That depends on how much this business is going to worth; how much am I investing in it, if it isn't worth it, answer is NO. Small business is very risky, more than 75% of business fail in their first year of start up largely due to poor funding (capital). Many folks have the terrible mentality that as soon as you start a business, you will start reaping profits right away, I laugh in Swahili; in fact is recommended that if you start your business while working a full time job, then go for it, that way you will avoid all pitfalls ahead of time while maintaining a job to hold on to (insurance).

Its the way to go. I can't be working all my active life to earn peanuts while the brave enterpreneur takes all the big money. Even if you are earning N2m monthly its still peanuts compared to your boss'.

Even in high paid job someone can still be a failure if care is not taking. The truth of the matter is that our God is omnipotent God, he never falls and can never fall trust in him, ask for wisdom and his direction i bet you, you will not fall. The best thing that can happen to a man is to be independent and self employed! Thank u.

@op, I am an upcoming entrepreneur and i can confirm to you that being self-employed can be the best thing to happen to anyone. Only thing is, not everyone can start and nurture a biz to full growth. Its just sad that, in a vast country like Nigeria, SME'S are not duly considered when applying for soft loans to start up a biz. By God's might, my clothing line will get me the fame, money and power of my dreams. The zeal and skills I've acquired are high; not even the skies can stop me. I love what i do! No shame at all being called a tailor by my buddies  tHEY consult me and I feel so proud to be able to do something they cannot do. Right now, my office is being fixed; in a matter of months all will be flying well for me. And next yr, i start my MSc to add to the proficiency certs i already have in management and personnel relations.

@OP

but madame, if it is sure to pay off, what are you afraid of?

I will rather run around for someone, take sheet and get paid good money (plus car and driver, productivity benefits, club registrations, provision of welfare services such as hospital care, use of their facility to my small stuff and make some extra income by the side) until i am ready to blow.

I have worked for myself before and was near declaring myself insolvent and bankrupt, now i know different. I will make enough sitting here, enough to give me at least 5 - 7 years comfort and living ath the same level, while my small business and practice grows big enough to fend for itself

I have seen all that effizy stuff of 'i work for myself', 'i do my own thing' 'i am my own boss'. Honestly, i plan not to jump back in there with both legs, NO WAY. and that is my opinion anyways

why not? there is nothing better than owning ur own busnezz. or are u not tired of saying yes sir, yes sir to ur fellow man? if u can afford it then it is always better to own ur own busnezz

There´s nothing like it. I was born into it, studied it & I´m practicing it. God bless us all and God bless our Nija spirit.

The entreprenuer spirit, the never say die spirit. My father thought me, showed me and sent me to school to study it.

It´s never easy but I think you can succeed with great courage, hard work and know-how. The greatest soceities, men & women grew as entreperneurs. Here in Bavaria, the mentality is very very entreprenueral and inovative so you really get motivated & highly inspired. BMW, SIEMENS, AUDI and so much more started here. I left a paid employment in the UK to start my own business in Munich-Germany and I´m glad and proud today that I did so  

It depends on how prepared you are!

1. Do you have enough capital for startup? Is your bank account ready for money flowing in only one direction for a while?
2. Are you starting the business for the right reasons? You need a lot of determination, stamina, and drive.
3. Can you handle failure? What about your bank account? 66% of new businesses fail within the first 2 years and only 44% remains after the 4th year.
4. Are you disciplined enough to get "things" done on your own time?
5. Have you adequately planned the business?

Having your own business can be a fulfilling endeavor, but struggles will come. Be prepared to sacrifice time, money, and maybe even relationships (people hate it when you do well). The independence is worth the investment in my opinion, but a great deal of care and contemplation is necessary. Nothing is a sure thing, but you can safeguard yourself against comment failures. You also need a support network of intelligent, reliable helpers to get started and keep things going. There are a lot of resources online and in books that might provide some guidance. Good luck!

Honestly, being your own boss is the best one can do for him/herself! The most important thing is that you have to plan well. Lay the foundation solid to avoid collapsing. Also, make sure you know the bizz your setting up!

It is not that easy to run bussines in Nigerian.

Due to the Bad and Unfriendly Business environments.

I have seen professional regretting leaving thier Paid job to start  were they always run at loss.

They pay rents, fuel Gen sets, pay tax(with no profit to show), face competition from big/foreign  companies e.t.c.

How do you expect an Ericsson Engineer earning $5k per month to Leave Paid Employment and Start A Business(with no guaranty).

It is better the keep your paid job and run A Business side by side .

i consider that the proverbial million dollar question.

Lol.

Starting a business is exactly one of the options I'm considering next year.

Business ko, Business ni,

emmatok:

It is not that easy to run bussines in Nigerian.

Due to the Bad and Unfriendly Business environments.

I have seen professional regretting leaving thier Paid job to start  were they always run at loss.

They pay rents, fuel Gen sets, pay tax(with no profit to show), face competition from big/foreign  companies e.t.c.

How do you expect an Ericsson Engineer earning $5k per month to Leave Paid Employment and Start A Business(with no guaranty).

It is better the keep your paid job and run A Business side by side .

but those are the exact reasons to do business in nigeria!

To whom it may concern, that work u have is someone else business.

Good idea, but I wouldnt do it without a paid job on the side as a backup.

As some other posters have said, it's tough out there and while a bit of motivation will help you along the way, you should realize it can go both ways. Hence, the need to keep your job until your business actually takes off,

It depends on how much you earn at your paid job. If you earn good money, I dont see why you should quit to be your own boss. Dont be deceived by sweet talks. Owning a business is not as easy as people want you to believe.

Start now while working, as it makes a lot of sense quit the day job. Self actualization is one of the pyramid of needs. Only take calculated risk.

attached is a great article for the discussion above

prefers555:

To whom it may concern, that work u have is someone else business.

Good talk,

Not everyone are born to rule, some are destined to to be a follower.  

and what if that paid employment leaves you, what are you gonna do?  

Yes I have left a paid employment to start one and it was quite interesting and challenging and I have learnt a lot. I am going back to full paid employment on soon for couple of months while I keep my business to come back to it later

It could be quite challenges and you must have strategy for how to manage failures, obstacles and high motivation when all these challenges set it. I am not sure what kind of business you want to start but all business have similar things in common which is customers- how you will find them, keep them and make them believe in your product so will need to learn how to tell a good story. Please bear in mind that these customers interest changes and you must constantly satisfy thier appetite to be in business. Be courteous and do not be weary of the are giant companies their ready to swallow the little ones. They are there no matter which buz you start.

Financially you might need to do a lot of downsizing and a lot of disciple around finance. At first you will spend a lot on advertising and later on things will ease.

Best of luck

One man once made this statement" there is no one that can be wealthy/rich by being an employee" . I assume that means the best way for you to become wealthy is to have your own business. I believe that.

In as much as I want to be mine boss; I will not leave a paid employment to start a business.

What I mean is that no matter how good the business idea is, i will still keep my paid employment while I find my footing in the new business.

When the other business is stable enough to take care of my basic needs then i can start thinking of leaving my paid employment.

This topic has been rehashed so many times on Nairaland, that I wonder why people even bother to respond.
Why do people keep asking such inane questions?

Anyways,
If you want to build a house for your dog, just go ahead and build one. If the house doesn't fit the dog, go and find a ruler
Geddit?

Start u'r biz part time and when it can pay at least half of u'r salary, then you can quit u'r job, and face it full time. That what I'm doing now. beside the paid employment is fast disappearing.

Not unless I have enough money to cover all of my business and personal expenses and any unforeseeable emergency for at least 6 months. The passion and optimism is great but a little bit of realism is also crucial. Think it through. You might be able to do both simultaneously.