Is It Time to Quit the Rat Race?
How do you know when it’s time to quit your day job? Leaving a corporate job behind is harder to imagine the better the job is. After all, you don’t want to lose your benefits and paid vacation time. So how do you know you’re ready to quit the rat race and go out on your own? Here’s some insight to help you along your way!
Find Your Personal Motivation
People become entrepreneurs for all kinds of reasons. Some people just want to follow their dreams, while others are enamored with the idea of being their own boss or making lots of money. Michael Gandler, former senior vice president at IMG and founder of Major League Revenue, quit corporate life when he lost the feeling that his day-to-day efforts could affect business outcomes. For a business to succeed, he says, you must be emotionally invested in it. I was never motivated by the allure of more money, but I wanted to help others achieve their American dream and found myself disillusioned by corporate politics. I swore there would be no place for politics in my company and that those who played games wouldn’t have a job there. Finding that deep personal motivation for starting a business will carry you through tough times in a way that money can’t.
Recognize Your Opportunity
Before you quit your job, you must research the market to be sure that your business idea is realistic and the product or service you provide fulfills a real need. “You should always candidly examine whether someone will actually pay for your offering,” says Liz Picarazzi, ex-senior marketing manager at American Express and founder of Checklist Home Services. “You may like to cook, but that doesn’t mean you should open a restaurant.”
– via Inc.com
Is It Right For Me?
Still not sure if quitting your day job is right for you? It’s a big decision that deserves some careful thought and deliberation! Though it’s not without its risks, going out on your own can have some serious benefits. Let’s check out some of the biggest reasons people leave the rat race and start their own business!
You’ll dance to your own music.
There’s a lot of noise in the corporate world. Not physical noise, but opinions, rules, history, and a whole lot of, “that’s the way we do it around here,” always just an inch or two below the surface. In such a setting it’s hard to find your path, or as I like to say, “hear your own music.” Once you’re on your own, you’ll suddenly begin to hear what’s there, and the more you can hear it and have the courage to follow it, the more enjoyable and yes, profitable your life will be. The fact is, there is no right way to live, to act or to grow a business.
You’ll never have to retire.
Retiring is a strange concept to the satisfied, self-employed person. It implies that work is something you want to be done with, something you wish were over. When you truly find your passion however, the concept becomes meaningless. Do painters stop painting? Do musicians stop playing music? Do comedians stop being funny just because they’ve reached a certain age? Not if they are doing what they truly want to be doing. Sure, you may slow down or change focus as you get older, but the game is never over, since the game and your life will be one.
You’ll put your money where your mouth is.
I never planned to start my own business, and I always secretly believed that I didn’t have the guts to be successful on my own. When I look back now, I’m not even sure how I managed to convince myself to leave the perceived safety of living within the protected walls of a large corporation. When I finally jumped however, I was surprised by the number of friends, former co-workers and family who remarked on my “courage.” Frankly, I’m not any braver now than I was before, but I know with certainty that I don’t need a corporation to take care of me (and neither do you)
– via Management Consulting News
Are you thinking about leaving the rat race behind? What appeals to you most about being an entrepreneur?