5 Things To KNOW Before Quitting Your Dream Job To Start A Business

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Leaving a regular job to focus on business is not an easy decision to make. Especially when you managed to land your “dream job”, and earn decent pay. For many people, this will be an easy decision. stick with the job. But for those hardwired to be entrepreneurs, what was once a dream job can easily turn into a trap as they struggle between their career and calling.

This is the situation for two sisters who had everything figured out - family, job, marriage, etc until destiny came knocking. What should they do? Leave it all behind? According to Whang, co-founder of LePrix, her WHY was avoiding any regrets later in life. She is not the first entrepreneur who has echoed this thought. Amazon founder Jeff Bezos said something similar.

With this conviction, Whang invited her sister and together, they started their company, LePrix. But transitioning from career women to entrepreneurs was no easy feat. However, the two women were determined and eventually overcame the challenges to build a 100-million-dollar business empire. Here is their advice to those who want to take this path.

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#1. Don't quit your day job until you have some data or traction

If you want to go from working a 9-t0-5 to being a full-time entrepreneur, then you must know that timing is important. This can be tricky. Too early and you risk being out on the street looking for a job, too late and your business may have to pay the price of your indecision. Whang’s advice is - wait until you see some traction in your business. By looking at the business’s KPI (sales, turnover, customer conversion rate, etc). You would know when the time is right. 

#2. Do build out a business model with your data and make an informed decision to take the leap 

With the data you have gathered, you can decide if you still have to hold on to your job for a while. Or if it is time to send in your resignation letter. You have the privilege of playing around with different business models and choosing the best one for your business, while you still have a job.

#3. Don't obsess about hyper growth anymore, but DO build a profitable business — it's still a business

It is normal to want to see your business grow, but what you shouldn’t do is become obsessed about it. The idea of overnight success is one most entrepreneurs relish. However, even overnight successes don’t happen overnight. There is work to be done and it is likely going to take some time before you see exceptional growth. This is why your focus should be on ensuring the business is profitable even if the growth is just incremental. 

#4. Don't kick yourself for failing

Treat failure as a guide and not a stop in your entrepreneurial journey. If every entrepreneur gave up once they encountered failure, most businesses would not exist today. So you stumbled at some point, that is perfectly normal, learn from your mistake and move on. Don’t kick yourself or get discouraged. 

#5. Do learn from your mistakes and quickly pivot. 

If you want to succeed as a business owner, then you must make learning a priority. The plot twist is that some of these lessons will come from your own mistakes. Another advantage to making mistakes early on in your entrepreneurial journey is that you can quickly change the direction of your business. LePrix started as a B2C company before changing focus to sourcing instead of selling, and serving businesses instead of customers. So make mistakes, learn, and adapt as quickly as possible.

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That’s all for now folks.

Until next time, stay inspired and keep chasing your dreams!!!

Cheers,

Alex