Need your ideas pliz!
As an employee,with a well paying job but not the best,with ambition of starting own business but there is no time to do my business as my work takes almost all my time. Is it advisable to risk lose the job and concertrate on starting a business or keep the job and forget about the business.?
Need your ideas pliz!
In my humble advice, I will suggest that you invest first in your financial education, before you take any crucial step. Firstly, you need to know that in the world of business, commerce or entrepreneurship, there are four quadrants, namely; employee, self-employed, business owner and investor. These four quadrants are distinct from one another and require different skill sets, level of knowledge and financial education(financial intelligence) if one is to succeed in any of them.
Secondly, you need to ask yourself few questions like, what is my financial goal(s) - is it good salary, steady cash flow, financial security or financial freedom, in which quadrant(s) can I achieve my financial goal(s), what price will I have to pay(do I need to quit my present job or can I still retain my present job). You need to answer these and other questions, before you take the first step.
In a nutshell, you need to invest in your financial education first, because each of the quadrants require different level of financial intelligence, and the higher you go, the higher the financial intelligence you will need.
The truth is, there will always be time to invest in a business if you desire. You just have to know what to give up in the short term. That extra hour of hang out after work, that every Saturday party outing. You can budget the next three years putting all the extra time in your business.
However, I won’t recommend quitting until you have a steady customer base and proof that with complete focus the base will increase.
Business can’t be placed side by side with employment. Business is far more better than working for someone for peanut despite the amount of money been paid. You will be deprived of your time, but in business u are ur own boss.
i will advise you start your business as a side hustle and see how it goes. You can use weekends or night after your day work to do the work on your business. This is because you will need the finance from your paid employment to run the business at the start-up stage. Many successful businesses started that way. IF you quit employment and the business fails, it is double loss.
What is required is a vision of where you are going, passion that drives you to keep going despite the odds, focus and consistency. When you begin to see appreciable growth in your business, then you can quit paid employment and concentrate on the business.
You have a good point @celestine. One of the major challenges of being an employee is freedom. You don’t decide your pay, the time of service, the duration or hour of service. In a nutshell, you practical seldomly have control of your own life. That is why financial education is very crucial if one’s goal is to achieve financial freedom which actually guarantee freedom in other facets of life. With financial education I believe I individuals can better chart their own financial future, because, with financial education, you will have access to some certain business that doesn’t necessarily require your present, but which you may need a higher financial intelligence because of the risks associated with them. Such business could even be online businesses and not necessarily visible ones.
don’t quit you salary job, try to find a better person on behalf and delegate the power to run your business. though is not easy to find one
In my humble opinion. I think there is always a little time to devote to a project that is very close to our hearts. On the one hand I suppose that it is work that helps you to round off your hunger for months so you cannot leave it like that if you do not have a plan B. I suggest you try to find little niches to set up all your business plan and do all the research possible.
Let your passion and dreams lead you,before you quit be sure to have a plan and savings to execute your plan so you won’t live in regrets. Entrepreneurship is way more than the regular “i want to be my own boss” it has to be stirred up within you ,it is not about how much but how well you plan and invest.