There comes a time in everyone’s life when you just want to quit your job and start something of your own. It can feel like a whim like you’re just fantasizing about a better life, but sometimes it’s an idea worth exploring. Let’s face it, we’ve all had toxic bosses and managers.
A survey by FlexJobs of over 8,400 professionals found some unsurprising results. It turns out that 87% of workers have had at least one toxic boss during their careers. The study also found that 30% of people have encountered more than one such boss!
However, being fed up with your manager doesn’t mean that entrepreneurship is the immediate answer to look at. In this article, we’ll find out how to tell if you just need a different job or a different calling. Let’s dive in.
What Does True Entrepreneurship Demand?
One of the reasons why it’s easy to get confused in this situation is that people lack a complete picture of what entrepreneurship requires. They fail to understand just how hard it is to build something that lasts more than a few years. We’ve all heard the statistics about how most businesses don’t make it past the five-year mark.
However, people still have this notion that it will be different for them. They believe they can somehow be one of the outliers and enjoy success. The reality is that even before you get into entrepreneurship, you need to have an aptitude for risk-taking and working under pressure.
If you hate the pressure of working under someone, then wait till everything is your responsibility. That said, let’s take a balanced and unbiased approach to this. We won’t dispute that in terms of starting a business, it’s not as difficult as it used to be.
You can come up with an idea, use an AI website builder to create a business website and start the process in minutes. If your business is purely online, it can be surprisingly quick and straightforward.
As Hocoos explains, you don’t need time, money, or tech skills to create something like an online store. So, technically, you could be an entrepreneur by the end of today. But, you already know that entrepreneurship isn’t as simple as having a business to your name.
The Questions You Need to Ask Yourself
Starting a business can be incredibly liberating if all goes well, but it’s worth asking yourself a couple of questions first. These questions can help you understand why you really wish to leave a traditional work environment. The first question we recommend is “Do I want to build a product and service, or do I just want more freedom?”
On the surface, entrepreneurship seems like a synonym for freedom, but that’s not entirely true. So, sit with both paths open in your mind, but make sure you aren’t romanticizing either. Visualize the daily reality of running a business vs. being an employee.
Odds are you will still lean toward starting your own business. This is why your next step is to try a test run. Try starting something small-scale on the side. Trying to sell something in practice will give you a good reality check that you may or may not pass.
Another great area to test yourself on is your fear of failure. Studies show that from 2019 to 2024, the proportion of people hesitant to start a business due to fear of failure has increased by 5%. So, think about how you will react to failure and how it might affect your life.
Similarly, consider the following questions as well:
- Am I okay with unstable cash flow and a slow start?
- Do I enjoy managing other people?
- Would I pursue entrepreneurship even if it didn’t make me rich?
Try to approach each of these questions with the same unbiased approach and pair it with reality check situations.
Don’t Forget That Other Options Exist
If you’ve put in time for self-reflection, you might have a clearer idea of why you wish to be an entrepreneur. If it’s a reason like “more freedom,” then remember that there are other options besides starting your own business.
Freelancing is the most obvious example, and it’s a great solution if you want freedom without the risk of entrepreneurship. In 2024, the gig market was worth 556.7 billion. This isn’t a fading niche, and it’s expected to grow at a CAGR of 16.18% to reach $2146.87 by 2033.
So, try not to get tunnel visioned into one option alone. If you do choose to go the entrepreneurship route, there’s nothing wrong with it. Millions of people become successful business owners despite the challenges and obstacles that they encounter. Just ensure you start the journey for the right reasons, and you’ll save yourself a lot of regrets in the long run.