Unlike popular business myths, not everyone should start their own company. In fact, it is not the path to happiness and wealth for most people. Every month, over a half million people will quit their day jobs to start a company. Many people have that big dream of betting it all to take a huge risk. Others have a business on the side or as Pamela Slim says, a "side hustle" going while they work a full time job. Unfortunately, most of these people that make the jump to quit their day job are making one of the biggest mistakes of their lives.
Please take this test before quitting. Answer “yes” or “no” to each question below:
- Do you have paying customers for your product or service? (This does not include relatives!)
- Have you placed a strict limit on the amount of money you will invest? This means is there someone else that has to approve more funds besides you?
- Can your family survive if you lose all the money that you are about to invest in your business?
- Does your spouse have a job? (Living with your parents counts.)
- Is your spouse “enthusiastic” about your move to quit your job and start a company?
- Do you have other smart people and mentors that you will listen to even if you think they are wrong?
- Have you started a business before?
- Do you have good alternative for health care insurance that you currently get through your job?
- Is this really the very best timing for quitting your job (or starting a business)?
- Can you afford to not make any money from your business for the next six to twelve months?
Scoring the test: Give one point for every “yes” answer and zero points for every “no” answer.
Results: Unless you scored seven points, don't quit your day job yet. There are still too many risk factors for there to be high odds of success.
If I could be happy working for another person I would. If you are like me and can't, pass this test and welcome to world of entrepreneurship.