Asked on 22 Apr 2020
If you do decide to start your own business, ensure that you've got a solid business plan and ensure it is not going to take too long to start being profitable.
If possible, why not start it as a side hustle first? You will get an idea of how feasible it is or how long it will take for your business to take over your income. You may also want to do your income & expenses calculation to ensure you are not taking on more risk than necessary.
Hope this helps! Feel free to ask me if you have more questions.
If you wish to become an entrepreneur and has financial support from your own savings or otherwise, this might be a good time try different things out. You might be thinking, “Are you crazy? How do I start a business when the economy is so bad?” Remember, your greatest asset is your youth, stamina and capacity to fail, learn and grow.
The Chinese term of crisis is “危机”, which would mean danger and opportunity if you break up the characters. When a challenge presents itself (like now), it is up to the individual to be creative and grab the opportunity to present solutions.
To put it across simply, identify what problems and needs people around you are struggling with right now and need help with. Ask around. You never know what you may come across that could inspire your next venture.
I was faced with that decision at around that age and I calculated my risk and eventually set aside a fix time-period to try my own ventures out.
Do think about these (before you start):
1) Know your Edge
A business can grow and thrive better when you are clear on your advantage over the current players. This also allows you to position your USP in the market.
2) Have some form of recurring income from a Active/Passive income stream
All business has a cost involved. Know the exact cost involved. A business is usually only sustainable as a full-time if you can run it for a period of time. Be able to sustain that cost and ensure you are well-funded to survive 2-3 years of that running costs.
You may not have sufficient funds on the onset, but you have to know where to get the funding when the time comes.
Depending on how much experience you have in the business you are starting, I think it is crucial not to expect a hole-in-one. Most entreprenuers get successful after a few tries, and that usually happens after learning loads from the first few mistakes made.
Assess the upside and downside risks involved and have fun!
I did it 2 times without thinking of the consequences at 24 and 29 again. Honestly, the experience was very tough and I failed. But I learned a lot and it pushed me towards better future. However... I didn't have family responsibilities and was on my own. I wouldn't recommend jumping straight in from your job but start a side hustle. Once you tested your customer base and business model and start earning revenue, create a target at which you are comfortable of quitting. Right now if you are asking whether you should quit your job, you don't have enough information about your business to do so and it might lead to a very rough future.
I will strongly encourage you to start
1) some savings for 6 months and more of non or low income
2) a proper business plan for the next 3 months, 6 months to 12 months
3) sufficient capital to start
4) strong belief and understanding your revenue source for business is stable