Quit Your Job
Quit Your Job
After you have determined what type of business you want to pursue, written a business plan, and secured some basic financing, you will then need to take the next big step and quit your current job.
There is practically no way to build a seriously profitable business on a part-time basis. As we stated in Chapter 1, raw man-hours often prove to be a key to success, and in order to make a proper go of it, you must be as focused as possible on your singular business goal.
It is critical that you attempt to keep good relations with your former bosses and co-workers. Odds are you will run across them again as customers, suppliers, new co-workers, neighbors, references, or industry competitors. Regardless, you will inevitably work with other people who know them. The last thing you need is the strategic disadvantage of people souring your reputation behind your back. So you should always end relationships on positive terms and keep in touch with all contacts that may benefit you or your new company in the future.
There will always be some people in your life who will try to discourage you from quitting your secure position when you want to start out on your own. The truth of the matter is that doing this is a big risk. But what is the worst thing that could happen? If you’re smart, you won’t let yourself get to the point of homelessness and destitution before you realize your plan has not worked, and then you could put yourself back on the job market. In the worst-case scenario, you still will have learned many valuable lessons that can be properly applied to your future.
We believe that if you have solid motivational drive, irrespective of your past, you could start at even an entry-level position and still make it to the top of your industry, given enough time. Make sure your boss’s plans for you are the same as your own, and make sure that you assertively earn, and explicitly ask for, your promotions along the way.
If you can’t be promoted at your current gig, you can keep looking for better employment until you find the most suitable match with someone who will give you the opportunities you deserve and are willing to earn. If you are well-studied and proactive, someone will recognize your work ethic and the results you could potentially achieve for their team. From there, you could be hired and on your way up the corporate ladder.
You could possibly keep moving up the ladder until your boss becomes your business partner or until you venture out on your own with your new skills, using your sweat equity and network of contacts to build a larger, more sustainable income.
The point is that you are never out of the game irrespective of any hardships. You can stay motivated and keep picking up the pieces, wherever they may have fallen in the past. Persistence and practice will move you in a positive direction. Being knocked back often may not be desirable, but it does not ruin your long-term prospects either.
Consider the stock market. Despite many market crashes in the last century, most long-term investors have profited handsomely. Likewise, if you are a committed entrepreneur and follow rational business practices day after day, you, too, will eventually succeed—even if the business environment occasionally appears to work against you or has radical fluctuations over time. There is no doubt that you will often feel like you are taking a step back, but given our mutual three steps forward approach, you will still end up considerably ahead.
You can’t be scared to be a capitalist in a capitalist society. It’s not wrong to profit or make money from your business peers and your community. Ultimately, within the flows of the economy, they, too, make it from you, your family, and your peers. Everyone deserves to make an honest buck. Profits create a virtuous cycle if you work with virtuous individuals during the process in a free and fair market economy.
This is the way American society and its market economy is fueled. No capitalism would mean no jobs, no nice cars, no rent money, etc. Capitalism is a key to a healthy democratic society. Moreover, in our case and throughout this book, we believe the end goal in creating wealth is ultimately to channel it towards social actions. Thus, there is no reason to avoid or fear capitalism. Just dig in!