September 3, 2014

Should You Leave a Stable Job to Start Your Own Company?

Creating a company from the ground up while generating a successful revenue steam is the essence of the American Dream; but if this were an easy task, there would be a flood of employees quitting their "nine-to-fives" to found startups.
The autonomy that comes along with building a business around personal goals, talents and interests is compelling for many workers who are fed up with their daily grind. On the other hand, leaving a stable employment situation can be stressful — and it's a decision that shouldn't be taken lightly, even if you're not entirely satisfied with one or more of the aspects of your current job.
Below are a few considerations to take into account when making the decision to start your own company.

Assess your current job status

Necessity is the mother of invention. You should consider your current job status and assess whether it's actually the right time to go off on your own. Ask yourself: Are you are happy and fulfilled, and are you making enough money?
Just because you are disappointed with your current job doesn’t necessarily mean that you should start your own company; it might simply mean that you should consider changing jobs. Attempting your own venture is something entirely different, and it can be a huge risk. Spend some time seriously thinking through all of the options before concluding that starting your own company is the right choice for you

Take a hard look at your past experience

If a musician decides to revolutionize the medical industry, he's likely to be met with skepticism. There are intricacies in any vertical or marketplace that one must understand. That said, an insider perspective is not always essential –- sometimes it takes an outsider to impact an industry.
If you can write code and are capable of creating a prototype of your idea on nights and weekends, this process may be helpful. Most, if not all, ideas can be prototyped (or pretotyped), and if you can do this while still working at your current position, a great deal of risk will dissipate. You might be able to go all the way to market without even quitting your job.....to be Continued.......
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