Before quitting your job to start a business, answer this question

“When 25 million people leave their jobs, it’s about more than just burnout.” – NY Times

Last weekend I caught up with a friend for an ‘urgent’ lunch. Over a meal she told me she was [done] with the corporate life and ready to turn entrepreneur. My friend is one of increasing number of seasoned professionals wanting to give up their predictable careers and fat salaries for the excitement of entrepreneurship.

Over lunch, as my friend spoke of her various ideas with infectious energy, the entrepreneurship and marketing counsellor in me kicked in. I asked her the question I ask other aspiring entrepreneurs I counsel – ‘why’ do you want to start a business?’

A quick disclaimer. As a brand therapist, I neither dish out commandments, nor permissions to do as people please. My job is to get them to ask the right questions and guide them through the process of answering those questions for themselves

The rest of the conversation with my friend followed a similar pattern as with other clients –

Me – so 'why' do you want to start a business?

Client – to make money, get rich, and retire sooner after selling up, to be my own boss, done with 9-5 routine and office politics, make money for myself and not others… (there is a clear division between financial and personal reasons for taking the plunge)

Me – could you achieve these in another way? Maybe, change jobs, more flexible work arrangement, or social work on the side…?

Client – yes, but I rather do my own business to achieve these.

Me – so why do you want to start a ‘business’? 

Client – … (pregnant pause since the basic premise itself is being questioned)

Some common reasons I found listed in articles on the subject are; having more control over ones time and activities, becoming rich and retiring soon, following ones passion, creating jobs, finding ones purpose and meaning in life.  

My own experience has shown that answers tend to fall in 2 broad buckets – 

1.      The end goal – these are the more obvious ‘rewards’ of entrepreneurship. This is how people envision their lives ‘after’ they start their businesses and achieve some success. This 'vision' can be further divided into financial (make money, retire early, sell up), and personal rewards (flexible timing, out of office rat-race, stress and deadlines).

2.      Motivational bucket – these are non-monetary, emotional reasons for wanting to start a business. The sense of purpose that makes people jump out of bed vs. putting the alarm on snooze. I am listing 3 big ones from my own experience – 

Source: Henly Research

A. Creative expression – after spending an entire career following instructions, bringing someone else’s ideas and vision to life, people want to break free – literally! They have bided their time giving suggestions for marketing campaigns and TV commercials. Now they don’t want to hold back or hide their creative side.

Businesses they explore - they tend to have business ideas that let their creative side finally breathe! Possibly why many professionals want to open cafes, restaurants, bookshops in the hills or beaches, or pursue artistic ideas. 

Image source: iStock

B. Corporate fatigue – I hear clients and friends talk of how they are simply done with the rat-race, corporate rut, office politics, unrealistic targets, and tight deadlines. These are not people shy of hard work but just done with the constant pressure and insecurities, mostly artificially created.

Businesses they explore - tired of running on the treadmill, their business ideas tend to veer towards travel, adventure, hospitality, wellness, healthy eating, and slower living.   

Image source: Psych Central

C. Mid-life rebellion – many professionals spend a lifetime building ‘incidental’ careers. They picked their subjects in high-school and followed them up with a degree and job placement, simply going with the tide. Now at around 40 years of age, they have a cash buffer, experience, wisdom and a network. They realise they now want to do what they ‘want to do’.

Businesses they explore - such people may try to build on a hobby, private passion, give back to the community, or try to monetize an idea compatible with their personal belief system and world view.

To summarise, you may think if the ‘why’ of getting into business matters at all. Honestly, it does. This difference becomes apparent in not just in the choice of business but also how you approach it.

Hopping onto a bandwagon to chase an opportunity vs. doing something out of genuine interest will show in your ‘sustained’ motivation levels, how you deal with bottlenecks, frustrations and successes which are part of an entrepreneurs daily life.  

So as our lunch drew to a close, I left my friend asking herself ‘why’ she wanted to start a business. Was it to get away from the corporate rat race, to live out a passion, or finally walk her own path? Whatever her reasons, knowing and being aware of them will make the difference between living her dream or going back to work, just at a different desk.