Should I quit my job?

[korzon]

I've been working full time and doing business on the side for two years now. I make $50K a year as a sales engineer in a high tech security company which is a lot for a 23 year old guy in Israel.

Doing business, I haven't made much money. I have actually been rolling a lot of cash but the bottom line has been close to zero most of the time.

I kind of figured that at some point my business will pickup and I'll quit my job, incorporate and do it full time. Lately I've been thinking that it may never happen if I don't focus all my time on developing business - my job is very demanding and I also try to have a social life... So I only spend 6-7 hours a week doing business.

I have developed an idea which I believe will be very successful. I've already done a "proof of concept" for it which prooved the business model the idea is based on is valid. I don't think I can get it started though without devoting all my attention to it.

I have enough savings to quit my job and start this new venture to last me four months (Gonna have to put in about $20K for the new business). According to the plan, the busisness should be come profitable after three months.

I don't know what to do!

 

[Mr.Domains]

I don't suppose switching your job to half time is an option?

 

[korzon]

I don't suppose switching your job to half time is an option?

I thought about it. It might be possible, but even if I succeed there is a legal problem with working and doing business at the same time. I'll have to get written consent from my employer and that's something that's definately not going to happen.

 

[gariben]

4 months of saving is not enough. There's too much variables for it to go wrong. Expectation/Plans not going as expected, etc.

Try to save up at least for 14months if not longer if you are going to quit your job.

 

[korzon]

4 months of saving is not enough. There's too much variables for it to go wrong. Expectation/Plans not going as expected, etc.

Try to save up at least for 14months if not longer if you are going to quit your job.

Well my savings are good for about 18 months, 4 months is using most of my savings for the new project...

 

[Honan]

IMHO,
Working for a living is highly over rated.
On the other hand poverty isn't all that good either.
Your project will cost you more than you have estimated.
That is just a fact of life.
On the other hand, you might not need as much money to live as you think now , working at a job.
You need to ask yourself what would be the worst possible scenario?
Would it be that 4 months after you leave your job, you find that the project is not succesful, you have no money to live on, and you couldn't possibly find another job?
Somehow I doubt it.
Is it more likely that your project will succeed and even if it doesn't, your previous experience at your current job would mean a new job is not all that hard to find?
Hey, Look on the bright side:
You might get run over by a bus tomorrow and not have to worry about your job or your project
The very fact that you are contemplating leaving your job must mean something to you

 

[SouthernTn]

If you believe it... take the chance. Thats how alot of people succeed. Taking a chance

 

[fab]

I would consider the likelyhood of getting your job back or another job of your idea flops, even at a lower income level, since you should easily be able to support yourself at half that income.

That way your covered on both grounds.

 

[darrenl]

korzon, do it. How many people have this chance? I say take a chance and try to start the business.

 

[DNjet]

If you don't have kids , go for it.

 

[Sarah]

.

All I know is this, every fortune 500 company founder started they're own business.. You can never get rich working for someone else..

This is why I don't work for anyone but myself.. People work for me

My advice - You are young, take this chance while you are young , not old.. Also, make money while you are young, not old.. Because when you are older you want to live the "good" life and not be hassled by hustling and working hard,.. if ya know what I mean !

Now, if you quit your job and your business totally fails in 4 months don't blame me ! LOL


.

 

[insomnia]

If you're going to do this, you need to plan way more. Develop a full business plan, and cover everything you need. This way you're more prepared and take less risk by quitting your job.

 

[A D]

I strongly believe in buiding your empire while getting a check from another one.

When I got started I worked a full time job and worked on my other businesses when I got home, most days putting in 18 hour days.

It is very hard at to do but it's best if you can get a check and still have benefits while you determine if your own thing will succeed.

Trust me, been there done that and I am happy I did it that way.

I probably waited too long as I walked away in the end form a job that paid me over 200K US a year with bonuses and remember I am in Canada.

Against my father's and wife's advice I finally walked away. But I had the knowledge by then of how much my earning potential was, they did not.

It was the best decision I ever made.

The rest is history.

Since most of you will ask, I was a Network Services Manager for Canada and the USA for a large american company.

 

[freestyler]

AS adam has said above, if there is any way you can get a pay check and start, nothing like it. You got to have a plan, A SOLID ONE and also a back up plan if things dont go as planned, which is what happens in most cases.

How BAD do you want to do this? Are you ready to put in a lot of hard work? Do you believe in what you want to do? If yes go for it, you can have the best plan in the world, but if you are not fully committed its DOOMSDAY. Yup got to put in a lot of hours.

I am 21, final year of college, two years back i took a loan from my PARENTS to start a trading company. I had to put in very very long hours, going to school, and then working.................it all comes down to your hunger to succeed..how hungry are you??? GOOD LUCK!

 

[Edder]

I don't have any doubts about your idea, but to run a successful business, you will have to continually bring out new ideas. If you can do that, then I say "go for it!" And since you're young, there's no harm in trying!

 

[Steen]

Make sure you leave your current employer on good terms.

Do not take ANYTHING from them. Be especially careful of "company proprietary" or "confidential" papers.

Will your business be competing in the same industry as your current employer?

 

[NETGEEK]

I haven't posted for some time but had to chime in on this one. Burning the candle at both ends takes its toll after awhile. I did it for almost three years and while I made more money then I ever thought possible, eventually you will have to choose one path or the other. Good luck with whatever you decide!

BTW, I believe Adam is an exceptional case and not the norm :wink:

Regards,
Chuck

 

[Theo]

My motto: "If you don't do it, noone else will do it for you".

Just do it.

 

[aldwin]

korzon, go ahead and do it.

However consider saving a bit more money before starting.. maybe wait another year or 2 to be safer.

 

[korzon]

Thank you guys for all the replies. Some great opinions here.
I'm trying to come up with a way to combine both my current job and starting my business, but if I don't find one, I decided to start my business in the next 6 months no matter what.

I'll let you know how it works out!