Over the many years that I have coached people or provided advice, one common question that I get is from people who want to quit their jobs and work for themselves.
Being your own boss and working for yourself can be a wonderful experience.
However, it can also be one of the worst mistakes that you can ever make that could set you back for years and ruin your life.
If you’re contemplating this decision, I want to help position you to be in the first category and not the second.
You see, I was in the second category.
Quitting my job was one of the worse decisions that I have ever made in my entire life.
However, I have a number of friends, colleagues and clients who have quit their jobs and it was a great decision for them.
As a result I can look at this decision from both sides of the equation to help you make the right decision for you and your family.
Today, I was watching the hit ABC Television Show Shark Tank.
Excellent show if you are interested in business, investing or entrepreneurship.
There was a couple who was on the show pitching to the Sharks an opportunity to invest in their aphrodisiac bar company, His & Her Bar.
Now if you watch the show, you know about “Mr Wonderful.”
His real name is Kevin O’Leary and on the show he comes across as the living embodiment of a “Shark Investor.”
Cold, Ruthless, concerned about nothing else but the bottom line.
He encouraged them by letting them know that all business owners struggled and even shared some of his struggles.
However, at the end of the day, their business was not ready for investment.
This couple they had both quit their jobs to start this business.
However, The Sharks weren’t interested in their opportunity.
One of the things that multiple sharks told them is they really need to go and get a job.
They were looking to get investment in their business but their business wasn’t at the level that it needed to be in order to be a solid investment.
Mark Cuban ask them how were they fulfilling orders currently and they said they were doing it made to order.
This means you give them money and then they use your money to get the product made and sent to you.
Cuban said they can just continue to do that and grow the business that way but right now they weren’t ready.
One mistake that I made that I see a lot of entrepreneurs make as well is quitting their jobs before the business can stand on its own.
That was the problem that this couple had.
They quit their jobs too soon and put unnecessary financial pressure on themselves.
How do you know if you should quit your job?
On the Shark Tank episode I watched, Barbara Corcoran, one of the sharks on the show said something very important.
I’m paraphrasing but this is the gist of what she said.
People think because they lose their job that’s a sign that they should do their business full time.
No, that’s a sign that you should get another job!
I was guilty of that as well.
Your circumstances are your circumstances. They are not a sign for whether you should quit your job or not.
Another mistake that I see people make is they base their decision on whether they like their job or not.
They don’t like their job so they believe that this means they should build their business.
No, that’s not what that means either.
If you hate your job, that means one of three things.
First, it could mean that you need to leverage that job that you hate to get a job that you like.
That’s what I did.
I took a customer service job that I didn’t like. I was a good steward over that position and then leverage that to get a position that I like.
Second, it could mean that you need to upgrade your skills and improve your value in the marketplace.
Maybe you might be a retail worker and you hate it. However, you spent some time learning how to do graphics design.
Then, you leverage that learning to get a graphics design position.
Third, maybe your job is the vehicle to fund your business and investments.
One of my best friends, Jessica Janniere, the founder and CEO of Look Up and Beyond shared with me something very powerful.
This was in March of 2015 where I was doing door to door cable TV sales. One of the worst jobs I ever had, that I HATED!
She shared with me that the reason why I was struggling so much with different jobs is because I’m really an entrepreneur. However, I need to look at my job as a vehicle to funding my passion.
That really helped me to look at my job with the right perspective.
Those are some of the most common mistakes that I see people make with quitting their jobs. They quit their jobs for the wrong reasons and then wonder why their business isn’t having success.
When thinking about quitting your job, examine your reasons and make sure you are not quitting for the wrong reasons.
Quitting because of your circumstances isn’t the right reason.
Quitting because you don’t like your job isn’t the right reason.
Finally, don’t miss out on what may be the vehicle to even fund your business, your job.
In the next series of blog posts and podcasts, we will continue to take a deep dive into quitting your job and help you figure out when is the right time to quit your job.
Roosevelt Cooper – The10Talents.com
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