“Patience is a virtue that carries a lot of WAIT” – Unknown
Not everyone in paid employment gets to that point when they feel they need to jump ship and go solo (i.e. resign to start a business of their own). But some do. And when the bug bites, it can leave you feeling impatient, and hungry to get started like yesterday.
Nine times out of ten however, rushing your exit from paid employment will be unwise.
We are not all equally gifted with (or able to acquire) the same amount or mix of skills and abilities needed to succeed in the world of business.
While some are quick learners, others tend to take a while to get to grips with the requirements for running a business well enough to earn a living by it.
In other words, they WILL struggle to succeed at it, if not well prepared.
I discuss 2 reasons this happens…which is why I recommend careful planning, and bucket loads of PATIENCE – no matter how eager, excited or driven you feel!
1. One reason we may struggle with business is the kind of schooling we got…
Most conventional schools teach learners to become employees, and consumers. A person who wants to go into business must change any of that programming to succeed.
In other words, you want to think like YOU are the boss, and believe that you CAN be successful at being BOSS.
You will also need to become focused on creating for others (buyers) to consume.
But making those needed mindset changes will not be easy for everyone.
By implication, quitting a job to start a business before you learn how to deal with the controlling effects of “school programming” can lead to problems.
This is why I encourage anyone I notice is experiencing such eager-to-start-but-being-held-back frustrations, to WAIT and do it gradually.
2. Another reason we may struggle with business: “bad spending habits” picked up from time spent in paid employment…
For instance, the assurance of a future inflow of money in form of salaried income makes many people unwilling to control their spending.
As a result, they excessively indulge themselves in spending that adds little tangible value to them.
Most times they spend impulsively; to acquire things they can do without.
The desire to own things, and show them off to admiring others. The need to keep up with Mr. X and his wife drives many salary earners to make often unintelligent spending decisions.
Such habits are the greatest enemies of a business owner who seeks success. Especially when you’re just starting out and not yet a billionaire, like Richard Branson.
This is why I recommend a gradual disengagement – if you can get it…so you have time to make needed adjustments…
Unless you misbehave badly at work, it is unlikely that an employer you serve responsibly will lay you off. The only exception being of course if there are bad times.
Other than that, it’s best you quietly – and unhurriedly – make your plans to leave.
And in order to boost your chances of success, you will be wise to begin TRAINING yourself to DROP the habit of making unplanned expenses.
In other words, before you leave your job, start cutting down on your spending!
James R. Cook was right, when he wrote in his “Start-up Entrepreneur” New York Times best selling book, that you can get by on far less than you think.
My experiences actually convince me that cutting down spending by 80% can be good for you, in starting up after being in paid employment.
So before you actually find yourself without salaried income, I urge you start cutting down your spending.
You only lose indulging yourself in some excesses. Otherwise, this would only mean that you’d end up with a LOT more funds in your account by the time you actually quit your job.
And that’s what you really need, to make a success of going into business for yourself. Aim to use that job you hold as a fund raising source.
A little moonlighting to try out the ideas you have won’t hurt, except it affects your job directly.
Otherwise, you will find it useful to start something close to what you plan to do, on the side – as a part time venture.
While still earning a salary, you would easily raise the funds needed to launch that part time business, and even easily take care of cash flow challenges that may arise.
Get your spouse or a relative to help, so you don’t have to spend much on personnel. This will depend on the kind of business you choose to start though.
I know people who are using this gradual exit approach: Many are my Farm CEO Clients!
They are still employed full time in mostly high paying jobs (banks, oil companies etc). But they have launched poultry and/or fish farming businesses of various sizes, which they run (often profitably) with their spouses.
Many come to me when they need to expand, and want my Ration Formulator software to begin compounding their own feed.
Sometimes they want my Poultry Farm Manager software.
And at times it’s a business plan they want me to help them prepare.
In the process of interacting, we converse about their plans…
And sometimes one or two share with me the conflicts they are going through.
Recently, one such individual told me how he was finding it frustrating to keep working for his employer. He said it was preventing him from having enough time to devote to finishing off tasks related to launching a scaled up version of his new venture (a poultry layer farm).
Something about the way he said it howver got me worried that he could end up creating avoidable trouble for himself e.g by getting accused of negligence or divided loyalty.
I knew what he was feeling. I had felt it in my last year in Guinness too. I also simply could not wait to leave.
James Cook called it a “gnawing dissatisfaction”.
But I had to force myself to be patient and do it right. And I managed to leave in a way that earned me exciting accolades and enjoyable send forth parties etc.
Those memories made me decide to offer him some advice – in an email. Later on, I re-read it and decided others in similar situations may find it useful.
Below, I offer excerpts from that message. If you’re feeling like you can’t wait to get started, consider my words here.
The message is don’t burn your bridges with your employer, in a bid to pursue your dream. Even if you don’t need him/her later on, it’s best to leave on good terms.
After all, you would not want YOUR own employee acting selfish and inconsiderate while still taking a salary from you?!
===Starts===
Dear S.
I know what you mean. I felt the same way in my last few years in Guinness.
But here’s my honest opinion.
Like it or not, being in that job is still good for you at this stage of your planning.
It gives you easier access to cash to do most of what you want to do, including the runs to start this new venture.
You must therefore strive to maintain a Positive Mental Attitude about still being there, even when every fibre of your being is screaming to get out.
You know your plans and where they are taking you. Keep them to your chest, then FOCUS on what you are required to do at work, until you have done it to your boss’ satisfaction.
Like Jim Rohn said: Wherever you are, be there.
Make sure you don’t let yourself feel, speak or act resentful about having to work for the company during this transition period.
In fact, I recommend what I did in my final years in Guinness, even after I’d set all my resignation plans. It was then that I even worked hardest and made sure I went the extra mile on every single task I was assigned.
That way no one could accuse me of divided loyalty when they eventually heard I was leaving.
And that enabled me leave with praises showered on me by colleagues and Ogas at 2 levels of send forth ceremonies I was treated to.
You should aim to do something similar or better where you are. Make it a goal to leave with such a positive bang, that even the MD will openly acknowledge you and lament that you’re leaving.
Funny enough, when you leave in that manner, it gives you powerful bragging rights anytime you are asked about your former workplace. You would be able to confidently say that you were in relevant, highly valued and in demand by the company, when you chose to leave.
===Ends===
Now, here’s a confession: I did not really do the waiting thing for long, before I quit my job in December 2001.
That happend because the ideas I tried on the side proved to be difficult to develop on a 9 to 5 job.
But I did try for about 2 years – whenever my job freed me.
Lord knows I tried.
Eventually, I had to quit. I was just not making the kind of progress I wanted. It became obvious I had to take the leap of faith.
But one thing I had – and that made me confident – was that I knew I was tough enough to deal with any hardships that my decision would bring my way.
And believe me, they came in droves!
Today, 12 years later, I’ve successfully established my brand, and I have learnt tons in the process of confronting and overcoming the visitations of adversity I had.
I however doubt that many of those I relate with could endure the kind of unrelenting pain, suffering, humiliation and frustrations that I went through to succeed.
I had a family that experienced major LACK in every sense imaginable during the time I struggled to lift myself.
It was something I never imagined would happen.
That’s why whenever someone say s/he’s impatient to quit work and start a business, I say what I’ve said here…
Take it easy. Take it slow. Start something on the side first, and build it gradually. When it gains enough income generating momentum to cater for your needs, you can take the next step.
BUT…IF you’re like me, and you feel tough enough to take ANYTHING life will throw at you, to test your FAITH and self-belief, by all means, follow your instincts!
The truth is that some of us have to take those risks, and walk those lonely paths to success. And what we learn gives us unique insights to help others who may not be able to handle the same pressure.
Good luck to you!
