This is a question that many budding entrepreneurs ask. Most budding young entrpreneurs, especially graduates are extremely worried on when is it a good time to quit the dayjob and begin to focus fully on their startup. In India, most students get placed right after their graduation in well-reputed MNC companies. I know many friends who are currently working in a MNC for full time job and working on their startup business during extra hours. So it becomes a big pain in the ass to decide when is it a good time to take the leap into entrepreneurship. After all, the stability of a monthly paycheck is unmatched.
So coming back to the point of the post – when should one quit their day job and focus on their startup full time? There are many ways that you can look at it. I hope the following angles help you in your decision:
This is the number one decisive factor that you need to consider while quitting your day job. DO you have dependents – a wife, sons, daughters etc. to take care of? In that case, it is better that you hold your horses and wait until your part-time business grows to the capacity that you simply cannot continue it without your full-time involvement.
On the other hand, it is my firm belief that the younger you are, the less damaging your failure will be. The impact of failure of a startup is directly proportional to your age. If you still live at home with your parents, then the risk are pretty nil (assuming they won’t kick you out).
The Time Factor
The question you need to ask yourself here is: What are the advantages of making the jump now? Is it possible for you to hold on to your job and yet extract the same kind of work efficiency for your startup? If your role in the startup is such that you are indispensible, then of course it is best that you quit your day job.
A Final Note:
Sometimes, there are a lot of blogs and websites that amp up entrepreneurship to machismo. The “Do it now or never” BS is rampant on the internet and it is very easy for a newbie to be influenced by this sort of stuff. At this point I would like to point it out to you that most start-ups fail. Always have, always will.[Related Post-10 Things That Kill A Startup Within The First Year]
To me the best time to ditch your full-time job is when your part-time startup begins to give hints that it is bulging and needs a little bit more push to evolve. It begins to give off evidence of its ability to grow. That evidence may be through securing funding or having an unusual success with sales. Usually, the hints would be enough for you to be sure that you’re onto something.
I hope this post was useful. Please share your views below.