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    0 Replies Latest reply on Apr 22, 2009 4:21 PM by iyazam

    When Should You Quit Your Day Job?

    iyazam Adventurer

      Right now!... Just kidding.



      Many business gurus will tell you that you need to drop
      everything and start your own business. Jump into the ocean of
      entrepreneurship and start swimming. This is nice but it won’t work for
      most people.



      What should you do?



      I always tell people they need two kinds of jobs



      1] A job where you are making money.



      2] A job where you are not making money.



      Why would anyone want to work at a job where they are not making money?



      A job where you are not making money is something that you are working on at home on your free time. Robert Kawasaki
      says that the reason many entrepreneurs become successful is because
      they know what to do with their free time. When you know how to use
      your free time you will learn that you can really build up a nice



      The only way you can build up a business in your free time is
      when you are doing something you really enjoy doing. It’s taking your
      hobbies and likes and turning them into a business.



      The reason why you should keep your day job is because you
      always need a cash flow of money into your bank account. This is
      critical. With out that cash flow you will not be able to work on your
      own projects. The cash flow gives you the money, time and leverage that
      will allow you to build up your own business. It will give you the
      piece of mind while you are working.



      Deciding when it's time to quit is a very personal decision for
      each person when he or she feels ready. A strategy that will help you
      reach the decision is that once your income from your home based
      business is earning more then your regular day job for over a period of
      three months – then this a good sign that its time for you to quit your
      day job. If not, then stick with your day job in the mean time.



      What is the most important aspect here?



      You and your family come first. You need to do whats good for
      your family and not just for yourself. Keeping your day job will allow
      you - as we said - that critical need of cash flow into your bank
      account. Dont make quik decisions that will destroy your home.