Owning A Business Vs Working A Day Job – What Everyone Needs To Know
In your prime, ready to start your own venture, or level up from informal to formal business operations? Your mom or significant other might say, “Don’t quit your day job” or not just yet. Your mind is having reservations, but your heart says `go ahead’ and blaze a trail as a business owner.
Have you ever reassessed the main reason that has gotten your head spinning on how to start your own business? If you, like many others, think that the surest path to make big money is by starting or owning a business, think again.
Except for a few who have been there and done that, lots of entrepreneurs say it is not always a ticket to riches. Many startup owners recount years of struggle, of encountering trials and failures, before pivoting to lucrative ventures. Running your own business does have a certain appeal to it, but do you have the right reasons for leaving your day job for it?
Perhaps you may be tired of working for someone else, and feel that it is high time you strike it out on your own. Holding a regular job vs work or business venture that you can call your own is the road most people tread. However, if there is an inner voice that keeps nudging you to start focusing on running a company, then take steps to actualize it – sooner or later.
Habits and Traits Speak Volumes
Three of the signs that startup ventures will likely fall by the wayside are procrastination, a preference to stay in one’s comfort zone, and fear of failure. If you care little about creating a product that solves a problem, or lack that certain drive to attack the market, then you may not be ready to start your own business yet.
Across the world, real-life cases of start-up failures point to a bad fit (40 percent), and lack of time & involvement of an entrepreneur (38 percent) as among the reasons that led to those businesses going down the drain. Nothing wrong with learning from the initial missteps.
Having sufficient capital is another key factor to consider. Are you money-savvy enough? If you happen to be among those who have seriously thought, “I can start my own business now, find financing later,” then you may be in for a rough ride.
Before you plunge into running or owning a business, consider the huge probability that you may need to pour your lifelong savings and earnings into the venture, not just in the initial phase but throughout the life stages of the business. You can liken it to rearing a child.
Showing Foresight and Pluck
Leave it to Filipinos to show grit and not to easily succumb to financial pressures when it comes to fulfilling dreams to manage a business venture or let an entrepreneurial career take off. An entrepreneur is likely to have both passion and grit. Take the case of Rosalina, a CPA who once worked for a travel agency, and honed her skills to pursue a business she has come to love. When the firm she worked for closed, she decided to build her own agency – at the age of 54.
There are daring young souls out there who juggle both a day job and their own business and you marvel at how they have so many things on their plate. It underscores the importance of time management, or reaping the best of both worlds — learning how to start your own business while enjoying the perks of a day job.
A clear-cut illustration is Carlos Luigi Gaston, 27, a Hotel and Restaurant Management graduate who works as a hotel sales account manager, and went into food franchising. Queried when he realized he was ready to start a business, Luigi said it dawned on him during the pandemic. With the cutback in his day job’s work hours, he mustered the courage to invest on something he loves – delish samgyup-to-go. His sister Mika manages the business funds separately. Luigi set out to prove what Outliers author Malcolm Gladwell stated, “Buried in a setback is a golden opportunity.”
The benefits of starting a business, based on successful entrepreneurs’ testimonials, range from working at your own pace, being able to make the rules, and cultivate a broad range of skills, to reaping the rewards of hard work later on – having a legacy, or something to pass on to one’s children. Yet it may take years.
The answer to the question “should I quit my job to start my own business” varies from one person to another. It may be a no, since staying employed or working in a company may create more time for validation of a business idea. There is also comfort in knowing that one is continuing to save towards owning a business.
A would-be startup founder can take the time to really understand target customers and their requirements, and finetune a product, before plunging into an entrepreneurial career. Working for someone else or choosing a regular job versus business startup management has its advantages.
As for those who are ready to start rolling up their sleeves to run their own business, it pays to mitigate risks and ensure that there is enough capital to sustain the entire business life cycle. A good option is tech-backed and streamlined peer to peer (P2P) lending, like what Blend.ph offers. Whether you want to invest money now and help a micro enterprise take off, or need some extra funds to finance your startup venture, opting for a reliable P2P lending platform is a smart move.
When unanticipated events occur or during a downturn, some business owners tend to curb innovation. Fresh ideas on how to start your own business or plans for expansion need not be derailed, though. For financial peace of mind, check out nonbank online platforms such as peer to peer lending to boost your way into creating impactful customer value propositions that jolt the industry and drive economic growth. Let Blend.ph be your partner as you embark on your entrepreneurial journey or step up expansion.
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