In the current hyped startup environment, millions of youth are finding themselves on this crossroad and are asking this question – “Should I leave the job to begin a Startup?” It’s a typical situation for few, mainly if one is at the beginning of the career or has been in a job for a few years but doesn’t have enough money or a secure support system.
In 1998 with 14 years of experience, I found myself in a similar situation. I gave up my job, wanting to start my business, and went to a bank for help. By that time, I had already have invested my five months (of working along with being in the job) of time and entire life savings. Bank Branch Manager was a wise man and gave me a patient hearing. That day I understood that greenfield projects blind the person who had spent his time and energy in conceiving them and often commits a mistake by over-committing his capabilities and resources and mostly fails. I immediately took up another job, which paid me half a salary than my previous post. I worked another few years before I became an entrepreneur in 2003.
My best advice to all such people will be that get second opinions on your plans from a minimum of 5-6 people having a different level of experience and seek more clarity on the scope of business which you have been incubating for a while. Please listen to them carefully and don’t rubbish what they say. At this stage, this is the worst thing you can do that you become biased about your thinking.
If, after consulting a few people answer is encouraging than the second point which you need to consider is to get into deeper project viability and market demand evaluation mode. Prepare a detailed document on all aspects of the business. At this point, most of the people go wrong as they make their plans in their mind and feel that what they are thinking will happen in reality. But when they start with the business implementation, they encounter realities of business. So don’t fool yourself and prepare well.
The third and most crucial point is that how you are going to manage your living. Family supports both financial and mental. How many months can you sustain yourself or your family without earning? If you don’t have enough savings, then it might be worth leaving the current opportunity as that may put you and the entire family under stress and pressure.
Lastly, trust your destiny. If you are an honest doer and destined for good things in life, then the opportunity will knock your door again. The world won’t end if you will lose one chance, and it’s not an endpoint for you. Maybe next time you are in a better position with the right skills at your side and ready to grab the opportunity and make maximum out of it.
By: Sanjeev Singhai