind.
Ø  Build your finances  :: Before you venture in the field of entrepreneurship, make sure you have enough cash to sustain the business. You need to run the business till the time it is sustainable and it can take time. So make sure you have cash to start and sustain the business.

Ø  Entrepreneurs don’t work standard hours      ::   As an entrepreneur, you don’t work from 9:00am to 5:00pm – you work even more.
Entrepreneurs consistently work longer hours than traditional employees. And while the passion you have for your business and flexibility of your new work style certainly make entrepreneurship an appealing choice, don’t think that quitting your job is suddenly going to free up hours of spare time to be devoted to leisure pursuits.

Ø  Entrepreneurs are alone::  In a corporate job you have different department to help you. But as an Entrepreneurs you are alone, you have to make all decisions and you are the one who is responsible for them. You have to know everything related to business and execute them.
As an entrepreneur, you’re tech support, you’re accounting and you’re marketing – on top of the regular responsibilities associated with building and promoting your product. Yes, you can outsource some of these tasks, but as most small business owners know, the cost of doing so can be prohibitively high.

Ø  Entrepreneurs have to be success-oriented  ::   As an entrepreneur, there’s no sick time and there are no low productivity days spent goofing off while on the clock. You’re scheduled to work each and every single day.  At the end of the day, entrepreneurs must be success-oriented – that is, they must be willing to make the choices and compromises needed to be successful. As an entrepreneur, though, your entire focus must be on achieving profitability as quickly as possible, and that often means making tough choices that prioritize your business over other aspects of your life.
Ø  Entrepreneurs must be ready to face failure    ::    Actual failure and the risk of failure both take their tolls on entrepreneurs. Not only do most entrepreneurs take on significant financial risk to pursue their business ideas, failures affect once-hopeful business people on a personal level. Watching a seemingly-lucrative idea circle the drain and die – and then picking up and moving on to the next idea – takes a certain kind of strength that most people just don’t have.
Ø  Entrepreneurs need exceptional stress management skills    ::     What should be apparent by now is that entrepreneurs face substantially more stress than nearly any 9-to-5 worker.     But even if you do work in one of the traditional professions deemed most stressful, you still have the reassurance that you’ll receive a steady paycheck for your troubles. Most entrepreneurs won’t see this type of reward until at least a few years in.
Really, everything about entrepreneurship is inherently stressful. Therefore, if you’re thinking of making the leap into the field, you’ve got to have a system in place for managing excess stress. While you’ve got to work hard and deal with risk, you also can’t let this stress translate into illness or burnout.

Ø  Entrepreneurs are responsible for their own benefits  ::  In a corporate world you get health insurance, Life insurance and other benefits. As an Entrepreneur you are responsible for all these benefits on your own. So this expenditure also needs to be accounted and planned.

  1. In the end it’s your gutt feeling that u r ready.
If you are thinking of taking the leap from a cube to a startup, don't wait. The truth is that when you work for yourself, the drive to succeed is exponentially higher than when you are working for someone else. Being an entrepreneur pushes you beyond your own expectations.
So go on—take the leap (albeit in a smart, calculated way). Remove all the extras in life, determine the minimum amount required to live, secure that runway and then work as hard as you can to become sustainable quickly. When you are finally out on your own, you can and will find a way to make things work.
Success is a choice, and your staunch commitment to your vision is the number one thing that will ensure you get there. Sometimes it takes longer and includes more bumps in the road than expected—but it is possible, as long as you're committed and constantly learning and adjusting.

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