Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,804 members, 7,956,057 topics. Date: Sunday, 22 September 2024 at 10:53 PM |
Nairaland Forum / Nairaland / General / Career / I Have This Amazing Business Idea, But Scared To Quit My Job! (23392 Views)
Juju Scare: Should I Quit My Job? / I Earn Over 300K Monthly... But I Don't Love My Job / Should I Quit My Job Or Not? (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by IamaNigerianGuy(m): 11:24pm On Apr 25, 2017 |
Without knowing your business model, it is difficult to give you specific advice but let me say a few words. There is a concept in business theory termed VALIDATION Essentially you seek to know whether the market agrees with your idea or not i.e whether there is 'product-market fit'. Validation is essential because the market is fickle. You can validate via a few simple steps: Identify your target segment, find customers within that segment and charge them for your product / service. If they buy, and like it, you may have a business. If you can replicate this then you should go in all in. DO NOT UNDER ANY CIRCUMSTANCE COMMIT BEFORE YOU VALIDATE. This is analogous to testing the depth of a river with both feet. There are many forces acting in the marketplace: you, your business model, shifting customer needs, vendors, regulators, competitors etc. Any of these can cause your failure. You must tread with circumspection, If you require any further advice, pm me. Better still, post your question on Quora; there are many experts there. Good luck. (I run a business) 1 Like |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by davide470(m): 11:27pm On Apr 25, 2017 |
Haba.. He just said one thing and you are saying 10. AimingIncognito: |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by casiello(m): 11:31pm On Apr 25, 2017 |
AimingIncognito: Firstly, I know Nigeria is a tough environment to survive, but please do away with the mentality that losing a job is one of the worst thing that can happen to one. Secondly, find a way to combine both without initially utilizing all your savings. There are ways such as contracting a partner, train someone on how to apply the skill you possess, rent an apartment close to the business place for proximity, use i.t gadgets to monitor the business whenever you are not around etc. You'd be surprised there could actually be a way to combine both. Next, if you are absolutely certain you can't combine both, then quit your job! Oddly though, the worst that happens if the business fails is that you'd actually get another job!! May take months but you'd surely get another, you already have work experience means it is impossible to be jobless forever. You seem young, now is the time to take such risk. Lastly, I have a simple question. If your office sacks you today, what would you do next? The answer to that question should guide you. |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by chyjio(m): 11:39pm On Apr 25, 2017 |
@AimingIncognito, I think you have the required passion to be a real entrepreneur. You also seem to have the capital and the idea. You see, you have almost everything you need. Except for 2 things: 1. Due Diligence 2. A proper plan Seek for advise from those in that industry, do your market survey and get a professional to craft out a business plan for you. This will help you to clearly see the situation of the intended business and your present position in it. A business plan will also direct you on the necessary steps needed to build a good business. Once you have completed your business plan, WRAP IT UP AND PUT IT INSIDE YOUR FREEZER. Now, here is what you do. Be patient. Keep your day job and complete your building project. Once your building project has returned your total investment, you can then start that business you are so passionate about. According to a mentor, the craziest idea is to move from being an employee to an entrepreneur without having a source of passive income. Now, you are just about on the right track. You have earned income through your job, you are building your passive income through your building project, and you'll then later turn all those funds into building a portfolio income through that passionate idea of yours. Don't forget this. YOU ARE ON THE RIGHT TRACK!!! Just keep doing what you are doing. You just have to move your funds from one quadrant to the next and you'll be stinking rich in a decade. JOB >>> BUILDING PROJECT >>> PASSIONATE IDEA Warning!!!! Never start a business of your own if you do not have a passive income to put food on your table during the rainy days. Your passionate idea may fail or not make a profit in the first 5 years, but that building you are looking down on right now, will surprise you. Entrepreneurship may be a mix of very sweet and very bitter, but it ROCKS. Nigeria need Entrepreneurs like you. Keep on keeping on. May Goodluck & Success be yours. From a Concerned Entrepreneur. 1 Like |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by jaxxy(m): 11:41pm On Apr 25, 2017 |
AimingIncognito: Let me give u an advice. Test run this biz ifea while still on ur job 1st cos i ve learn an ifea doesn't necessarily play out exact dame way i. Reality it cud me more or less so a test run wud help u know wether to dive in fully or not. I love u biz mindset its d1 stage of a billionaire ambition and I will always say go for it bt wisely and smartly. Cheers |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by raydatluvs(m): 12:03am On Apr 26, 2017 |
Afam4eva:not necessarily. She is having a normal state of uncertainty, too many possibilities, too many risks. It's totally understandable. Prolly the job is very decent, hence she can safe for a building project. Now leaving that comfort zone for a terrain of entrepreneurship is a very big decision. Many things could go wrong or right. I would advice you firstly face the building squarely, there is always stored value in land and buildings paraventure anything goes wrong. Then attempt to start the passion small, don't just plunge into it. Of course along side with your job, could be tasking combining them but it's better in the short term. After a while, nobody would tell you if you still need the job. |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Emmysky(m): 12:06am On Apr 26, 2017 |
If you have a strong passion for it, Then go for it. |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Sirambassador(m): 1:03am On Apr 26, 2017 |
Business ideas comes in many ways, they also fade in many ways. My advice is==> complete the hostel, make money from it, make money from your current work, A new business don't require family members. I also have my own idea, it has been in my head for 5 years now,and still there. Your brain is your best partner. |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by redcliff: 1:08am On Apr 26, 2017 |
AimingIncognito: Finish your hostel, then save x2 again for the business, then quit your job. If anything happens, you would fall back to the rent of the property depending on how many rooms or how you wish to charge rent.. thank me later! |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Nobody: 1:10am On Apr 26, 2017 |
cooluc: You just spoke to my mind. Thanks sis. 1 Like |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by chamboy(m): 1:21am On Apr 26, 2017 |
AimingIncognito:Anything you wanna do, DO it BIG... Dont forget 190million people, 104 million internet users.. |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by therealchase(m): 1:24am On Apr 26, 2017 |
Alot of people had to sacrifice before they got to where they did today. If you have the passion go for it. |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by 360command: 1:24am On Apr 26, 2017 |
do google research, find out who is an entrepreneur and what it takes to be an entrepreneur. Also, find out why the rich invest in asset and why the middle class seeks liability. Also, please try and read about a small business developer. after reading , you should be able to get your answer. |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Nobody: 1:43am On Apr 26, 2017 |
chyjio: With this, I have found a mentor in you.. |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Nobody: 2:12am On Apr 26, 2017 |
AimingIncognito: Unless u r a medical scientist and u somehow stumbled upon a possible cure to one of earth's diseases which will seriously take your time to conduct laboratory research with a couple of laboratory mice and medical reagents..... i really don't think there's a business idea that you can't at least try to kick start while you still stay with your present job(I stand to be corrected though).... Yeah! We don't know how stressful your job is.... Yeah! We also don't know how tough starting up the idea might be.. The truth is..we don't care, all we want is for your so called idea to become a reality Its gonna be hard, but it's not IMPOSSIBLE ....take that stupid/limiting word out of your head. Whateva the idea it is, that money u think you saved up for it will definitely not be enuf.....it was an estimate, right? You'll need some extra funding which your present job will probably provide tru your monthly salary and I'm sure u already know pple hardly invest in ideas in nigeria unless they've seen it running. Take your full leave in a year, most company in nigeria gives atleast 20 working days annual leave..which will eventually run into a month plus. Use dat free time to hit the ground...see how it goes...in the course of u having this idea, there's no how u won't have pple that that might have the same passion as u do, babe u will need them at this time.....then when u resume, these like-minded people can help... you might even have to employ someone eventually cos u can't grow a big and possibly successful idea all alone. So don't quit your job just yet, find a way...there's always a way. My own opinion shaaa |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by GoldHorse(m): 3:19am On Apr 26, 2017 |
"Whatever you can conceive and believe you can achieve" Now you have conceived; do you believe? Once you can clearly answer that then you are good to go. |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by trumpcoat(m): 3:38am On Apr 26, 2017 |
You don't need to quit your job for the business you don't know the outcome of it yet,though business is a risk but the devil you know is better that the angel you have not seen, you can employ a trusted body to manage it first,study the outcome in six month if its positive then you will know if it worth quitting your job for.if you are a christian ask the Holy spirit to direct you.good luck |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Juliearth(f): 3:48am On Apr 26, 2017 |
Eggcelent: Same thing I thought,but the question is,who would she trust with such an idea. Her dad comes to mind cos only he can be trustworthy to run the business and discreet enough not to spill to a potential "idea hacker." |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by jjman2322: 4:25am On Apr 26, 2017 |
umm I'll take a risk here.. Contact me (this goes for anyone else with a great idea)... So yeah contact me, dont tell me the idea yet, i'll fly you over to see me.. You can bring a lawyer as well to secure your idea.. I have money and looking for places to invest in.. Worst case if the idea is trash i only lost airplane ticket funds.. |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by skkayode: 4:27am On Apr 26, 2017 |
i also had the same problem until i read this When people consider launching a new business, most imagine quitting their jobs, abandoning financial stability and risking it all. And, with heavy hitters as our role models -- people like Elon Musk and Richard Branson, who went "all in" and won big -- it's no wonder many of us believe theirs is the only way to do it. But if we do think that way, we are misinformed. Consider that the number of U.S. startups is in decline, and more businesses are closing up shop than starting up. Think about how more than 50 percent of startups fail before the four-year mark. And a big reason for all that failure may be that risk-it-all mindset. But those failures aren't hurting just entrepreneurs; they're hurting the economy at large. So, there are good reasons why aspiring entrepreneurs should stick with traditional jobs while they grow their own ideas -- rather than take a complete leap of faith by quitting heir jobs. In reality, nearly 15 percent of small business owners work a second job while starting up, something many young entrepreneurs don’t realize. That's why you too may have decided that leaving your day job isn’t a prerequisite. And now you're wondering how to launch your big idea while remaining a full-time employee. Here are tips from someone who's been there. The beauty of the side hustle read more here:http://www.expensivegist.com/2017/04/4-answers-onhow-to-start-side-hustle.html 1 Like
|
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by greatcrown: 5:00am On Apr 26, 2017 |
AimingIncognito: If you are so sure of your idea, go all out and pursue it. Sell the Land! Sell everything and add the savings in your account and pursue your dream. The major issue in Nigeria is everybody has opinion on how you spend and invest and obviously u listened to your dad out of fear and respect. So if you are 80% sure as you claimed then go ahead. |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by mamaafrik(m): 5:05am On Apr 26, 2017 |
Where is your husband,lias with him now or sibling. |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Nobody: 5:12am On Apr 26, 2017 |
What you need is something you can always fall back i.e a source of income which I believe your job is already doing.... Quiting is the only way to give full attention to ur business.... My advice finish of the hostel building project first.... That could stand out in the main time as a source of income while you then focus on your business I recently got some mails from a foreign company in Nigeria... Am currently a student but I have been harbouring some crazy ideas for business... Knowing the fact that I can't possibly just jump into business now and understanding how uneasy monopoly could affect my ideas i decided to share my ideas with them. Hopefully I will be travelling to see them to discuss more... ... Every idea deserves a chance... Good luck and success all the way |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by divinelove(m): 6:04am On Apr 26, 2017 |
AimingIncognito: Miss idea what are we suppose to do when we do nt kw ur idea and hw much ur day job pays. If u are really scared to venture into it n ur parents are nt in support then give up d idea or better still give to a relation/friend dt is more courageous to implement. U have said you can't combine it with ur day job which is true depending on ur day job eg u can't try dt if u r a banker |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by psychu: 6:30am On Apr 26, 2017 |
AimingIncognito: If you are this convinced, you should quit already, else you will regret it years later. Ideas are like energy, it flows...some other people have this same ideas of yours. If you don't take action today, you will cry" had I known" later. It has happened to me with some great ideas I had. One thing, an entrepreneur never lose anything, you fail, you learn better ways of doing it. You keep learning and pushing. The extra advice I will give you is this - have savings that can feed you and your dependants for at least 6 months and launch out. ***What makes a successful entrepreneur is not the ideas, it's execution. So start today! |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by ladesson(m): 6:50am On Apr 26, 2017 |
INBOX ME |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by vetisrael(m): 7:04am On Apr 26, 2017 |
I laughed wen I saw idea hackers,dt Idea inside you is inside 10 other persons just that U have not been in a place where U will see it live n direct. It has happened to me before and I know what I am talking bout. My sincere advice to U is that U are d only one that knows d idea and how much U are receiving from ur current job,we here cannot gve U what it seem to be as the best idea. Just follow what ur heart tells you. |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Chstel(m): 7:08am On Apr 26, 2017 |
Eggcelent: splendid suggestion |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Stevenbright(m): 7:12am On Apr 26, 2017 |
You have to take the bull by the horns. But don't resign from your job yet. Start and work on it part time while someone who is also capable is on the ground fulltime. This must be an employee not a friend or family member. Grow it this way for about two to three years, and then you can resign from your job and manage your business fulltime. Follow this guide and thank me later! |
Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by joeleerules(m): 7:34am On Apr 26, 2017 |
AimingIncognito: Here is my advice, it might not be good enough but it's something. You don't have to quit your job cos even if your business is as good as you say it is, it won't be an instant hit or maybe it would be I don't know. But you can save up again start the business and get one of the many jobless but bright and Intelligent nairalander to assist you during your working hours. You give the business a close marking and work hard too on weekends. You can leave your job because you have a great idea, you have needs and duties to perform. But then again, your business can be what you would end up doing after retirement. Start now, get someone who can see things the way you do, you can arrange interviews or something and am sure It will work out. All the best. The hostel would soon start bringing you more money, it's a lucrative venture too. |
Pictures Of Women Doing Brick Laying / Types Of People Who Never Succeed At Work / LTT Coastal & Marine Services Accused Of Giving Foreigners Jobs Over Nigerians
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 117 |