For many of us, the dream career is a business to call your very own. Making the rules and doing it your way has a certain appeal to a large chunk of the population. Yet, when it comes to leaving Corporate America and creating our own path, deciding when the time is right and how to do it presents a dilemma to many.
Life in Corporate America can be a slog for the free spirits among us. Millions of people catch themselves daydreaming during their corporate jobs of a life of freedom – free of cubicles and boardrooms.
There are thousands of talented and brilliant minds working for the countless companies and firms out there. Why do so many of them stay when they hate their jobs? The answer is not so simple.
Living a life of freedom is alluring, but the realities and obligations of modern life are important, too. Leaving a cushy job with income stability and benefits is no easy task – they call it the “golden handcuffs” for a reason.
Many of us stay within the office walls to keep things stable at home. Regular income and a clear path forward through life are a comfort to most people. Being your own boss with all the responsibility and risk can be terrifying.
A career with a big company and consistently working in an office doesn’t come without risks though – downsizing, takeovers, bad bosses, and bad luck. Overall, it’s a “safer route” for most people, especially when they are afraid to break out on their own and risk failure at the helm as captain of the ship.
People are more comfortable working for an employer who lays out the path forward. Regular promotions, career plans, “progression,” and a clearer vision of the future are enticing to some. It’s all very hard to resist, and most of us never take the jump to strike out on our own.
Who’s Leaving and Why?
Thousands do leave Corporate America to become entrepreneurs every year – professionals of all incomes, career aspirations, and fields of expertise. Leaving the cubicle behind is a common thing today, especially given the opportunities in self-employment and a global online world.
Whether it’s basket-weaving, a hot new app, or a boutique firm to call your own, it is possible to follow your dreams and find success with a little luck and a lot of planning. You have to make sure you are prepared for all of the obstacles that are sure to come your way so that you can have a smooth transition into your new life.
Small and medium business ownership offers countless opportunities in America, the hub of capitalism. Modern technology offers a new way of doing business, and it’s often an advantage to be new, small, and sick of doing things the same as always.
It doesn’t matter what you do – there is an opportunity to shake things up and earn a good living in your industry or profession. The hardest part is finding the courage to jump and the right time to do it.
So You’re Inspired, But How Do You Make the Leap?
If you are serious about making a change away from Corporate America into the world of entrepreneurship and being your own boss, there are a few tips compiled below to help you along the way. Planning, timing, and execution are all important on your path out the door and onto the open road. The details make a difference.
It’s not a binary choice (like most things in life). There are many ways to make the transition from Corporate America to life on your own. Millions of Americans have two jobs including a self-owned business that operates outside of their regular nine-to-five.
You can always take it slow and do two things for a while. Once the passion project becomes a big hit, it gives you options instead of going all-or-nothing with your corporate career. It’s not always the right choice, but try not to frame the decision as two choices: stay or leave.
Conversely, if you’re really feeling inspired, then you could make the giant leap into full entrepreneurship. This is a lot more risky, but it’s also got the potential to be highly rewarding, especially if you need to get ahead with your idea.
What You Need to Start a Business
A big leap into the unknown is a scary thing for most people, but thought and planning makes all the difference. One of the most important traits in an entrepreneur is vision. You’ll need to have a path forward to get the ball rolling.
One of the most important things in any business venture is capital, or money. Seed financing, operating expenses, equipment leasing, office locations, registration, branding, licenses, inspections, and other startup costs are a regular shock to many entrepreneurs. It all takes cash to make it happen. It’s important to think about your finances early in the process.
There are a couple ways to make the finances work. The first one involves you paying out of pocket which is almost always very hard to do. Second, if you have an attractive idea, you could reach out to potential investors who are willing to contribute to your idea, though you may need to give up part of your business. Finally, small business financing from a bank or lender is the next step towards finding capital. Talk to outside professionals or find a mentor if you can. Don’t be afraid to ask stupid questions at this stage!
Needless to say, starting out as an entrepreneur is hard. After all, over 90 percent of startups fail, so you can assume that it will be hard. However, successfully starting a business is the epitome of the American dream. If you can make it as a legitimate business, then you stand to make your mark in the world.
Good luck!
Tom FIRE – Founder of FIREd Up Millenial blog
Tom Fire is a millennial Personal Finance blogger and the founder of FIRed UP Millenial blog. When he’s not working as an engineer, Tom shares his passion for financial independence on his blog. His hope is to achieve financial freedom by the age of 35.
