Business

Quitting your Job to start a Business is a Bad Idea!

Now for those who decided to start a business, it would be a mistake for you to quit your day time job to run your business unless you have a very rich background. But it is also important to remember that financial stability is just one factor in running a successful startup company. You also need business partners, a solid business model based on a solid value proposition, notwithstanding a business mentor/ coach/ consultant

By: Eric Abal-Business Strategist

Based in Kampala-Uganda

We have all heard about the 9-5 and the 5-9 job schedule. One is your day time job and another is your part-time job. From 9AM to 5PM, it’s most common that you will be working for another organization. If you’re in need of extra money or have the entrepreneurial spirit, then you’ll find another work to do from 5PM to 9PM.

Now for those who decided to start a business, it would be a mistake for you to quit your day time job to run your business unless you have a very rich background. This is because running a startup business is very financially stressing considering that it needs a steady flow of money. Now for someone with a rich background, maintaining that cash flow is easy. But if you’re an ordinary African almost living hand to mouth, then you can’t run a startup unless you keep your day job.

But it is also important to remember that financial stability is just one factor in running a successful startup company. You also need business partners, a solid business model based on a solid value proposition, notwithstanding a business mentor/ coach/ consultant. But ultimately at the end of the day, you need money to make your business world turn round. Otherwise your business will cease to exist prematurely. I know this first hand because I’ve experienced it.

So in the end, while you’re thinking of starting a business, think of how to keep your current job too so that you can finance your operation, at least till you surpass your break-even point. Till next time, you can find me by following my Facebook page, Eric Abal.

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