You tell would-be entrepreneurs that just hating your job isn’t a wise business plan. Why not?
It’s definitely the starting place, right? People need motivation. And the first step is deciding you can’t take it anymore and you want to do something different. But you need a viable business idea. And you have to get a marketing plan together and figure out the money and skills and support you’ll need. So while emotional motivation is important, it’s just the first step.
How do you know if you have enough motivation in the first place? What if the problem is you just hate your boss?
I use a loathing scale with my clients, from one to 10. When they’re a 9 or 10, many actually have physical symptoms. Neck pain, back pain, headaches. Some are depressed. They have low energy.
So if you’re really feeling awful, I think one thing to focus on is isolating what the issue really is. Is it just a terrible manager? If they imagined their manager going away, would things really change? Or do they feel like, fundamentally, they’re in the wrong career?
What sort of savings should you have in place before quitting your job?
A lot of finance experts say at minimum you should have six months of expenses. Some people prefer to have a year. A lot depends on individual risk tolerance. Some have $100,000 in the bank and say, “Oh, I’m so nervous.” And somebody else has $1,000 and they feel fine.
How do you balance optimism with realism?
Keep as realistic a perspec-tive as you can. Are you just dreaming? Are you seduced by visions of being on beaches and having beautiful women bring you margaritas? Or do you really feel a sense of purpose and a deep reason to start a business?