In my experience I've seen a number of people quit their day jobs in hopes of success and riches in the entrepreneurial world. In my professional opinion too many of these people were lured by the fantasy of quickly getting rich. The cold hard truth is very few, if any, people get rich quickly in the entrepreneur world. This also includes the Internet. Wealth and success are built over time. In addition most people who venture into their own business never make it past their first five years. Ultimately those people give up being an entrepreneur and despondently return to the "real world." Before you make the jump into the entrepreneurial world consider some of the following thoughts.
I Have to Get Out of My Job
So many people I know complain about their work environment. Either their boss is tyrannical or coworkers incompetent. There was a strong quote by Michael Wade from his Career Manifesto. He refers to the perceived hardships people face in the workplace: "Unless you're working in a coal mine, an emergency ward, or their equivalent, spare us the sad stories about your tough job. The biggest risk most of us face in the course of a day is a paper cut." Too many people I know confuse their job for real high pressure occupations. This is a big reason why many are lured to make the jump into the small business world. They think they can escape some of the workplace challenges and have an easier work environment. That simply isn't the case.
Test Drive Being An Entrepreneur
Being an entrepreneur can put a tremendous financial strain on you. I challenge anyone to this little experiment. Put 6 weeks of your salary into the bank. You can't use it to pay bills or living expenses. Leave only $500 accessible for your monthly budget. Why would anyone do that ?!?! You need to give yourself a realistic taste of the small business world. There are plenty of small business owners, including myself, who have gone more than a month without a paycheck. For the people who say you planned poorly, guess what? Not all clients pay on time, even the reputable companies. You need to become accustomed with that fact. Going to work for a month without getting paid a dime is a very sobering experience. You are forced to come up with ways to pay your bills. You might not be able to go out with friends and you will face some real entrepreneurial challenges.
Work on Your Side Job During the Work Day
Here is a good place to start if you want to be an entrepreneur. People say they don't have time during the day to work on their personal business projects. I believe that whatever job you are working at allows you a certain amount of free time every day. Almost everyone I know has a lunch break of 45 to 60 minutes. Pack a lunch and work on your side projects during your lunch break. Yes, you are going to have to make sacrifices. But if you are serious about creating additional revenue streams you need to make sacrifices.
Be more Efficient with your Time
Take a time management course to show you how to maximize the time you have available. One of my biggest pet peeves is people who complain "I don't have enough time!" Hogwash! I'd argue most people aren't maximizing their time. It's amazing how much free time we can get in the course of the week just by making some small sacrifices, e.g. Tivo your favorite TV programs. You can cut out 20 minutes of commercials this way. Learn while you drive. If you really sit down and think about it there are all sorts of ways to maximize your time.
For all the considerations I have one simple recommendation. When you make 2x as much net profit from your side business as you do in salary, quit your day job. Be wary the lure of the entrepreneurial world. Make sure you are financially and mentally prepared to make the jump.
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