“If you don’t build your dream, someone will hire you to help build theirs.” – Tony Gaskins
This is the most common question which comes to our mind at some point or the other, mostly in your mid 30’s & 40’s also commonly known as a midlife crisis. The initial zeel of climbing the corporate ladder no more appeals to us or one is tired of doing the same things for years together. There is a constant conflict between pursuing our dreams as life is running out, at the same time we are worried if we would be making enough money to make our ends meet.
Well, frankly if one is coming from a business background the way ahead to decide is simple, however, if you are coming from a conservative family then it becomes a bit difficult to take decisions against your family members and friends.
However, it is not as difficult as it looks, especially when you work it out properly
The best way to do it is by taking out some time daily or during weekends and doing some side hustle. This way you have your day job and at the same time, you get a fair idea, as to how serious you are about the idea and whether it is going to work out as expected. If it works out then you have a very smooth transition.
But before that first things first. When you should not get into business
You are fed up with your boss
Well, if this is the case please change your job.
You want to be your boss
In a job you have one or two bosses, however in business, each client is your boss.
You have lost your job and want to try your luck in business
Well half-heartedness will never take you anywhere. You will pursue your startup, at the same time keep hunting for a job and if something comes up you jump the boat. In such a case, it is better to upgrade your skills and do not lose focus, nothing is permanent and even this phase will pass.
You do not have that internal calling
Mostly, I have seen that it becomes almost impossible to resist the urge to do something, even though you try to put it off, this becomes a niggling pain and one is unable to put it off. If you think you do not have that urge and can put it off easily then it is better to put the idea to rest.
The difficulty to make the decision depends upon the phase of life (Age) you are in and below points.
- Ageing parents health
- Spouse -working or non-working
- Current Savings
- High lifestyle
- No of Kids
- Existing Loans
- Family background
The above points matter the most to decide and take the initial plunge, it also depends upon your current skill set and willingness to learn new things.
Some key points to remember before you decide to take a final call.
Cash is the King
Ensure to have enough cash balance to run your expenses for a minimum of 2 years. Ensure to have health and other insurance in place as one Black Swan event, and you are finding yourself again updating your resume.
Lifestyle
Try to live frugally (That’s always a good habit to have though)
Continuous Learner
Be prepared to learn, the educated of the 21st century will not be the one who can read and write, but one who is willing to learn, unlearn and relearn.
Plan but don’t be Rigid
Don’t be too much obsessed with planning, take one day at a time, pivot as and when required, be dynamic, agile and nimble.
The mind will play tricks
Remember it’s a psychological game, at least initially and the ride will be filled with ups and downs, the mind will bring forward all types of problems, one that exists and one that does not exists. The only way to handle this is to know that the mind is going to create these types of problems.
Have an Ideal
Always, look up to someone, whom you relish and want to become like, he/she can be anyone either from your office, your boss, your colleague, a businessman, anyone who is your inspiration. Following such a person acts like a magnet and you will never be short of inspiration. It will also give you natural thrust and propulsion, whenever you interact or hear about him.
Invert always Invert
Whenever you are confused try inverting your problem E.g – How to handle my team as a founder/manager? – Try visualising all your bosses and you will immediately know what you should not be doing 🙂
Finally, irrespective of what happens the amount of learning that happens when you are on your own is beyond description and you will end up being a completely different person. The biggest risk in life is not taking any risk.
“Chase your dreams not the money, the money will end up following you” – Tony Hsieh