Hi, guys welcome to your Thursday dose of Mife. How is your week going? Today’s post is going to be very interesting. So keep reading.
A lot of times people say for you to be an entrepreneur, you should quit your 9-5 or they say don’t bother getting a job, just jump in to being an entrepreneur. This is something that I am strongly against. Having done a Masters in business management there are a lot of things I learnt. One thing I have come to notice is a lot of people that are successful in their business now, (the ones we look up to) do not initially survive on their starting business for their basic necessities. They usually have savings from their job or have planned thoroughly before they quit their jobs and move to the business they have created.
A business starts as a newborn, You have to nurture it to make it grow. In my own opinion, you start a business while you have a job. That is one sustainable way to get both yourself and your business to grow. The reason why a lot of people fail when they start a business is that they start to eat into their profit too early. The first three years of starting your business are the growth stages, at that point, all you should be doing is reinvesting your profit back into your business so you can grow exponentially.
But people get this all wrong, I see a lot of people quitting their job too early when their business just started crawling (second year). At About the third year of the business, you should be walking, you have left the crawling stage and you are getting ready to start running this is when you can quit your job or start thinking of quitting. But note, this is after you must have saved quite a bit of money or have enough money to sustain yourself for another year. Do not make the mistake to start running too early or else you could end up hurting your legs and once you are hurt, it sends you backwards.
Don’t quit your job just yet. Give it a good thought before you do.
In summary, I would say do not quit your 9-5 yet. Make sure your business has started running well even if you have made a profit, that doesn’t mean you should quit just yet. Instead of eating your profit reinvest it into your company by doing loads of marketing which is key. Also, invest in research and development. According to research, most unsuccessful business survives a maximum of 3 years, so don’t make a mistake and eat into your profit too early.
Just think about it, you still need to eat, pay house rent, socialise, pay for data (internet) and so many more. So if you don’t have a constant income coming in for daily needs how would you pay for all these bills. Don’t be fooled by the world, working for a company doesn’t make you a failure, you just need to know the right time to quit.
Let me know what you think below. Do you agree with me? or you think I am so wrong? or do you have a different opinion completely? Comment down below
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