Love what you do, follow your passion. We have seen this mantra in movies, read about it on the internet & in books. It might have crossed your mind many times to quit your dreary 9-5 job and find a way to make money by doing what you love. There are many start-up stories to inspire which may induce you to emulate many millionaire entrepreneurs. The thing about being your own boss is very fascinating. However, the grass is not always greener on the other side, once you are on the other side. This article is not about discouraging people to stop pursuing their entrepreneurial ambition. It talks about being realistic and adopting a pragmatic approach regarding many issues and the challenges involved in quitting job and pursuing your passion. Here is how you can evaluate your decision by considering the following points:
Do your research: Firstly, you need to research thoroughly about the product or service you are offering. You need to think through a host of issues before starting your venture. You will need to know your market, your customers. Following are a few questions you need to address which can help you to prepare a business plan and work out every meticulous detail:
How saleable is the product/service on offer? What is the income potential?
Are there similar products/services in the market?
How much would you need to invest?
How to plan distributor- tie-ups, warehousing, etc.?
Do you need to take a business loan?
How much profit margin you are likely to earn?
In how many years would you break-even?
You would also need to explore how creative/innovative you can get vis–vis your competitors. For e.g., if you are contemplating to start your online retail merchandise trade or travel website, you need to think hard because there are already many players in the market. You then need to explore the idea in depth and figure how innovative/creative you can get and stand out against others.
Reality about being an entrepreneur: While you may be brilliant in the work/interest that you pursue, being an entrepreneur requires more than just talent. You need to take into account not just your interests but also your personality. You need to have the requisite networking & marketing skills to promote yourself, sell your idea. Being an entrepreneur is not easy. Business is like your own baby which you need to nurture and feed daily so that it can grow well. Pursing your passion/hobby in your free time is a different thing. When you convert it into a full-time venture, it is a different ball game altogether. Since you are your own boss, there is no accountability and no deadlines. It is easy to lose focus which can adversely affect the business. So, you need to have the discipline to work hard, stick to a schedule and an action plan. You would also require patience and conviction in the event of your venture not taking off and things not going as planned. On the family front too, you would require to make a lot of sacrifices in terms of social time as your work-life balance goes for a toss.
Being financially prepared: Before you decide to tread the rocky path of starting your own venture, you need to evaluate your personal finances first. You need to take into consideration a lot of factors like investing for essential financial goals, reviewing your sustenance kitty in the absence of regular salary, financial handling of medical emergency, life & health insurance assessment, paying off outstanding loans, etc. It is thus important to be financially prepared and work out all the money issues on the personal front before you start your journey. Read: How to be financially prepared before starting a business?
Be honest with yourself: As mentioned earlier, it is not just your skill sets that matter to become an entrepreneur. In fact, what is even more crucial is having the burning desire, right mindset, dedication and commitment to your work. And, you need to pursue business for the right reason. Not because you hate your 9-5 routine and looking for some adventure in life. Business is not for everyone. And, you need to be genuinely honest with yourself while taking an informed decision.