So, you’ve realized that you are not cut out for this 9-5 rat race. Waking up at 7, struggling in a crowded bus and annoying traffic, dealing with a nagging boss from 9 to 5 and getting back home tired and exhausted and do it all over again the next day, this is not your cup of tea. You know deep down that you want to live the dream of running your own business and want to wake up every day to do something you love. Then what’s holding you back? Maybe it’s the nagging question— What if the business idea won’t pan out and you end up making a huge mistake?
The fear of failing is natural especially when you are leaving behind a steady paycheck in the pursuit of entrepreneurship. Weighing up all the assets and liabilities before deciding anything is wise. And with plenty of risks and what-ifs’ to consider, taking the decision is not easy at all. However, fortunately, there are also ways to crush the fear of quitting the job and make the employee-to-employer transition easier.
Pay No Heed to Doubters
“Are you crazy?” — This is the common reaction you get when you tell people that you are planning to quit the well-paying job to chase a hunger for entrepreneurship. Maybe no one will believe in your idea and you may come across many doubters— they can be your parents, siblings, friends or colleagues. And you know what, they might be right sometimes. Entrepreneurship certainly isn’t the securest option out there and your business might not take off right away. But it’s only you who know what you’re capable of. So it doesn’t matter what others say. And even if you fail the first time, that doesn’t mean you won’t succeed next time.
Learn To Embrace Failure
Thomas Edison didn’t invent the light bulb in the very first attempt. In fact, he acknowledged that he did it on the 10,000th try. And Colonel Sanders, the founder of the famous fried chicken food chain, KFC, couldn’t get it right in the first shot. So, the thing is the failure is inevitable and you may fail even if in a small way, but the way to succeed is to embrace the failure, learn from the mistake and keep trying. Experiencing failure will help you recognize how to do things in the right way and enable you to relentlessly pursue your dream until you succeed. All you need is unwavering passion and determination to stay on the right track.
Adopt Tim Ferriss’ Simple Strategy to Manage Fear
Still not convinced? Follow the simple strategy of Tim Ferriss to conquer the fear of losing. Take a paper and write down what worst can happen if you quit your job and start your own business. Well, you might end up with no money or your business might not take off or you might fail the first time.
Now, on the other side, note down what can go wrong if you stay at the job. You might be unhappy for the rest of your life. You might lack a sense of achievement. You will never get the flexibility and freedom to work in your own way and do something you are passionate about. Once done writing the worst-case scenarios for both the case, compare the two. Doing this will make your vision clear and help you eliminate the fear. So, next time when the fear starts to creep in, recall the reasons why you want to own a business in the first place.
Salt Away At Least Six Months of Living Expenses
Entrepreneurship is no doubt risky. Initially, you might make less money and the financial stress can be pretty rough. It will affect your self-esteem while causing you emotional pain. So, to save yourself from unnecessary financial worries, you should start saving up. If you manage to save at least six months of living expenses before quitting the job, you will have some space and time to build a successful business without any financial worries.
Test Feasibility
Your worst quitting fear is that your idea might not work, right? You wonder whether or not people will buy what you offer. So, the best way to kill this fear is to validate your business idea the moment you have it. You can begin with developing a prototype and try to sell it before actually starting your business. And if you want you can opt to ease into entrepreneurship more slowly. Instead of quitting your job immediately, you can choose to start the business on the side and work on it in the evenings or during weekends. Align your goal with your resources and once you are confident enough to take the plunge, quit the job and kick start your own business.
Over to You
Fear creeps in when you are uncertain. This brings in the self-doubt and you start asking questions like, “Can I do it?” You need to shake all those uncertainties, and reprogram your mind to believe in yourself and in your business. Remember that no great task is accomplished with ease. And with proper planning and careful thought, you can curtail the risks, and work your way into a position where you can confidently hand in that resignation letter. Now that you know how to conquer the paralyzing fear of quitting the job to start your own venture, it’s time to take the leap of faith. All the best!