Millenials are now rapidly quitting their jobs to follow their passion and start their own businesses. A survey by Randstad Workmonitor stated that 83 per cent of Indian workforce would like to leave their jobs and want to be entrepreneurs, which is higher than the global average of 53 per cent.”
While the need for independence and the inability to work under a superior drives them to do this, is quitting your job randomly to succumb to the path of entrepreneurship without a plan a wise decision? When is the right time to comprehend that you are ready to be your own boss?
Experts believe that having a safe amount of savings is one of the pivotal aspects to consider before quitting your job.
Nithin Edgar, 34, CEO, The Rendezvous Experts said, “I started working from a young age and unlike the others I did not spend all my salary on parties. I had a substantial amount saved for my future. I knew that an event management firm was my calling but did not jump at it right away. Saving money and having a cushion to fall back if things don’t go the way you plan is essential. Take that risk only if you can afford it. Having a passion is an essential ingredient but the same without a plan and perseverance is worthless”
To be a successful businessman, you need to do a lot of research and be sure of the industry you have decided to invest in.
Shreeram Anvesh, 27, owner/partner, Brik Oven explains, “I was with Ernst & Young for two years, I always wanted to start my own business and I knew it had to be in the food segment. I quit my job and took a year’s break to travel and research. I went to the UK and was inspired by the different kind of shakes they made. That’s when I realised that this would be an eye-catcher. I believe that before you invest in a business, researching about the industry is the key to a successful business. With a loan from our parents’, my partner and I turned our love for wacky shakes and scrumptious pizzas to a restaurant of our dreams.”
It’s not just an epiphany that counts but you need to push yourself that extra mile. To watch your dream business come to life, getting a hands-in experience in the industry you wish to invest also helps lead you to success. Anirudh Nopany, 31, owner/partner, Brik Oven, said, “After studying culinary arts, I worked with a popular local restaurant. I’ve always wanted to open my own restaurant but I knew I wanted to gain more experience in the FnB business. Hence, I worked for a while, understood how to run a restaurant and that’s how I was confident to join hands with Shreeram and open our eatery. I believe that if you have the ability to deal with failure then that’s the right time to start laying a path to achieve your dream business.”
