I Have This Amazing Business Idea, But Scared To Quit My Job! - Career (5)

I Have This Amazing Business Idea, But Scared To Quit My Job! - Career (5) - Nairaland

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Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by sweetchi1011: 7:44am On Apr 26, 2017

nextstep:
I have the same dilemma: business while working to feed the family.

My advice is build the hostel, then use the rent from it to fund your business, small small. At least, you will always have the hostel even if the idea (like many businesses) fails. You can also use it as collateral to get a loan to expand your business once you have proven to yourself that the business works. It might take a bit longer, but it's frankly the least risky of the options. I also think you should keep your full time job; you just simply stop having a social life so you can grow your biz.

This is what I'm also doing: I have managed to build a very small hostel, I'm using the proceeds for business; the hostel is also collateral so a bank takes me seriously; and I have a full time job.

Family members or friends, trusted or not, will not run your business as well as you can, and you will spend so much time managing them and getting status updates that you might as well do it yourself. Not to talk of the ones that will just eat your money as if it is their own business. Also, hiring somebody while your business is so young and untested is going to increase the chances of it failing.

Do you have any holiday time coming (like up to 2-3 weeks) so you can spend them on your idea? Can you run your business on the weekends, to test it for viability?

Good luck

This is one of the best advice you can get.

The hostel is a fixed asset that you can fall back on when you need to, in this time and economy, you should still keep your job. The only thing is that your business might take a while to kick off, which might be good, take the extra time to research more and possibly see ways you can improve or enhance the idea.

Good luck.

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by nnamdiosu(m): 7:48am On Apr 26, 2017

AimingIncognito:
I have this fantastic business idea i've been thinking about for almost 2years but i'm super scared of quitting my job and venture into the business.

I actually took the job to save up for the business but along the line my dad advised i buy a land around one higher instutition in my state and build student hostels, so each time i save up to the require amount to set up this business,i develop cold feet and i end up using the money to develop the site.

I'm so into this business or let me put it this way: the business is so into me that i could search the internet for 5hrs Straight(mid-night,midday, on the move, in the office,anywhere and everyone- that is the only thing i think about),it got so bad that the only thing i gist my friends about is this biz.

Its almost 5am and i'm still wide-awake thinking and writing stuffs down about the biz logistics(its that bad)

My fam are a bit skeptical about quitting my job(when good jobs are hard to comeby) and starting a new biz.Also, i think they are just reasoning like a typical african parent by saying 'what if you set up with all you have in lagos and you end up settling down in another state?

I can't even think straight because once i clear my account again for my hostel project, i would hv to start saving allover again.

The probability that the biz would be a hit is 80%, but IF 'idea hackers' overtake me kpere! temibami niyen! I'm not too bothered abt 'idea hackers' really, nigeria population is too big for one person to monopolise an idea.

What should i do pls?

***i can't do both(office job and the business) It won't work

Its simple dear. Finish building your hostel project then, save up for the business. When you feel you have saved enough, quit your job and pursue your business dream. Then YOU WILL HAVE YOUR HOSTEL PROJECT TO FALL BACK ON, IN CASE YOU NEED SOME MONEY. but I advise you, NEVER ABANDON THE HOSTEL PROJECT HALFWAY NOW AND ABANDON YOUR JOB ALSO JUST TO PURSUE THE DREAM. YOULL BE WORSE THAN CAIN IN THE BIBLE. God bless u as u act wisely

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by linnyx: 8:13am On Apr 26, 2017

If you've done the following:
1. Survey
2. Financial projections/model
3. S.W.O.T analysis
and the results looks good then maybe you should quit and follow your passion.
A word of caution: passion doesn't necessarily translate to success.
I work with start ups and could advise (after an NDA is signed) and introduce you to one of the top 100 African Entrepreneurs. A lady who started something in 2015 and today she's amongst the top 10 in Nigeria. She will be more than glad to mentor you.

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by debokaz(m): 8:26am On Apr 26, 2017

AimingIncognito:
Undue attention you ~~said~~ wrote! From who? The likes of uncultured bully like you? or faceless members who doesn't even know my first name? Humor me pls.

I took my time to read few of your posts and i would be boasting your ego if i called you a bully, but in the real sense what you lack is proper home training. I guess you are so pained i ignored the first comment you made on my thread,nigga i'm not here to flirt. I can see you already deleted that post. So, in addition to your lack of home training.YOU ARE ALSO A COWARD!.

I would like you to go back and read all your posts on nairaland? can you vouch for 10 decent posts that doesn't involve you cursing someone?

I'm not here to exchange words with you, I'm a grown as.s lady with back to back proper home training, i'm here to solicit for advice before making a decision that would either make me or ruin me.

So, stay off my mention and go back to being an uncultured coward on someone else's thread.

I dont know why some pple are so dumb.Someone is asking if to quit her job for a business you are asking abt her idea.Must she tell u?Most Nigerian youth na m*mu o.

Madam I would advise u run after ur passion.It wont be easy bt u surely will get there.Surround ursef with like minds,find a mentor and be persistent.Be in charge of ur life from nw on.

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by MrJonny(m): 8:45am On Apr 26, 2017

AimingIncognito:
I have this fantastic business idea i've been thinking about for almost 2years but i'm super scared of quitting my job and venture into the business.

I actually took the job to save up for the business but along the line my dad advised i buy a land around one higher instutition in my state and build student hostels, so each time i save up to the require amount to set up this business,i develop cold feet and i end up using the money to develop the site.

I'm so into this business or let me put it this way: the business is so into me that i could search the internet for 5hrs Straight(mid-night,midday, on the move, in the office,anywhere and everyone- that is the only thing i think about),it got so bad that the only thing i gist my friends about is this biz.

Its almost 5am and i'm still wide-awake thinking and writing stuffs down about the biz logistics(its that bad)

My fam are a bit skeptical about quitting my job(when good jobs are hard to comeby) and starting a new biz.Also, i think they are just reasoning like a typical african parent by saying 'what if you set up with all you have in lagos and you end up settling down in another state?

I can't even think straight because once i clear my account again for my hostel project, i would hv to start saving allover again.

The probability that the biz would be a hit is 80%, but IF 'idea hackers' overtake me kpere! temibami niyen! I'm not too bothered abt 'idea hackers' really, nigeria population is too big for one person to monopolise an idea.

What should i do pls?

***i can't do both(office job and the business) It won't work

what's the idea? let's develop it. you will be a stakeholder

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by oscaruzie(m): 9:47am On Apr 26, 2017

AimingIncognito:
I have this fantastic business idea i've been thinking about for almost 2years but i'm super scared of quitting my job and venture into the business.

I actually took the job to save up for the business but along the line my dad advised i buy a land around one higher instutition in my state and build student hostels, so each time i save up to the require amount to set up this business,i develop cold feet and i end up using the money to develop the site.

I'm so into this business or let me put it this way: the business is so into me that i could search the internet for 5hrs Straight(mid-night,midday, on the move, in the office,anywhere and everyone- that is the only thing i think about),it got so bad that the only thing i gist my friends about is this biz.

Its almost 5am and i'm still wide-awake thinking and writing stuffs down about the biz logistics(its that bad)

My fam are a bit skeptical about quitting my job(when good jobs are hard to comeby) and starting a new biz.Also, i think they are just reasoning like a typical african parent by saying 'what if you set up with all you have in lagos and you end up settling down in another state?

I can't even think straight because once i clear my account again for my hostel project, i would hv to start saving allover again.

The probability that the biz would be a hit is 80%, but IF 'idea hackers' overtake me kpere! temibami niyen! I'm not too bothered abt 'idea hackers' really, nigeria population is too big for one person to monopolise an idea.

What should i do pls?

***i can't do both(office job and the business) It won't work

If and when you need competent and reliable staff, I'm willing to be part of your team. o 8 1 3 6 4 4 6 8 5 6.

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by ERCROSS(m): 10:22am On Apr 26, 2017

AimingIncognito:
I'm not telling you

You need not tell no one sis...
I'd only advise you complete the site first, so u can have something to fall back on should in case the business didn't pan out as planned...
On the other hand, you can have someone you trust so much help u in managing the business, probably not a family member and not too close a Friend. I wish you success and I wish myself to be as financially comfortable as you are...

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Jmodel: 10:40am On Apr 26, 2017

Op. U are not a doer but just a talker. We really know what you have passion for by what u spend ur money on.
Can ur family talk you off d love of ur live. There are higher probability that u will fail cos dis seem to be ur 1st business experience.
If u really have passion for d business and not d money it will bring u will not mind failing.
How can u explain that u can spend money on business u don't like and have cold feet for the one u passionately love.

Sam Adeyemi said " our level of self deception is the level of what we know and don't do or practice"

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by SammieJayh(m): 10:47am On Apr 26, 2017

AimingIncognito:
I have this fantastic business idea i've been thinking about for almost 2years but i'm super scared of quitting my job and venture into the business.

I actually took the job to save up for the business but along the line my dad advised i buy a land around one higher instutition in my state and build student hostels, so each time i save up to the require amount to set up this business,i develop cold feet and i end up using the money to develop the site.

I'm so into this business or let me put it this way: the business is so into me that i could search the internet for 5hrs Straight(mid-night,midday, on the move, in the office,anywhere and everyone- that is the only thing i think about),it got so bad that the only thing i gist my friends about is this biz.

Its almost 5am and i'm still wide-awake thinking and writing stuffs down about the biz logistics(its that bad)

My fam are a bit skeptical about quitting my job(when good jobs are hard to comeby) and starting a new biz.Also, i think they are just reasoning like a typical african parent by saying 'what if you set up with all you have in lagos and you end up settling down in another state?

I can't even think straight because once i clear my account again for my hostel project, i would hv to start saving allover again.

The probability that the biz would be a hit is 80%, but IF 'idea hackers' overtake me kpere! temibami niyen! I'm not too bothered abt 'idea hackers' really, nigeria population is too big for one person to monopolise an idea.

What should i do pls?

***i can't do both(office job and the business) It won't work

Please try executing the hostel project first, then you can delve into the other business...

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Jaykizz(m): 10:56am On Apr 26, 2017

AimingIncognito:
I have this fantastic business idea i've been thinking about for almost 2years but i'm super scared of quitting my job and venture into the business.

I actually took the job to save up for the business but along the line my dad advised i buy a land around one higher instutition in my state and build student hostels, so each time i save up to the require amount to set up this business,i develop cold feet and i end up using the money to develop the site.

I'm so into this business or let me put it this way: the business is so into me that i could search the internet for 5hrs Straight(mid-night,midday, on the move, in the office,anywhere and everyone- that is the only thing i think about),it got so bad that the only thing i gist my friends about is this biz.

Its almost 5am and i'm still wide-awake thinking and writing stuffs down about the biz logistics(its that bad)

My fam are a bit skeptical about quitting my job(when good jobs are hard to comeby) and starting a new biz.Also, i think they are just reasoning like a typical african parent by saying 'what if you set up with all you have in lagos and you end up settling down in another state?

I can't even think straight because once i clear my account again for my hostel project, i would hv to start saving allover again.

The probability that the biz would be a hit is 80%, but IF 'idea hackers' overtake me kpere! temibami niyen! I'm not too bothered abt 'idea hackers' really, nigeria population is too big for one person to monopolise an idea.

What should i do pls?

***i can't do both(office job and the business) It won't work

When you conceive a business idea, you should never have asked for other people's opinion because Nigerians generally are risk averse individuals. Please if you still need a conviction on starting a biz you already have a framework and a plan/strategy, ask a mentor who is as well an entrepreneur and I assure you you would receive all the positives you need to become your own boss.

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by mindworx: 11:37am On Apr 26, 2017

AimingIncognito:
Thanks everyone.

@eggcelent: I wish its a kind of business I could handover to a family member while I'm at work but unfortunately I have to oversee what's going on almost all the time, part of the business require some skills which I'm really good at.

I would appreciate more suggestions plsssss

*Modified* Yayyy, FP
THANK YOU ALL FOR YOUR MEANINGFUL ADVICE. I really appreciate you fam.

As suggested by the majority, i think its better to finish the project first then use the income to finance the business.

Once again, thanks everyone

Thank God you got an answer there (I checked all thru to see if you did). Am also 'pouring' my salary on lands here in Lag till the day I find myself in your shoes.

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by slimjosh43: 11:43am On Apr 26, 2017

Eggcelent:
Eno38151 She didn't mention the idea. She only said her Dad suggested building hostel accommodation at a vantage spot. A project which has been gulping her saved-up capital for her dear business idea.

Aimingincognito. I understand why some of your friends would advise against quitting your day job. The risk in business is always there. Is it possible to get a trusted, focused & motivated but yet-to-be-employed relation to manage the business at its inception? Then you can quit your job when the business proves successful. With that you won't have to quit your job & you can still actualise your business desire.

Success!

I disagree

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by majorbravo: 12:55pm On Apr 26, 2017

OP well done

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Cavenchy(m): 1:03pm On Apr 26, 2017*

Most people wouldn't do what I'm about to do here but that is the whole point of my post. If you get to see my comment before taking a decision, then you should understand what this advice is about.

Nigeria and indeed Africa in general, is the way it presently is because most of its people feel the world owes them something and they don't owe the world. As a result, the graveyard has become the richest place as millions of ideas have gone to rest in the tombs because the idea custodians didn't have the means or guts to execute them or never told anyone else about them so it died with them.

You may have a thousand and one loopholes or an equal figure in prospects but you would never know it all until you do at least one of the following:
1. Plan and Execute

2. Share and get feedback.

Whichever option you choose could determine how much you lose or gain at the end of the day. For most people, they find out the hard way. .

Now from your post, I think I know what kind of business you are thinking of, and it definitely is built around the unique touch from your personality which is vital for the business to even kick off in the first place. So the advice I would give is this. Use the resources currently at your disposal to plan the execution, share your ideas philosophically with dynamic, diverse-minded but intelligent individuals. Now I used the term philosophically because you obviously seem to have an issue disclosing your ideas to people, this would most likely affect you, because most importantly, you need raw and unadulterated feedback to grow a business, however I am not here to school you but offer advice the best way you would benefit from it, so share them with those dynamic individuals philosophically (I'm sure you get what this means, if not you shouldn't be doing biz) and get your feedback, you would be better off than you are now.

I have shared numerous ideas to random people but the shocking news is, I always learnt more about what I shared from simply talking about them, am I worse off than those who executed the ideas i shared? not at all, because I could learn from their execution of the plans. And even more fascinating, I got wiser and had more internally generated ideas coming from within my head as a result of my benevolence. No wonder Jesus says it is more blessed to give than receive (If you are Christian you would most likely know this), I found out what He meant and I can't tell you enough, the extent that blessing has taken me in life.

The beauty of it all is, your application of an idea can never be the same with someone else even if they read your memo from top to bottom. Always remember this and it would take you far in life.

Best of luck.

1 Like

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by jackie35(m): 1:46pm On Apr 26, 2017

AimingIncognito:
I have this fantastic business idea i've been thinking about for almost 2years but i'm super scared of quitting my job and venture into the business.

I actually took the job to save up for the business but along the line my dad advised i buy a land around one higher instutition in my state and build student hostels, so each time i save up to the require amount to set up this business,i develop cold feet and i end up using the money to develop the site.

I'm so into this business or let me put it this way: the business is so into me that i could search the internet for 5hrs Straight(mid-night,midday, on the move, in the office,anywhere and everyone- that is the only thing i think about),it got so bad that the only thing i gist my friends about is this biz.

Its almost 5am and i'm still wide-awake thinking and writing stuffs down about the biz logistics(its that bad)

My fam are a bit skeptical about quitting my job(when good jobs are hard to comeby) and starting a new biz.Also, i think they are just reasoning like a typical african parent by saying 'what if you set up with all you have in lagos and you end up settling down in another state?

I can't even think straight because once i clear my account again for my hostel project, i would hv to start saving allover again.

The probability that the biz would be a hit is 80%, but IF 'idea hackers' overtake me kpere! temibami niyen! I'm not too bothered abt 'idea hackers' really, nigeria population is too big for one person to monopolise an idea.

What should i do pls?

***i can't do both(office job and the business) It won't work

What idea is that, let us hear it and we will tell you if is viable or not.

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Glock9(m): 5:06pm On Apr 26, 2017

Take the leap. You do t want to live with regrets if you dont.

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by obstead200(m): 11:52pm On Apr 26, 2017

AimingIncognito:
Thanks everyone.

@eggcelent: I wish its a kind of business I could handover to a family member while I'm at work but unfortunately I have to oversee what's going on almost all the time, part of the business require some skills which I'm really good at.

I would appreciate more suggestions plsssss

*Modified* Yayyy, FP
THANK YOU ALL FOR YOUR MEANINGFUL ADVICE. I really appreciate you fam.

As suggested by the majority, i think its better to finish the project first then use the income to finance the business.

Once again, thanks everyone

my dear, no idea is entirely new. Unless u tell us this wonderful idea (or at least the line of business), u can't get a reliable advice. When u tell us, (even vaguely), the biz idea, u will realise that one or two pple have done something similar (of course not exactly the way u have it in ur head) and they wud be in a position to give u pointers that will help u decide whether to quit ur job and jump all in or to test the waters with toe first.
Mind u, forget what all those motivational _fraudsters speakers say, idea is not 90% of what u need to become the next big thing. Frankly, if u ask me, idea is just less than 20% of what u need. The rest is hard work, attitude, network and prayer

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by obstead200(m): 11:55pm On Apr 26, 2017

jackie35:
What idea is that, let us hear it and we will tell you if is viable or not.

Gbam!!!
She doesn't even have to say it exactly or say everything. Let her just be vague about it.
She will get more practical (life, heartbreak and cash saving) advice that way.

2 Likes

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by ChimuchiYola(f): 1:39am On Apr 29, 2017

AimingIncognito:
I have this fantastic business idea i've been thinking about for almost 2years but i'm super scared of quitting my job and venture into the business.

I actually took the job to save up for the business but along the line my dad advised i buy a land around one higher instutition in my state and build student hostels, so each time i save up to the require amount to set up this business,i develop cold feet and i end up using the money to develop the site.

I'm so into this business or let me put it this way: the business is so into me that i could search the internet for 5hrs Straight(mid-night,midday, on the move, in the office,anywhere and everyone- that is the only thing i think about),it got so bad that the only thing i gist my friends about is this biz.

Its almost 5am and i'm still wide-awake thinking and writing stuffs down about the biz logistics(its that bad)

My fam are a bit skeptical about quitting my job(when good jobs are hard to comeby) and starting a new biz.Also, i think they are just reasoning like a typical african parent by saying 'what if you set up with all you have in lagos and you end up settling down in another state?

I can't even think straight because once i clear my account again for my hostel project, i would hv to start saving allover again.

The probability that the biz would be a hit is 80%, but IF 'idea hackers' overtake me kpere! temibami niyen! I'm not too bothered abt 'idea hackers' really, nigeria population is too big for one person to monopolise an idea.

What should i do pls?

***i can't do both(office job and the business) It won't work

I guess I'm currently facing a similar situation with you

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by okparadonhenry(m): 7:38am On Nov 03, 2017

AimingIncognito:
Na wa ooo una get issues b4?.
Undue attention you ~~said~~ wrote! From who? The likes of uncultured bully like you? or faceless members who doesn't even know my first name? Humor me pls.

I took my time to read few of your posts and i would be boasting your ego if i called you a bully, but in the real sense what you lack is proper home training. I guess you are so pained i ignored the first comment you made on my thread,nigga i'm not here to flirt. I can see you already deleted that post. So, in addition to your lack of home training.YOU ARE ALSO A COWARD!.

I would like you to go back and read all your posts on nairaland? can you vouch for 10 decent posts that doesn't involve you cursing someone?

I'm not here to exchange words with you, I'm a grown as.s lady with back to back proper home training, i'm here to solicit for advice before making a decision that would either make me or ruin me.

So, stay off my mention and go back to being an uncultured coward on someone else's thread.

Re: I Have This Amazing Business Idea, But Scared To Quit My Job! by Nobody: 1:02pm On Sep 06, 2022

Ayanfeoluwaoba:
In my opinion, since she is owns the idea she has to be available, only she can sustain the business through the teething stage.

helo pleace i need woman to enjoy for 2 hour this friday.pleace are u free this friday after mosque and i have moiney. so was yor nomba pleace?

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