In this video I cover questions you should ask yourself before you quit your job to start a business. If you’re debating between taking the plunge, this video is for you!
7 Questions to Consider before Quitting Your Job to Start A Business
Below is a transcription of the podcast. This transcription was taken from Otter.ai so it might not be completely accurate:
Sharon Tseung 0:00
Should you or should you not quit your job to start a business? Hey guys, it’s Sharon from Digital Nomad Quest. And today I want to talk to you guys about if you should quit your job or not to start a business. In this video, I’m just going to ask a bunch of questions that I think you should ask yourself before you make the decision. Now I’m coming from a place where I’ve been on both sides, I quit my job travel for two years while I was building my businesses. And then I came back to the Bay Area, and I’m actually working full time now while I’m working on building up my brand. I’ve done both sides, I’ve experienced both ends of the spectrum. And that’s kind of why I feel like I can talk about this. So I want to discuss my perspective of it and why I’m not 100% yes or no on either route, as you can tell, because I think both have been great for in business and my growth, it kind of depends on where you are in life and things like that. So you know, I’m going to ask these different questions. And I suggest you take out a pen and a piece of paper or put out doc so you can kind of write out your answers for these different questions. Alright, so let’s get on with the questions that I want you to ask yourself. Number one, do you love your job? This isa pretty important question to ask my parents have always preached to me that enjoying life is actually a luxury, like happiness is a luxury and loving your job is a privilege. The thing is we spend about 40 hours a week working a day job. And that’s a lot of our lives. And if we’re living for weekends, and then kind of dreading Mondays, I feel like that’s kind of an issue. As time is short on Earth, I really don’t think it’s a wise to spend so much of our time at a job we hate because you know, life is short, we’re going to all die anyway, we have to make the most out of it. I understand if you have to kind of support a family. But if you don’t, if you don’t have all these critical obligations, it’s time to really reflect Do you love your job? Do you actually get up every day with excitement to go to work? If the answer is no, I think it’s important to brainstorm an action plan just a good question to ask yourself if you love your job or not, because it’s worth thinking about changing our situation if you’re not happy. Number two, how much money have you saved up I mean, I’m sure you’ve already been thinking about this if you’re considering quitting your job to start a business. But you definitely want to know how long you can last with the money you’ve saved up, I recommend trying out Personal Capital to kind of figure out your net worth how much debt you have free to sign up, it’s easy to sort of track how much money you’ve saved up and your assets and things like that calculate how much you have before you quit your job, try out Personal Capital, get that understanding of your net worth before you quit your job. On top of that, it’s also important to calculate your average expenses per month to better assess, you can maybe figure out the last six months of how much you’ve been spending then average that out is this will help you better assess if it’s good to wait or to quit right now. Because you can see how much you’ve saved up and how much you can cover in terms of expenses. Number three, it’s kind of a three part question. But it’s about how long have you been working at your job? What’s your educational background? And what are your qualifications? I consider this kind of one bucket because it evaluates how robust your resume is, I’m pretty risk averse. So I think this is an important question to ask. Because if you were to quit your job now, do you have the qualifications and the educational background to sort of get another job in the future? in case things go bad? Do you feel like you can provide a ton of value for companies in the future if you decide to go back to a job. Also jotting down how long you’ve been working can really show if a break is justified or not in terms of if you decide to quit, if you have a one year gap, maybe it’s justified because you’ve been working for 10 years or 20 years and you need that break. But if you’ve only been working for a little bit of time, and every position you have you only work for a few months, it looks kind of unstable and bad. If you’re trying to get a better job in the future, you can be perceived as a job hopper versus a more stable employee. Okay, number four, how much response do you have? And how much does dedication do you have? Are you the type of person who normally follows through and execute on what you say, by answering these questions, you’re able to understand how dedicated you are to what you’re trying to pursue, you understand your ability to work in high pressure environments, as well as your dedication to your business idea. I mean, if you’re super passionate about your project, that’s a really good sign. And it’s also a very good sign if you’re the type of person who gets things done. But however, don’t let the scare you if you’re not that type of person, it just means you have these two aspects that you need to work on. Number five, how much time and money will your business require? You should figure out if you need to outsource work, if you need to acquire funding, is this sort of a six month project? Or is this a five year project, it’s going to be important to assess how much money and how much time you need for your situation. In my scenario, when it came to smaller passive income streams, those required more time, less capital, looking at something like real estate investment that might require more capital. Now that I’m building my business, I’m starting to outsource more and hire more people that’s going to require capital, it’s important to ask these questions about whatever you’re trying to pursue. Maybe you’re trying to innovate a product. And that has a lot of costs. When it comes to building that product. You need to know you need to write these things down how much time is going to take how long project timeframe it’s going to be as well as how much capital you’re going to need for your business idea. What life responsibilities do you currently have? Do you need a support a family, your parents? What obligations Do you have currently? Are you single person with no obligations? Do you have debt that you’re incurring that you need to resolve right away? This helps to gauge if you quitting your job may affect others detrimentally, or if people would be totally fine if you quit. Lastly, what is your reason for quitting? Is there something unbearable about your job that you need to leave ASAP? Or is your work life balance totally off where you need to take a break? You need to focus on what you are passionate about, because that work is taking up so much your life and it’s even getting into your social life, your personal life? Or is there some inexplicable calling that’s really pulling you to this entrepreneurial endeavor? I think it’s important to ask these questions because maybe for jobs totally fine. You’re actually living a balanced life. You’re supporting people that you care about, maybe it is worth it to keep that job rather than quit to start your business. However, if it’s unbearable, and you have this inexplicable calling, telling you to quit your job, maybe you should quit your job. You know, I’m a believer in callings and purpose. And sometimes this requires more intuition versus logical reasoning. These are all questions to think about. I am not telling you to go one way or the other. I find that these questions helped me in life. Three years ago, I decided to quit my job. And it made sense to me at that time. Currently, I’m staying on my position and working on building my brand. So I’ve been on both sides. I think both sides can work. It’s just a matter of what you’re trying to do. What actually feels right to you. Everyone’s on their own path. No one way is correct. And it also depends on your goal and things like that. So I hope this helps you guys in determining whether you should quit your job or not to start a business. And let me know in the comments below what your answers to some of these questions are. If you guys liked this video, please comment like, subscribe, share with your friends. If you subscribe, hit that bell button so you get notified for my latest videos and I’m excited to see you in the next video.Transcribed by https://otter.ai
Should you or should you not quit your job to start a business? Hey guys, it’s Sharon from Digital Nomad Quest. And today I want to talk to you guys about if you should quit your job or not to start a business. In this video, I’m just going to ask a bunch of questions that I think you should ask yourself before you make the decision. Now I’m coming from a place where I’ve been on both sides, I quit my job travel for two years while I was building my businesses. And then I came back to the Bay Area, and I’m actually working full time now while I’m working on building up my brand. I’ve done both sides, I’ve experienced both ends of the spectrum. And that’s kind of why I feel like I can talk about this. So I want to discuss my perspective of it and why I’m not 100% yes or no on either route, as you can tell, because I think both have been great for in business and my growth, it kind of depends on where you are in life and things like that. So you know, I’m going to ask these different questions. And I suggest you take out a pen and a piece of paper or put out doc so you can kind of write out your answers for these different questions. Alright, so let’s get on with the questions that I want you to ask yourself. Number one, do you love your job? This isa pretty important question to ask my parents have always preached to me that enjoying life is actually a luxury, like happiness is a luxury and loving your job is a privilege. The thing is we spend about 40 hours a week working a day job. And that’s a lot of our lives. And if we’re living for weekends, and then kind of dreading Mondays, I feel like that’s kind of an issue. As time is short on Earth, I really don’t think it’s a wise to spend so much of our time at a job we hate because you know, life is short, we’re going to all die anyway, we have to make the most out of it. I understand if you have to kind of support a family. But if you don’t, if you don’t have all these critical obligations, it’s time to really reflect Do you love your job? Do you actually get up every day with excitement to go to work? If the answer is no, I think it’s important to brainstorm an action plan just a good question to ask yourself if you love your job or not, because it’s worth thinking about changing our situation if you’re not happy. Number two, how much money have you saved up I mean, I’m sure you’ve already been thinking about this if you’re considering quitting your job to start a business. But you definitely want to know how long you can last with the money you’ve saved up, I recommend trying out Personal Capital to kind of figure out your net worth how much debt you have free to sign up, it’s easy to sort of track how much money you’ve saved up and your assets and things like that calculate how much you have before you quit your job, try out Personal Capital, get that understanding of your net worth before you quit your job. On top of that, it’s also important to calculate your average expenses per month to better assess, you can maybe figure out the last six months of how much you’ve been spending then average that out is this will help you better assess if it’s good to wait or to quit right now. Because you can see how much you’ve saved up and how much you can cover in terms of expenses. Number three, it’s kind of a three part question. But it’s about how long have you been working at your job? What’s your educational background? And what are your qualifications? I consider this kind of one bucket because it evaluates how robust your resume is, I’m pretty risk averse. So I think this is an important question to ask. Because if you were to quit your job now, do you have the qualifications and the educational background to sort of get another job in the future? in case things go bad? Do you feel like you can provide a ton of value for companies in the future if you decide to go back to a job. Also jotting down how long you’ve been working can really show if a break is justified or not in terms of if you decide to quit, if you have a one year gap, maybe it’s justified because you’ve been working for 10 years or 20 years and you need that break. But if you’ve only been working for a little bit of time, and every position you have you only work for a few months, it looks kind of unstable and bad. If you’re trying to get a better job in the future, you can be perceived as a job hopper versus a more stable employee. Okay, number four, how much response do you have? And how much does dedication do you have? Are you the type of person who normally follows through and execute on what you say, by answering these questions, you’re able to understand how dedicated you are to what you’re trying to pursue, you understand your ability to work in high pressure environments, as well as your dedication to your business idea. I mean, if you’re super passionate about your project, that’s a really good sign. And it’s also a very good sign if you’re the type of person who gets things done. But however, don’t let the scare you if you’re not that type of person, it just means you have these two aspects that you need to work on. Number five, how much time and money will your business require? You should figure out if you need to outsource work, if you need to acquire funding, is this sort of a six month project? Or is this a five year project, it’s going to be important to assess how much money and how much time you need for your situation. In my scenario, when it came to smaller passive income streams, those required more time, less capital, looking at something like real estate investment that might require more capital. Now that I’m building my business, I’m starting to outsource more and hire more people that’s going to require capital, it’s important to ask these questions about whatever you’re trying to pursue. Maybe you’re trying to innovate a product. And that has a lot of costs. When it comes to building that product. You need to know you need to write these things down how much time is going to take how long project timeframe it’s going to be as well as how much capital you’re going to need for your business idea. What life responsibilities do you currently have? Do you need a support a family, your parents? What obligations Do you have currently? Are you single person with no obligations? Do you have debt that you’re incurring that you need to resolve right away? This helps to gauge if you quitting your job may affect others detrimentally, or if people would be totally fine if you quit. Lastly, what is your reason for quitting? Is there something unbearable about your job that you need to leave ASAP? Or is your work life balance totally off where you need to take a break? You need to focus on what you are passionate about, because that work is taking up so much your life and it’s even getting into your social life, your personal life? Or is there some inexplicable calling that’s really pulling you to this entrepreneurial endeavor? I think it’s important to ask these questions because maybe for jobs totally fine. You’re actually living a balanced life. You’re supporting people that you care about, maybe it is worth it to keep that job rather than quit to start your business. However, if it’s unbearable, and you have this inexplicable calling, telling you to quit your job, maybe you should quit your job. You know, I’m a believer in callings and purpose. And sometimes this requires more intuition versus logical reasoning. These are all questions to think about. I am not telling you to go one way or the other. I find that these questions helped me in life. Three years ago, I decided to quit my job. And it made sense to me at that time. Currently, I’m staying on my position and working on building my brand. So I’ve been on both sides. I think both sides can work. It’s just a matter of what you’re trying to do. What actually feels right to you. Everyone’s on their own path. No one way is correct. And it also depends on your goal and things like that. So I hope this helps you guys in determining whether you should quit your job or not to start a business. And let me know in the comments below what your answers to some of these questions are. If you guys liked this video, please comment like, subscribe, share with your friends. If you subscribe, hit that bell button so you get notified for my latest videos and I’m excited to see you in the next video.Transcribed by https://otter.ai
