Daymond John knows how to take risks. He wouldn’t have gotten where he is now without them. After all, he took a big risk with his mother to mortgage their house and start Fubu. It certainly worked out for him, and the right risks can help others become successful too. One such risk could involve quitting your day job and starting your business.
In my opinion, and I keep telling people this, a day job will never make you rich and successful. You have to do more and take more chances. But, before you jump in feet first, make sure your risk is calculated. Here are some steps that can help you do this.
YOU NEED A VIABLE IDEA
Daymond has always said that the person is more important than the product, and he still stands by this. You need to have the passion and drive to make something happen and that really is much more important than whatever product you are selling or whatever idea you want to follow.
But, on the same note, if you have a really, really poor idea, it probably won’t work no matter how passionate you may be. You need a viable idea. So, before you even consider quitting your job, evaluate what that idea is. Make sure it has a real chance of working.
YOU NEED TO BE AWARE OF REALITY
It’s easy to get caught up in a dream. I have seen it happen so many different times. You get this idea. You want to start a business. And then reality hits you, and you have no way to handle it. So, before you turn in your resignation letter, prepare for the realities you may face:
- Your business may not succeed.
- You are going to devote a lot or all of your free time to this endeavor.
- It may take years for your business to be successful.
- It is going to take a great deal of work.
I genuinely hope none of them ever do. But, things fail from time to time. Daymond even dealt with failed business ideas. Things take time. He wasn’t an overnight success with FUBU. You probably will have to spend a long time building up your business. Know your realities and then you won’t be surprised with whatever may happen.
YOU NEED YOUR PERSONAL FINANCES IN ORDER
It’d be great if you had plenty of spare money sitting around so you could quit your job, start your business, and never look back. That doesn’t happen often, and it probably won’t happen for you. But, you do need to get your finances in order. It will take time for your company to get off the ground. Know you will still have to pay bills and you will still have to eat. So, make sure you can survive until your company starts making money.
YOU NEED TO MAKE CONNECTIONS
Everywhere you look, there are people who could help you learn. There are people who can help you network. You need mentors, influences, and people who are just there for you when you need them. The more connections you make early in your business, the better off you will be in the long run. If you meet someone with more experience than you, then pick their brain every chance you get.
Quitting your job is a big, big step. Before you do that, make sure you are prepared. Make sure it genuinely is the right choice. And, when you know what you are getting into, you can make success happen. It’s a matter of passion, willpower, and taking the right calculated risks.