In the US, approximately 543,000 new people start a business each month. However, even more shut down. That’s an incredibly insightful statistic, revealing much about the way our culture has evolved in thinking of entrepreneurship and what it really takes to start a business.
As of 2011, there were over 28 million small businesses in the US, with more than 22 million of those self-employed with no additional payroll or employees. That’s a whole lot of solopreneurs striking out to start a business and make their dreams come true.
The sad thing is, the majority of entrepreneurs attempting to start a business are destined for failure. Even some of the world’s top entrepreneurs failed miserably when setting out to start a business for the first time.
It’s not because they aren’t smart, hard-working, or well-connected. It’s because they make just one very bad decisions right at the beginning when they’re getting started. If you haven’t taken the time to discover your strengths, or you haven’t gone down the path of entrepreneurship before, it’s honestly hard not to make these mistakes.
I’ve started 4 businesses, all of which began while I was either a full-time student or had a full-time job after college, working 50+ hours/wk. With one of them which was my software company. I quit my day job a little too early and I learned a lot from that experience.
That single choice created a longer term effect on how quickly we were able to scale the business due to cash flow constraints. It ended with me having to move back in with my parents. It was a dark time filled with reading a whole lot of motivational quotes to help reignite my flame. I’ll come back to this later.
For now, let’s start with this. Don’t quit your job before you start a business. and here is why……
Let me elaborate; don’t quit the job that serves as your primary source of income. You have to rent, buy, eat and take care of your family. so never quit your job right away, even if you’re making twice money from your business. just hang in there and keep working until you reach your goals and save at least six month of salary for yourself.