So, you have an excellent idea for a new business and would like to act upon it. Your day job now seems obsolete to you especially because the idea of running a business is attracting you like a moth to a flame. You have taken the decision to go through with the transition: from being the employee to hiring employees. Do you just take the leap? No. There are quite a few things that you should take care of before you hand in the resignation:
Build a strong network while at your day job
Before you quit you should be able to boast of a great network that you can later rely on. In the entrepreneurial world, business networking is the key to success of a new business. One or few of the professionals that you build a network with might like your idea and mentor you. Someone else may also want to invest!
Strengthen your business startup tool kit as much as you can
An entrepreneur is a consistent learner, essentially because he has to be the jack-of-all-trades when he starts up. When you work at a company, you are generally restricted to a particular profile. Therefore, before you quit, we advise you to learn as much as you can and acquire new skills. Cross-functional programs and training sessions are some ways to do so.
There is no shame in asking for help
Talented people usually work solo. They prefer figuring out solutions on their own and are successful almost all the time. They like using only their skills and not turning to anyone else for help. That’s quite wonderful but if you want to start a new business, you should learn to ask for help. You are not a specialist at everything or every facet of business. What’s the harm in seeking advice, then? It will only help you grow and keep you humble.
Don’t be hasty about it
Even if you have a strong network and have learned a few new skills, you should be thoughtful and prudent. Finance is a very important part, without which you will find it hard to survive out there. So, you should ask yourself whether you could really afford starting a new business. Quitting a job strips you off financial stability. Unless you have the required resources to support your business and personal aspects, we recommend you give it time.
Quitting your job is a big step. Of course you should be brave enough to take it but also smart enough to take care of a few things before resigning.
Many startups have failed because early decisions were made without thought and in haste. Do not repeat the same mistakes. Go slow and build a network before quitting your job. Also, learn as many skills as possible and ask for advice when needed.