Unless you started a business while you were unemployed, you will inevitably come to the point where it is time to decide if you should stay at your current job or pursue your side gig full time. There are many things to consider when leaving the stability of a full-time job for full-time entrepreneurship. Today, I will focus on the 3 that are most important.
Be wary of becoming a jack of all trades and a master of none. You cannot excel in any job with mediocracy.
How is your company’s revenue? Are you at a place where you can live off of the money being generated? You may say “But Jeff Bezos quit his job to start Amazon”, yes he did, but he also had a generous investment of $250k in startup capital and his wife’s attorney salary to keep his household afloat. When you are considering quitting your job, it is important to make sure you have resources to supplement the security you will be losing.
Another sign that you should probably leave your job is the level of involvement you have in your new company. It is normal to find yourself working on your business 5-6 hours a day after your full-time gig. In fact, I write articles for LystenNetwork after work has concluded. However, if you are taking startup-related calls during work hours or finding yourself making excuses to get out of work to build your businesses, it may be time to pursue full-time entrepreneurship. Be wary of becoming a jack of all trades and a master of none. You cannot excel in any job with mediocracy. Be honest with yourself regarding your time constraints and you’ll thank yourself later. It may be scary to leave your job, but risk is required for greatness.
Do you love your side gig, or do you just love the idea of making money from it? If you leave your job, you’ll have to commit yourself to this venture whether you love it or not. While you have a job, you can take days/weeks off if you need it, since you have the income to sustain your life. When your side gig becomes your full-time job, there aren’t opportunities to behave this way.
When I was committed to becoming a doctor, an MD once told me “To make it through Medschool, you have to love medicine, it is the only thing that will get you out of bed in the morning”. It was because of that moment that I stopped studying medicine, I knew that I did not love medicine, and never would. I could barely get through my pre-med curriculum and would not be able to stomach my way through medical school. You have to love what you do if you expect to scale it into full-time entrepreneurship.
While there may be more aspects to your decision, hopefully, this breakdown helped you in your decision-making process. Running a business isn’t easy, which is why we try to supply entrepreneurs with tools and resources (like this article) to help them make the difficult decisions that come with being an entrepreneur.