You have probably never thought about it and probably you do not even want to consider it. You cannot afford to miss a payment from your job because you have so many loans to payback. You feel so much confident in your success that nothing else seems to matter. Then why should you consider ‘leaving your job to become an entrepreneur’ or do something else.
I do not intend to give any advice. I will only put the questions that will provoke you into thinking. I asked the same questions when I started on the journey of entrepreneurship after quitting my job. And trust me, it was not an easy decision to just walk off from a high paying field.
Please understand that if these questions are not the gospel truths and you should ask yourself a thousand times ( and more ) before you launch on your own. From my experience journey has been rewarding but I don’t want to create a bias in your mind.
Here we go.
- Do you feel, you will earn significantly in future from job?
- Do you feel a job brings more learning than being an entrepreneur?
- Doesn’t obsolescence worry you?
- Don’t you feel about more competition?
- What happens if you don’t have a job tomorrow?
- Would you follow your dreams?
Recession is out there to get all of us, employee or self employed. If it lasts long, fewer number of jobs may be created and your mobility might be affected. On the other hand since you have the required expertise, your salary may rise too. The decision is yours
Being an entrepreneur requires different skills than a job. In a job you can survive with fewer skills while if you are an entrepreneur, you will have to learn everything under the sun. I have forgotten the count of things I have learned since I started on this journey. But if you feel you are happy with one or two skills, you will happier at job
If you are competent in a one or two skills, you have a high risk of grounding at any point. With technological changes engulfing us rapidly, the skill that you have today, might be gone by tomorrow. Of course you can learn new skills using company’s money, but how many companies are spending these days.
An entrepreneur has the same problem, but since his mental makeup is to learn new things, he will make the change faster than an employee. This does not mean that employee is lesser than an entrepreneur. The employee would have more deeper understanding of the subject as he is required by the company to develop that. Entrepreneur will learn only to the extent of survival.
With time, you may gain in your skills but so others might as well. That is not necessarily a bad thing but I have seen a salary drop in some of the complex technical fields because there was an oversupply. If someone can do 100% of your work in 30% of salary with some loss of quality, you will have a tough time.
It can happen with entrepreneurs too, when a big competitor strikes, they are forced to retreat but since they have survival skills they will create their own niche.
I would call it a rhetorical question but it is not a distant reality. What is here today can be gone tomorrow. Do you then have skills to survive or will you start learning them from scratch?
If you dream of being a professional photographer, would you wait till retirement? I know that someone would say, you can do this as part time. But would you be able to devote sufficient time for the dream that you nurtured? If your job allows that it is fine otherwise take a call.
These are some points to ponder upon. Let me reiterate that I am not saying entrepreneurship is better than employment. Just that one point in life, we will ask these questions to ourselves. At that time, we should be ready with answers.
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