Answering Questions from a Reader
I received a comment from a reader, Dixis, in an earlier post, “Making the Decision to Finally Quit My Job” regarding their own uncertainties about leaving a job and starting your own business. I figured others who come across this blog have similar questions in mind, so instead of sending an individual reply, I’ll be answering Dixis’ questions in this post.
Hi Dixis, thank you for your questions. I’m glad to hear you’re doing your research. This tells me you’re pretty serious about being your own boss and have a true passion to be an entrepreneur. That passion is what will help you the most while you’re on your entrepreneurial journey. It provides you with continuous hope and optimism, even during the most uncertain times.
I want to start with saying that the decision to quit your job is never an easy one. You need to assess your current situation and ask yourself a lot of questions, such as do you have enough saved? Do you have people (e.g. children, wife, parents, etc.) desperately depending on you and your income? Would you be able to continue to provide for them while living off your savings? Can you work at your job and your business(es) at the same time? And the major question you need to answer is do you know what your next steps are after quitting?
For myself, once I realized I was set on quitting, I made a conscious effort to save money (read: The $30,000 Goal). I also looked over my current savings/investments and calculated how long it would last me if I never received any additional income going forward.
Looking at my dependency status (I don’t have anyone depending on my income, except myself), I realized this time of my life is the best opportunity to take major risks. As time goes by, my responsibilities will only grow (marriage, raise kids, etc.) and the less I’ll be able to focus on just myself.
I attempted to work on my businesses while working in my job, but that proved difficult for me because of how demanding my job was. However, this is not the case for everyone, as one of my good friends working in a job just as demanding was able to devote time to both his job and business. And is now doing well. It just goes to show you that everyone’s built differently.
To be honest, defining my next steps was/is probably the hardest question to answer. I knew my skill set revolved around web programming. Couple that with my knowledge of Internet marketing and you would think that would give me a pretty big start. However, those two components are but the tip of the iceberg. As the book, The E-Myth Revisited, would put it, I was a strong Technician but I needed to develop my Manager and even my Entrepreneur side more. However, while on my entrepreneurial journey, I believe I have been able to strengthen these areas. Currently, my main path is developing and marketing various websites that generate affiliate-based revenue.
Now, to answer your questions:
Did you quit your job already? Short answer, yes and I am no longer an employee. Strange answer, I quit multiple times but in the end I got let go. Please read these six posts to get the full story: Should I Stay or Should I Go Now?, An Offer I Could Not Refuse, My Leave of Absence is Coming to an End, So What the Heck is Going On??, and finally Ideal Situations Do Come True!
If so how are things going? My progress has been slow, but heading in the right direction. I’m hoping to have monthly profits within a few months. I’m really glad I assessed the situation by asking the right questions. Without having done that, I wouldn’t have felt as confident about leaving my job. I hope my above post was able to give you some more food for thought.
Do you have any regrets? If so, why? I don’t have any regrets about leaving my job. I believe it’s the best decision I could have made. Not only professionally, but if you read through some of my earlier posts, you’ll learn that my dad had passed away recently and this time away from “the grind” has helped me immensely. It’s given me a great opportunity to do things I’ve wanted to do all my life while others (who are capable) are still only dreaming about them (I just came back from a 5 week trip around Southeast Asia). All the while, I have also been able to work on my business.
My only small regret, if you can call it a regret, is wishing my experience with the project I was staffed onto as a management consultant was better. But then again, if it were, it wouldn’t have given me the push I needed to gain the entrepreneurial experience I now have and continue to develop.