The saying goes like this, “Follow your passion and you will never have to work a day in life.” Those who take this phrase too seriously and find courage to leave their stable job for a passion business idea soon understand that’s it’s not as simple as it sounds. There are various situations that crop up and reality can slap you and your passion in the face. Here’s a few idea how you can cope and make sure your passion has a profit center.
It’s a great idea to chase your own dreams instead of working to fulfill someone else’s. This is a clichéd line that we get to hear every now and then. Even Steve Jobs, the great visionary who single handedly turned around the fortunes of beleaguered Apple making it the most valuable brand in the world, once said, “Your time is limited, so don’t waste it living someone else’s life.”
While this sounds quite true and inspiring, the fact remains that same size doesn’t fit everyone. While a regular a day job is far less glamorous than running your own company, and having people work for you, but not everyone goes on to become a Bill Gates. Does that mean, one should stop trying? This is a complicated question with no straight answer and hence, here are some points that one should keep in mind before giving up on your day job to follow your passion.
Tighten Your Belt
When you quit your job, you are actually saying no to a whole bunch of things that includes, employer pension fund, discounted health and accidental insurance coverage, free meals and transport and other allowances. Starting your own business will not only lead to the lose of your monthly source of income but also add to your expenses in form of the insurances that you will have to buy, money you’ll need to launch your business and erode your savings that had for retirement.
There will be an immediate loss of social circle
For most of us, our office is just not a place to work and earn money. It is also an important part of our social life, as our colleagues sometimes become our most important friends. In fact, many of us who have been struck by cupid in office also find their life partners at work. The simple reason is the amount of time we spend in an office is humongous, with the same set of people. When you quit your job, it could create a vacuum as far as your social life is concerned, as you will lose touch with your colleagues. That’s a huge cost to pay.
Going back will be tough
Why not leave your job to try doing something you love or believe in? You can always come back to the office life if it doesn’t work out, right? The sad truth is, no. Finding a job for a fresh graduate is very difficult. However, once you have a break in your career, it becomes all the more difficult to get your foot in the door, especially, at the higher level, to recoup your previous corporate salary. Good opportunities are limited and competition is fierce in corporate America. Even if you rejoin your company you will only manage to get second priority to fresh graduates who are considered more in tune with the changing industry and hence more suitable for growing with the company.
PLAN Carefully
Before you actually shoot your resignation letter to your manager, it will be good to think things through carefully and develop a plan. Start your business as a side hustle first. Quitting a job has a lot of financial and social repercussions. Without the financial cushion for your monthly paycheck you will be left totally vulnerable towards the uncertainties of life. It’s better to have a cover in place beforehand rather than run for cover when the weather turns rough.
People sometimes quit a job in a momentary euphoria, without even giving the future a second thought and later wish someone would have told them about how hard it is after ditching a successful career path to start again from scratch. If your are going to start a business, considering the heavy stakes. Do your homework, save your money, and launch it while you are still working. Take a pause, and develop a plan for success and think twice and make sure your business is making REAL money before leaving your full-time job.
About the Author
Saurabh Tyagi, a career and motivational author who consistently writes articles on various job related themes. This post would be of particular interest for those who are serious about shaping their careers. He has previously written similar articles that have proved useful for people applying to positions like CEO, CFO and other high level positions.
Leave a Reply