Should You Should Ditch Your Job to Become an Entrepreneur?

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The following is a guest post by Elaine McPartland.Enjoy! 
A great number of people prefer owning a business over working for someone else. There are many reasons why one would opt for the former over latter with the “power” being one of the main reasons. There comes a time in almost everyone’s professional life when they wish to try something different. However, this decision is not an easy one due to the issues attached with it.
The first question is job versus business. The scenario is highlighted below in detail for proper understanding.

Business versus Job

There are many arguments in favor of and against both the options. While there is no denying the fact that business offers more opportunities to a person, one cannot overlook the most attractive part of a job which is “confirmed” earnings.
The risk factor is limited when you are working for someone else because you are sure to make your basic pay if you put in an effort. However, in case you are an entrepreneur, there is a risk of you not having a surplus due to several reasons.
Nevertheless, business is still considered better simply because everyone strives to move ahead and reach higher levels. This is something that looks like a distant dream when one is working for someone else because then, the opportunities are limited, and you always have someone else calling the shots. It is also argued that jobs do not let individuals test their own skills as they work within limitations and boundaries that are set by their bosses.
These are some of the main reasons why people aspire to own their own business and turn entrepreneurs. Nevertheless, now is the right time to ditch what you are doing and draw up a plan to have a better future. If you think you have the skills of an entrepreneur and you can carry the responsibility of owning a business, then you should not think twice before bidding adieu to your job and start your own business.

The Trouble Faced

However, this is something that is easier said than done. Starting a business is not very easy because one needs a lot of initial investment (II), which is not very easy to accumulate, especially for those that do not have a hefty bank balance.
Not everyone is recommended to turn into a businessperson simply because it is not viable for everyone because one needs a certain skill set to be able to pull it off. There is no point in starting a business if you do not have the ability to push through tough times that every businessperson has to face at one point or another.

Starting it Up

Yet, if you think you have it all, then it is time to find money to start business with. If you have no source of investment, look no further than financial institutions that provide financial help. There are many organizations that are aimed only to help people kick start their business. It is all about finding the right option and using it in the best possible way to make your dreams come true.
However, everything should be handled with confidence. It is important to plan accordingly regarding everything from the use of finance to the nature of business. Additionally, it is important to take care of the legal regulations as well. A business, especially when it is starting up, has to face several types of risks.

Now is the Right Time

A businessperson must take all such factors into consideration to minimize the danger. Presently, the risk is very low as the economy is recovering, which means there are opportunities for everyone. If done correctly, the chances of one nailing it right are high. So, you should not waste time.
You can use it to get credit help so that no time is wasted in building up an initial investment. Time is very precious in any kind of a business. It is important to know when and where to start and when and where to stop. The key lies in researching well and taking every step carefully.

How about you all? At what point in the growth of a side business do you think it is safe and/or appropriate to quit your “day job?”

Share your experiences by commenting below!

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  1. If my part-time income surpassed my work income for a number of years in a row and I was able to reduce debt down to just the mortgage, I would jump ship quickly.

  2. I'd love to take the entrepreneurial route some time in my life, but I don't think my current skills would really transfer. For now I'll stick with a steady paycheck while I get my feet wet in business.
    My recent post The Cash Rebel Net Worth Pie Chart

  3. myfijourney says:

    If you don't have the soft skills (sales, marketing, connections, networking, and business development), I would advise away from becoming an entrepreneur. It's not that you couldn't do it, but rather that it's going to be a rough road if those soft skills aren't there.

    Personally, I don't enjoy things like marketing and business development, so I shy away from the idea of starting my own business. I much prefer focusing on tasks that I'm good at and enjoy doing.
    My recent post Wisconsin Energy Corp (WEC) Dividend Stock Analysis

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