How will I know if entrepreneurship is better for me than working a job?

18 Comments

1. Heide FramilNovember 15,2021 at 5:09PM UTC

   Hello. Honestly, you'll never know until you've started. No matter how prepared, capable and financially ready you think you are, unless you dive into it, you'll never know. You may feel it's time to be your own Boss but when you're there, you'd realize that it's not yet the right time. Yet, there are those who are hesitant but when they've started, it's like they've hit the jackpot.

2. Anya LambinNovember 16,2021 at 4:05PM UTC

   Just take the leap of faith and start working on your dreams.

3. AnonymousNovember 16,2021 at 4:06PM UTC

   I would agree with the other comment, you won't know until you put pen to paper! Is there a way to start exploring your own business during those 6 cushion months? That sounds like some built-in time to me!

4. Sara JohnsonNovember 16,2021 at 4:11PM UTC

   You are never your own Boss because you will answer to your customers. The best will seek advisors and partners.
   What is your risk appetite?
   Have you asked yourself the following questions -
   How long can you go without an income?
   How will you account for all the work that your team does now?
   How bulletproof is your business plan?

5. Andrea Macek, Career Change Coach for Professional WomenNovember 16,2021 at 4:13PM UTC

   Hi there! First, thank you for sharing out loud to all of us that you have this amazing goal for yourself, congrats!!! I left corporate career after 12 years in my mid 30's and did not intend to start my career coaching business but I did. All I can say is you won't know it's time until you try. If there isn't a conflict of interest with your current role, start testing out being your own boss part-time. If I could go back and do it again, I would have started my business while I was working full-time, then after some time, transition into it full time. I'm obsessed with what I do in my coaching business and I LOVE IT, but like anything, it has its pros and cons. This is of course my insight based on my experience. I would highly encourage you to talk to other women that have businesses and started when they were in a similar life season as you are now and gather information. There will never be an exact right time, and only you know when it feels right enough for you. I'm happy to chat if you'd like: andrea@aymconsulting.io. Wishing you all the best!

6. Carrie Jo ArndtNovember 16,2021 at 4:27PM UTC

   There is definitely high risk, but also opportunity for high reward in owning your own business. When I coach people I always encourage them to build their business on the side until it grows to be big enough to resign from their current role. It’s surprising even how just one hour each night after your kids are in bed will get you closer to your dream. Also, while you are putting in to place the logistics remember to honestly evaluate your possible weaknesses so that you can start building a team that will help your business be viable and competitive. For instance, are you an amazing programmer but feel weak at social media and marketing?… if so search out someone who is great at that piece? Are you incredible at the numbers side and taxes, but feel weak in customer service…. If so then find someone who can operate as your front end a few hours a week to start! Whatever you decide - way to go on fighting for what’s best for your family!

7. AnonymousNovember 16,2021 at 4:44PM UTC

   I know this is easy to say but life is too short, and next thing you know another 5years go by or another 10 years. But it makes sense to start as a side when you can, freelancing building that network, see what the outcomes can be before jumping ship.

8. Jackie GhedineNovember 16,2021 at 4:45PM UTC

   This is a wonderful conversation starter. So many women are considering starting their own business and it isn't a black and white decision.

   When I work with women during this transition, we start by reverse-engineering the revenue to help understand your financial goals and then you can build a business strategy to get there. I try to encourage women to start exploring before jumping off, diagnose the marketplace, where is the gap, how does your service fill this gap and what is the market rate for this type of solution.

   Then start going into the market and try to secure a few clients, even small projects. The process of onboarding clients, what to charge, what your deliverables are take time to develop and really home in on and often it is easier to feel like you have the 'safety net' of a full time job while you iron out the process.

   I left corporate America 7 years ago and never looked back. It wasn't always easy, building your own business takes strategy, disciplined action, focus and lots of patience. Good luck. If you want support, join our Facebook Community., Modern Gen X Woman!

9. AnonymousNovember 16,2021 at 5:19PM UTC

   You don't know, until you try! If your gut is telling you to take the leap, take it. Trust yourself and go for it. Especially if there are no job offers on the table.

10. Katrina JuliaNovember 16,2021 at 6:11PM UTC

    I have found prayer, journaling out, regularly helps. Often, you are being and doing both in the process increasing gratitude, joy, and freedom step by step. Here is a great resource I put together + share more on my story as well if you want to explore more! https://www.fitlifecreation.com/post/75-tools-resources-to-create-a-life-and-business-you-love

11. Marjorie KalomerisNovember 16,2021 at 9:37PM UTC

    I don't think you will ever fully know when you've found the "perfect time" to start your business. I'm curious - what's stopping you from trying it out? It doesn't need to be all or nothing. What is 1 small step you can take in the next week?

    You can also try it out alongside a full-time or part-time job. Make the structure, format and level of commitment work for you.

12. Rachna LienNovember 16,2021 at 9:41PM UTC

    You have a lot of responses here, so I won't be redundant. The short answer, though, is this: if you do your research and you're still not sure, you won't know for sure until you try it. I'd recommend talking not just to entrepreneurs, but also small business coaches who can help you learn what kind of support is out there for you as you start up. If you need some referrals, feel free to drop me a line!

    FYI, I'm a lawyer, and I've worked for big firms, non-profits, and now eventually for myself. I'm happy to share any insight and answer any specific questions if that would be helpful for you!

13. LaNee BNovember 17,2021 at 12:58AM UTC

    Entrepreneurship is not an easy road, but if you can endure and are very resourceful I say go for it!

14. Jennifer HoweNovember 17,2021 at 3:08AM UTC

    You already know the answer to "how do you know when it's time to be your own boss," because you are asking the question. It's a scary thought, but so liberating! If you choose to take the jump and fulfill your desire for more, you don't have to quit your job to do it. Many entrepreneurs work for someone else, while building their dream, until they are able to stand on their own. Trust your heart and gut, you know what to do.

15. SUSAN KAHANNovember 17,2021 at 4:04PM UTC

    Some other people already said something similar, but I'll just add, before I knew I was ready I did two things - talked to other people who started their own business and got a full picture of what it included and wrote a business plan. I didn't have all the answers but putting down my ideas, strategy and finances on paper really got me motivated and prepared to take the leap. Then give yourself a deadline to make a decision and stick to it. Put it in your calendar. Tell other people. If you want to make this happen (and it sounds like you do!) prepare for it. One other suggestion - I've been reading Guy Raz's How I built this book (he has a podcast too) and it is SOO helpful to give me ideas and strategize for my own business. Good luck!

16. ELIZABETH DELUCANovember 19,2021 at 1:23AM UTC

    It is difficult to compare starting your own company to a corporate job because there are many variables to consider. Each option has its pros and cons and therefore, you need to think about what things are most important to you. Is it freedom or security?

    One positive outcome of the COVID pandemic is that it has given people the time, courage, and desire to figure out what they really want in a career.

    It sounds like you are leaning towards the entrepreneurship route. If that's the path that you decide to take, I recommend that you take the following steps:

    Research the market potential, current trends, opportunities, and competitive landscape.

    Determine your "WHY" (as Simon Sinek says).

    Create a comprehensive business strategy and execution plan.

    Network and connect with like-minded people and join groups such as the Entrepreneurs' Organization, The FoundersCard, Small Business Administration (SBA), Chambers of Commerce, and industry associations, to name a few.

    I wish you great success in your move to Canada, along with your entrepreneurial journey.

17. DeLisa DawkinsNovember 26,2021 at 6:33PM UTC

    Only you can decide if you are ready. I grew weary of the "9 -5" lifestyle and was truly ready for a change. You have to think about items that will impact you without having the security of the "job" For example, medical and dental insurance for you and the children, contingency planning for resources (if you are not receiving a consistent paycheck) the continuous hustle (this may be an issue with time for your children-- especially as a new entrepreneur). Planning for success is critical especially in these times Post Covid. Covid has fueled creativity and gave an increased value to time itself.
    With drive and determination, anything is possible. I am a real estate agent and the independence is liberating, however, the challenges are real.

18. AnonymousDecember 13,2021 at 3:29PM UTC

    If you have the entrepreneurial spirit you will keep going and fighting and trying over and over, and getting a job doesn’t mean failure or the end - it just means you may need the occasional cash injection to keep going… Rather than an either-or, I would encourage you to consider a blend.

    There are a few things I wish I knew when I was starting out or I wish that my mentors had been more clear/honest about … you may be way ahead of me and already know all of this, but I will share my experience just in case… there can be a big difference between knowing something abstractly and testing it out for the first time…. The most important issue I had was bootstrapping. My mentors were all about bootstrapping…. People LOVE to give this advice. It is true that you can do a lot with bootstrapping, but there are real limits…. And just because you CAN make a start of it this way, doesn’t always mean you should….. if this is your first business make sure you have enough $$ for the following items:

    -money to cover your own salary when things are first starting out

    -enough money that you can keep the machines running and continue to grow

    -startup capital for developing passive income streams

    -enough money to expand: this depends entirely on what type of business you’re in, treading water might not be an option. It came as a surprise when my business gained rapid success - my mentors touted the bootstrapping model and advised that this success would be enough to finance the necessary expansion to meet growing demand… but this wasn’t the case. They took their privilege and cash-flow for granted and gave bad advice. I ended up not having enough money to expand, and the business couldn’t sustain itself with the under-powered startup infrastructure. So even though I had more customers than I could handle or want, and even with pre-payments, I still needed a stop-gap in the form of liquid accessible cash between production and delivery.

    If you need to debt-finance your business, then ensure that your markup/profit margin can handle the interest charges from the loan. Debt financing only seems to work in high-margin rapid-growth models, or when buying into an existing operation. Sometimes for new businesses projected margins can be much bigger than actual margins… there are always incidental and unexpected costs. Debt financing comes with other expenses, like you may wish to incorporate much earlier than would otherwise be necessary to protect yourself from liability… and with that comes additional accounting expenses, and depending on how big the loan/risk is you may also want insurance.

    The other thing I wished I did early on in starting my services business was to setup a passive income stream. Since you have software skills you may consider developing some passive-income generating products out-of-the-gate which can then finance your business. This can help to finance incidentals or unexpected necessary growth expenses.

    Having a job is just as unstable/insecure as being an entrepreneur… what tips the scale to make entrepreneurship a bit riskier is the startup phase is unpredictable. If you know your business very well, have lots of first-hand experience, and a plan for making money within a time frame you can self-finance, I say go for it. The first attempt might not be the one that succeeds but the story isn’t done being written until you decide it is. ;) best of luck.