When to Make the Leap into Entrepreneurship: Tips for Leaving your Day Job

by / ⠀Personal Branding Startup Advice / May 2, 2012

So you’re tired of working 9 to 5? You’re tired of being stuck behind your desk, staring at the computer, doing absolutely the same thing, day in and day out? And you’ve come up with a brilliant solution.  You’re going to become an entrepreneur.  While the idea sounds tempting, hold your horses for a quick minute.  Leaving your day job is a massive decision and starting your own business is even more massive.  You need to be prepared for long hours, extreme stress and a bumpy ride.  If you’ve already mentally prepared for these nuances, then you’re almost ready to make that giant leap of faith.  Here are a few tips to help you make a smooth transition from a dull, boring office worker to a cool, hip and highly motivated entrepreneur.

1. Passion

The first thing that you must have is passion. With passion, everything comes easily. Find something that you are passionate about, assess business opportunities and start developing a business plan. Developing a business plan doesn’t mean you have to start your own business the next morning. Some of the best businesses in the world took ages in planning before they were launched. Now back to this passion idea. Being passionate will help you boost your emotional intelligence while minimizing stress and possibly even depression. Your passion will be your number one driving force and source of motivation. Look at Amazon.com. What started out as a passion for books turned the website into one of the largest online businesses in the world!

2. Find a Niche

Another good tip to bear in mind is to operate a business in a niche market. Sure Chinese food may be your passion, but opening a Chinese restaurant in the middle of San Francisco might not be a good idea. The competition will be fierce. Operating in a niche market means that you’ll have fewer competitors and as such, the chances of you achieving success will be higher. If you still insist on opening that Chinese restaurant, an alternative would be to open your business in an area where a Chinese restaurant would be in a niche market, like Alaska, for example. You are still able to pursue your passion while capitalizing on the advantages of operating in a niche market, all at the same time.

3. Secure Financial Security

Many people want to quit their day jobs, but before you hand in that notice to your boss, ensure that you have the financial security to do so. You’ll need to invest money to start your business.  You’ll also need to have enough money set aside to keep it up and running in the first year before consistent revenue starts rolling in. The stress of managing a new business is enough to make a person want to jump off a building at times.  Adding financial hardships into this equation aggravates the situation further. Sound financial security will help put your mind at ease, thus enabling you to be a more productive entrepreneur.

4. Emotional Intelligence

Having high emotional intelligence is also a plus when it comes to being a successful entrepreneur. People with high emotional intelligence are better able to control their emotions and stress levels, thus allowing them to fully focus on tasks at hand. They are also less likely to turn to drinking or drugs as a source of stress relief. Not only can this reflect positively on your outwards appearance, it can also increase your productivity. Having high emotional intelligence may also help you maintain your motivation longer, thereby reducing your chances of throwing in the towel after only a few short months.

There are a lot of things that must be considered before handing in your resignation letter to your boss. But fret not; with passion, financial security and emotional intelligence, you can conquer the world.

Sara Fletcher is interested in emotional intelligence, and how it relates to every aspect of our lives. She loves to explore psychology, business, and sports in relation to emotional intelligence training.

About The Author

Matt Wilson

Matt Wilson is Co-Founder of Under30Experiences, a travel company for young people ages 21-35. He is the original Co-founder of Under30CEO (Acquired 2016). Matt is the Host of the Live Different Podcast and has 50+ Five Star iTunes Ratings on Health, Fitness, Business and Travel. He brings a unique, uncensored approach to his interviews and writing. His work is published on Under30CEO.com, Forbes, Inc. Magazine, Huffington Post, Reuters, and many others. Matt hosts yoga and fitness retreats in his free time and buys all his food from an organic farm in the jungle of Costa Rica where he lives. He is a shareholder of the Green Bay Packers.