Quitting Your Day Job to Start a Business? Take This Test First

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Nextiva

quit your day job

Unlike popular business myths, not everyone should start their own company. In fact, it is not the path to happiness and wealth for most people.

Every month, over a half million people will quit their day jobs to start a company. Many people have that big dream of betting it all to take a huge risk. Others have a business on the side or as Pamela Slim says, a “side hustle” going while they work a full time job.

Unfortunately, most of these people that make the jump to quit their day job are making one of the biggest mistakes of their lives. Please take the test below before quitting your day job.

Take the Test

Answer “yes” or “no” to each question below:

  • Do you have paying customers for your product or service? (This does not include relatives.)
  • Have you placed a strict limit on the amount of money you will invest? (Is there someone else that has to approve more funds besides you?)
  • Can your family survive if you lose all the money that you are about to invest in your business?
  • Does your spouse have a job? (Living with your parents counts.)
  • Is your spouse “enthusiastic” about your move to quit your job and start a company?
  • Do you have other smart people and mentors that you will listen to, even if you think they are wrong?
  • Have you started a business before?
  • Do you have a good alternative for the health care insurance that you currently get through your job?
  • Is this really the very best timing for quitting your job (or starting a business)?
  • Can you afford to not make any money from your business for the next six to twelve months?

Scoring the Test

1) Give one point for every “yes” answer.

2) Zero points for every “no” answer.

Results

Unless you scored 7 or more points – don’t quit your day job yet. (There are still too many risk factors for there to be high odds of success.)

If I could be happy working for another person I would. If you are like me and can’t – pass this test and welcome to world of entrepreneurship.

Quit Photo via Shutterstock

8 Comments ▼

Barry Moltz


Barry Moltz Barry Moltz gets small business owners unstuck. With decades of entrepreneurial ventures as well as consulting with countless other entrepreneurs, he has discovered the formula to get business owners marching forward. His newest book, BAM! shows how in a social media world, customer service is the new marketing.

8 Reactions

  1. Some people will choose to go for it (quit) regardless. Some who would have failed your test will succeed despite the odds. Others might pass your test and fail at whatever they quit their job for. Your questions are however sensible and something to definitely bear in mind.

  2. My point was that people have an unrealistic expectation of what having your own business is like..I wanted to help with that!

    • I know you wanted to help with that, Barry! …which is why I mentioned your questions were sensible/worth having in mind. :-)

    • Rock on, Barry! I work with a number of clients who are building a “side hustle” into a full-on business while holding down a corporate job, waiting until the time is right to launch, so that the transition is smoother and less painful. Too many entrepreneurs (and wannabe entrepreneurs) are looking for the easy way out, the quick buck, the fast dollar, and the biggest mistake one can make is to jump ship too soon and end up in debt or losing everything in the process!

  3. Good way to assess if your job is really worth leaving for your business. I agree that you should start by just doing it along with your job and then quitting when it is more stable.

  4. Well written ways suggested to check whether anyone is eligible for a business or not. Since quitting existing and reliable job for a new business with no plans or any financial access may not be a good idea. Rather working hand in hand to establish a business plan first is a fruitful & stable idea.

  5. I started a business about 5 years ago, on a whim, not planning to make “Instant Millions” Kept my day job and now working double full time at it. It takes commitment far beyond what a 9-5 entails. I’ve got great product and my line is growing and becoming more recognized. This is due to putting in the time needed, not just what has to be done, but always finding and taking the next step. For those out there who have said, “Oh, you own your own business? You are so lucky, you can work as little or as much as you want to”. I work at it constantly. Morning till night, 7 days a week. Not only does it take time and commitment, it takes patience, lots and lots of patience.

  6. Unfortunately many for many entrepreneurs. patience is in short supply!

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