When is the right time to be your own boss?
Tuesday, March 09, 2021

Never give up, or quitters never win. At least, that’s what many have been told. Hanging in there and sticking through is what winners are made of; this is how the majority set the foundation for success.

But when it comes to career matters, experts say, sometimes sticking through it could translate into being ‘just stuck’.

For instance, published author Cohin Kakar notes that we have all been there: That dragging job that drains us of our energy, guts us of our dreams and makes us wake up in the morning wondering if this is really what we were born to do.

"For many of us there is that million dollar idea that burns inside and with each passing day, gets staler. It is a hard decision to make between leaving the comfort of a stable job and building something of your own. What about the salary? The benefits? The dependents?” he says.

According to Cohin, who is also the co-founder of The Anthos Group, a global health & wellness product company, a recent survey of 2,500 people, including 500 small business owners, conducted on behalf of Invoice2go found that 60 per cent said they’re committed to the idea of working for themselves rather than an employer, citing an interest in following their passion (57%), a belief that they could be of benefit to others (53%) and a need to set their own schedule (52%).

There is need to assess the situation and analyse whether it make sense to make the career change. Net photo.

Thus, how do you know when you’re in a temporary rut, or when quitting is actually the best possible option?

Here are 5 basic signs to help you determine if it is the right time to jump ship;

Fulfilment

Any entrepreneur that has started their journey after working for another company has had this question: "Am I living up to my potential?”, says Kakar.

"The answer might be as simple as a role change, a jump into a new career and maybe, just maybe...a light bulb that is the fact that it’s time to start your own journey,” he adds.

Your opportunities for growing have been maxed out

Consequently, Ximena Vengoechea, researcher and author, advises that sometimes it’s an entirely different roadblock that stands between you and greater opportunities: internal politics and policies.

"If you’ve had tiffs with higher-ups, sense of an unfair environment or favouritism or are otherwise mired by work policies that are preventing you from taking on more responsibilities, you’re likely better suited spending the next phase of your career somewhere else.

"For example, if it seems like your current company tends to hire outside talent rather than promote internally, be realistic about whether or not your current company can or will make an exception for you. Think about how invested your company is in personal and professional growth to begin with. Do people regularly switch departments? Have you witnessed any significant promotions, any you can model your own career trajectory on?”

Vengoechea observes that if there is not a clear path in sight and you don’t see the support to get there, don’t waste time fighting against the tide.

Health

Alternatively, if you find yourself stressed, depressed and full of anxiety, your body will tell you.

According to The Entrepreneur, these symptoms can be a result of dissatisfaction at the workplace. Many times it is as simple as looking in the mirror.

What version of yourself do you love the most? You have to get back to that form. Every day you don’t will only continue to take a toll on your health. No job is worth your well-being.

Motivation

If you are finding it hard to get motivated to participate, to lead, to achieve, and et cetera, there is definitely a root cause. It does not always have to be work-related. It could be in your personal life. However, every day that passes where you are not giving it your all ends up being a day that you wish you had back.

Reality

In addition, Kakar asserts that there is need to assess the situation entirely and analyse whether it really does make sense to make the career change and/or start your own business.

"Do you have the capital? Do you have a true business plan and model that you could present today? Do you have an idea of the team you want to build or need as you grow? Most importantly, does it really make sense?”

Those are the types of questions that should be in your mind constantly if you are truly thinking of taking a plunge, he adds.

According to Kakar, starting something new is never an easy task.

"Just make sure that you check off all the boxes, the loved ones are taken care of and your entrepreneurial destiny will write itself. When the day comes that you actually are living the life you dreamed of, take a moment to be thankful that you listened to the signs.”