Dear Career Sensei - I want to quit my Job to start my own Business

Dear Career Sensei,

I am an intelligent and business savvy professional with over 10 years’ experience, 8 of which I’ve spent with my current employer. Though it’s a small company with a staff strength of less than 20, we control approximately 10% of the market.

There’s really not much of  a future for me here as I hold the highest office an employee can within the company, the only two positions higher than mine are held by the owners and co-founders of the business, a married couple.

I am a good leader, proven innovator and most of the award winning ideas that have led to our current success originated from me. Over the years, I have developed quite a good relationship with all our clients, have a strong network within the industry and have been able to save enough seed capital to start up a small firm of my own.

I know there’s never a perfect time to start a business and even though everything looks good on paper, I am afraid that I would fail and have to start from scratch.

Please help me.

Sincerely,

Scaredy-cat the Entrepreneur

Dear Scaredy-cat the Entrepreneur,

It’s okay to be afraid of taking the jump into the entrepreneurship pool as you’ve probably been informed that 8 out of 10 startups fail within the first 18 months. While not entirely factual, there are indeed more failed startups than there are successes.

My advice to you is to follow your dream and start your own firm, because until you do so, you would never know what could have been. However before you quit your job be reminded that entrepreneurship is not a walk in the park, but I’m sure you already  know this hence your apprehension. 

It’s always a good idea to have a backup plan, a plan b of sorts so that you are not left stranded if the business goes belly up. It could be in form of consulting for similar businesses or selling stuff on eBay as a hobby, just be sure to have a plan that would provide an alternative source of income.

Its also a good idea to start your business on the side while still in paid employment. This give you the room to learn the ropes and make your mistakes while still earning a salary. However, it’s important that you operate outside the hours you work for your employer. After work, weekends and when you are on vacation are good times to test the waters.

I noticed that you referenced the relationship you have with your current clients, please no matter how close you are to these clients its best to get your own clients instead of stealing  your current employer's customers. You don’t want to pay an organization that you’ve worked with for 8 years, taught you most of what you know and exposed you to invaluable networks by back stabbing or worse, making them your enemies. As a startup you do not want to use the little capital you starting a war with a company you confessed controls 10% market share of your industry. They can use their years of experience, power and financial means to run you out of business and ruin whatever reputation you have built within the industry.

Lastly, when the time comes for you to hand in your notice, make sure you make your resignation as amicable as possible, give them ample notice and let them know that you plan to start a similar business (if you lie about it, they would eventually find out). You don't want to leave on a sour note or burn bridges because as a startup, you would be needing all the connections and assistance you can get to forge ahead. 

Remember that entrepreneurship is often more arduous and tasking than it is glamorized to be and for every Mark Zuckerberg there are about 90 Elizabeth Holmes'.

All the best!

The Career Sensei