Questions to Ask before Quitting your Job for Entrepreneurship
Starting your own venture could be a liberating thought. However, if you have a safe and stable job at present, there could be various things to ponder on. The journey from being a salaried professional to an entrepreneur may not be as smooth as you perhaps think! Here are some important questions to ask yourself before putting in your papers.
Introspective Queries to Answer before Taking the Plunge
Why entrepreneurship?
It could be that you are just plain bored of your job. All you might actually need is a change in role or a break from this mundane routine. This cannot be reason enough to embark upon your own venture. Do you have a solid business idea in mind that has evolved with time? Are you equipped with a complete business plan? Are your investors or capital reserves ready? If the answers to all these questions are yes, it is time to be on your own.
Do you have enough savings?
All said and done, every business will have its own teething problems. And, the first 3 to even 5 years may not yield any profits. How do you plan to take care of your regular expenses? Do you have enough savings? Have you bought a personal cashless health insurance policy for yourself and your family? Employer provided cashless health insurance will cease to exist as soon as you leave the job. Similarly, you will also need liquid or semi liquid assets to take care of unforeseen expenses in this interim period.
Are you prepared to multi task?
Starting your own venture could mean large scale multi tasking. You may not be in a position to hire too many people at the start and several functions would have to be managed by you. Make sure you are prepared for it. Life could become extremely busy, requiring 100% commitment. Unlike your current job, there would be no fixed timings for carrying out your duties.
What if it doesn’t work?
In case your ideas don’t shape up like you would liked them to, you must always have a backup plan to fall back on. Ideally, there should be a well established alternative source of income for the family, for taking care of costs till you can land another job.
One of the best things to do is to discuss your preferences and ideas with your family members. It is important to make them feel secure as you make this move. One way to secure your present is with cashless health insurance.
Starting your own venture could be a liberating thought. However, if you have a safe and stable job at present, there could be various things to ponder on. The journey from being a salaried professional to an entrepreneur may not be as smooth as you perhaps think! Here are some important questions to ask yourself before putting in your papers.
Introspective Queries to Answer before Taking the Plunge
Why entrepreneurship?
It could be that you are just plain bored of your job. All you might actually need is a change in role or a break from this mundane routine. This cannot be reason enough to embark upon your own venture. Do you have a solid business idea in mind that has evolved with time? Are you equipped with a complete business plan? Are your investors or capital reserves ready? If the answers to all these questions are yes, it is time to be on your own.
Do you have enough savings?
All said and done, every business will have its own teething problems. And, the first 3 to even 5 years may not yield any profits. How do you plan to take care of your regular expenses? Do you have enough savings? Have you bought a personal cashless health insurance policy for yourself and your family? Employer provided cashless health insurance will cease to exist as soon as you leave the job. Similarly, you will also need liquid or semi liquid assets to take care of unforeseen expenses in this interim period.
Are you prepared to multi task?
Starting your own venture could mean large scale multi tasking. You may not be in a position to hire too many people at the start and several functions would have to be managed by you. Make sure you are prepared for it. Life could become extremely busy, requiring 100% commitment. Unlike your current job, there would be no fixed timings for carrying out your duties.
What if it doesn’t work?
In case your ideas don’t shape up like you would liked them to, you must always have a backup plan to fall back on. Ideally, there should be a well established alternative source of income for the family, for taking care of costs till you can land another job.
One of the best things to do is to discuss your preferences and ideas with your family members. It is important to make them feel secure as you make this move. One way to secure your present is with cashless health insurance.