Cameroon has a self-employment rate of 76.66% (% of total employment), say the World Bank development indicators (ILO). This rate has remained relatively flat since 2017, dropping from 77% in 2016 and 80.7% average percentage since 1991.
Despite the macro-economic headwind affecting the current business environment negatively, the appeal of entrepreneurship among full-time corporate employees, especially millennials, is still alive and kicking. There is a gradual shift in employees’ mentality from enjoying the safety of a full-time job to testing the risky waters of self-employment.
With the advent of social media, young and successful entrepreneurs in Cameroon have been widely celebrated among the youth. The entrepreneurship mentorship initiatives like TEF and SeedStars World Competition have served as a huge motivating factor for budding entrepreneurs in Cameroon and shaping the thoughts of those who are still divided and indecisive. Although the whole idea of entrepreneurship appears exciting, quitting a full-time job still needs some careful planning, without which, you are risking too much.
You may have been motivated by the success of others who quit their jobs and became famous businessmen/women. Perhaps you have an incredible business idea, a scrupulous business plan or just a bad boss. Maybe you had a bad day at work, and all that comes to mind is breaking the job shackles by starting your own business, or you are looking for a flexible schedule to balance out the professional life and family. A friend, some time back, confided with me about his frustration over being unable to cope with toxic workplace culture and messy politics at his job. Also, some friends complain about job stagnation, no pay raises, a bad manager, or discrimination at work. Then there are people who, despite passionately working on a job, complain of feeling unfulfilled and are considering quitting to start a business. The idea of quitting the job to start a business becomes stronger and real if you’ve ever faced any of the above circumstances.
If you ever daydream about quitting your job to start your own business, but you’ve no idea how to proceed, just remember that you’re not alone.
There are many people like you out there who are ready for change and to be in charge of their own future but can’t just walk to their employer and hand in their resignation.
Why?
Because they aren’t well prepared for the cause. Remember! You need to sit back and reflect on whether quitting is the right thing to do. The decision to quit is often not easy to make as doing away with the comfort, and financial security of full-time employment is a tall ask.
If after self-examination and reality checks, you pick entrepreneurship, here are some must-do tips that you must work on before quitting your job.
- Evaluate your Business Idea and Conduct Proper Market Research. The first step to starting a successful business is to make sure that you have a unique product or service that will sell and make you money.
Having conceived the idea, you need to evaluate its feasibility. Once you are certain that your idea is feasible, you need to conduct proper research to have sufficient information about the business you want to invest in. You need to know the key players in the market. What are they doing to succeed, or what have they not been doing that’s working? What is the overall growth trend in the business? What are the key state regulations governing the industry/sector you want to invest in? Do you need a license to be able to operate? If you invest in the business, what will be the return, and how long will the business take to breakeven and become profitable. You must conduct proper research to understand the market and its dynamics.
- Have Passion for the Business. Be passionate about what you want to do as an entrepreneur. You need to ask yourself whether this is something you stay passionate about 5 of 10 years from now. The road to entrepreneurship is very lonely, demanding, and requires a lot of sacrifices. People will talk you out of it. There will be many challenges, you may fail several times, but the only thing that will keep you going is your passion. Running your own company is a 24/7 job, so you need to be prepared to spend sleepless nights and be willing to work day in and day out. You can only do this if you are passionate about your business idea.
- Start Business as a Side Hustle Before Quitting. The ideal way to have a smooth transition from full-time employment to entrepreneurship is to start your business as a side hustle. With all the uncertainty in the corporate world today, you can always work on multiple options in addition to your current employment. You can always keep your full-time job and still do a side entrepreneurship venture, just be careful that it isn’t against your current employment terms and conditions. Starting your business as a side hustle will help test your business idea and grow your business muscle. In doing so, make sure that your side hustle should not interfere with the working hours of your current job for which you are paid by your employer. You need to stay focused and never get distracted by your side hustle. Dedicate your free time and weekends to your side hustle.
While doing your side hustle, make sure to keep your start-up venture or business “below the radar” not to have issues with your employer or family members. They may not be comfortable with your entrepreneurial ambitions. Some employers will frustrate even if they are aware that your business activity is done only during your free time (weekends). So, it always better to keep it a secret until you quit.
Once you’re sure that your side hustle is ready and ripe to be converted into the main hustle, you may quit.
Lesson “Don’t quit and start a business, start a business and then quit”.
- Make Sure You Have Sufficient Savings/Funding for the Rainy Days. As a start-up, you may not have the leverage of capital like fully established entities. Therefore, you need to have a critical look at your finances before quitting. You would need substantial savings to make the initial investment in fixed assets, manage the business’s operating expenses besides your personal expenses. Even the best business plans do not guarantee with certainty that the business will yield enough revenue to cover your investments and expenses. A good strategy to ensure sufficient capital for business is to save enough money while you’re employed full time unless you are sure of a retirement grant or some other source of funding. Being financially stressed can affect your productivity as an entrepreneur and can even risk the continuity of the business you are venturing in. My advice is to save at least what can cover up your initial investment and personal expenses for a minimum of 6 to 12 months.
- Be the Best at What You Do. You have to be good at what you do. Make sure you have the necessary expertise, skills set, and what it takes to run the business you’re investing in and deliver beyond the expectation of your clients. Do not venture into any business to offer services or goods just at the level of the present players in the market. Make sure you or your team possess the necessary know-how to better the marketplace. It is only when clients feel that you overdeliver that they will be comfortable in soliciting your services. This is more relevant to service businesses such as consultancy.
Well, Starting and running a successful business has never been a piece of cake. It takes a lot more than just pursuing your dreams. The points mentioned above are only a few amongst a million and one things that you need to consider before setting out for entrepreneurship. While waiting for the continuation of this article in the next edition of the Shirlma Show magazine, I wish you all the best in your entrepreneurial endeavors.
Author: Nfor Gabriel
Copyright © 2020 The Shirlma Show. All Rights Reserved