Because of my podcast, I have a space to book appointments. (BTW use Calanderly app which puts a link on your signature line)
About every other day I talk with a new person who is on the verge or able to leave the rat race. We talk about how much passive income is required some it’s 3000 to travel around Asia and some with families it’s 8000.
I want to highlight that the natural inclination is to leave your job. As for us, all high achievers know what is easy and the beaten path should be questioned. You should stay at your job and keep doing this as a side gig… People always want to jump into entrepreneurship And it’s really not a good idea or even needed.
When we mean entrepreneurship… I mean not dip your toes in but going all in. Like Gary V sleep 4 hours, Grant Cardone x10 stop being a bitch, Burn the boats all in. A lot of motivational gurus will tell you to dream big, commit and go all it – buy that fancy car now so you set that bar high and force yourself to achieve it. They don’t know your situation and often times these gurus are outliers and often they themselves did not follow the same advice.
Don’t buy into survivorship bias. For every entrepreneur who goes all-in and even does it as a side gig only the minority succeeds. To focus only on those successes is a logical fallacy. Despite a superior product and optimal skill set so many things can still go wrong.
You are not going to give your business what it NEEDS when you are worried about putting food on the table and paying rent. This frenzied survival causes two things: First, you are less creative in this survival mode. Outsource yourself as much as possible first. Hire the help first or you will be drowning in manuchia. You will not be leveraging your time or your skills. This will require you to create lean and efficient systems which is what building a business is all about at its core.
As Robert Kiyosaki differentiates in his book “Cashflow Quadrant” an entrepreneur builds a system that they can be removed and scaled where as an entrepreneur who does not build a system is just a glorified self-employee. The second when you are in this survival mode you are taking unneeded risks and making mistakes such as forcing the wrong deal or giving up excessive equity for taking on VC capital.
As a side note a big part of a business is negotiation and in negotiation, the biggest component is the ability to walk away.
Not having a job and supplemental income source or cash buffer torpedoes your pillar to negotiate. You are effectively the Emperor with no clothes and everyone you deal with and your customers know it. Just as ask any women… they can smell desperation in a potential suitor. You should only quit your job once you can scale. And YOU should be the last part of the business that can’t scale because you have a job and business needs more of you to scale. You have to be the bottleneck. Don’t dilute yourself into thinking you are the bottleneck because you just want to quit your job because it is a badge of honor when it comes to running a business or quitting your job. A lot of entrepreneurs just want to quit their job because they just want to tell all their friends and family they the told the Man to F off, they don’t want a boss, and they have escaped the 9-5 rat race.
It’s cool to be like I’m all-in, I don’t have a JOB. That is an ego thing and we need to be conscious when our ego is leading and not logic.
I spent a decade working my way up through junior level jobs, being a first level supervisor, and managing professional and learned a lot of how a mature business works and interpersonal. I wish I would have had this mindset earlier but I realized recently that working for someone else is a privilege to try things out (FSU) on someone else’s dime. You don’t want to be trying some new marketing scheme or leadership technique the first time when you get your one shot to swing the bat. It is not the time to be “finding your management style” when you step up to the batter’s box with your own capital at risk.
Here a joke… when at your day job rub off the labels of the letters on the keyboard to use work as a time to master no look typing. Or just try something different because it might work for you in large ventures… you own ventures. In conclusion, ask yourself why am I wanting to leave? Is it because of ego or necessary? And have I acquired both the skills, proof of concept, and starting capital to create this “runway” for my business to thrive.
Here are some tips to just get by when your heart isin’t in it but you have to put food on the table.