Entrepreneurship: Quitting your job in bad economic time.

@thebigk • Oct 22, 2024

Oct 22, 2024

1.0K

CEans,

I wish to know if there are any totally crazy CEans over here who are seriously considering quitting their jobs to dedicate their time & efforts to their venture.

If yes, post your thoughts. What's going on in your mind. If you need some kick to get started; we'll give it to you. 😎

Remember; reasonable men seldom achieved anything .

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Kaustubh Katdare

@thebigk • Jul 14, 2009

Few practical tips for you:

1. #-Link-Snipped-#
2. #-Link-Snipped-#
wassup

@wassup-ayhA3F • Jul 23, 2009

Strange, this thread is dead ! Guess nobody is thinking of doing it 😀 But trust me guys this is the best to time escape the cubicle. Here are the reasons
1) If you quit during good times, your parents will be like "are you an idiot" . Well if you quit now they don't really have to know if it's you or the company that fired you :0
2)Well for a startup this is the best time ! Everything comes for cheap, the people, the computers, the office space
3) You will get fewer customers , but that's the best part! Fewer customers mean you know what they really want. You learn, you change, you deliver. So when good times start you have already crossed the dip.
4)Even you can get big Suppliers to work at you terms.(This is the most important stuff for nonIT companies, trust me)
5) You will get lot of friends to fund you, nobody wants to invest in the stocks these days😀

Most importantly you start during the bad times, the lessons you learn are huge. No B schools can teach you that! If you survive this period, you can survive any thing. This is where the real thrill of running a startup is ! So jump in if you are an adrenaline junkie 😀 Good luck
Kaustubh Katdare

@thebigk • Jul 24, 2009

You've got a nice post there, buddy! 😁

So, anyone? 😁
jhbalaji

@jhbalaji-AH60JJ • Jul 25, 2009

Do you know one thing i am just 17 and doing my Diploma in Mechanical Final Year mate and i Was selected for a Two Days Program in Entrepreneurship Development
Now in Two days Program i have learned a lot about it..
Hope's it's the right time to become a enterpernuer who like to wish and he/she must need at least 7 Years experience in his field to become a successful enterpernuer mate...
Kaustubh Katdare

@thebigk • Jul 25, 2009

jhbalaji

he/she must need atleast 7 Years experience in his field ti become a successful enterpernuer mate...

Did you learn that in your entrepreneurship development program? If that's true, what do you think about Branson, Dell, Gates, Biocon, Larry & Sergey of Google?
jhbalaji

@jhbalaji-AH60JJ • Jul 25, 2009

The_Big_K
Did you learn that in your entrepreneurship development program? If that's true, what do you think about Branson, Dell, Gates, Biocon, Larry & Sergey of Google?
Yeah mate i know that they don't have any experience there in industries but they did some thing new mate...
Gates Invented MicroSoft
Larry & Sergey founder of Google
and even our founder #-Link-Snipped-# too
But they all the have invented something new [Innovation] so if you need to be a successful enterpernuer after your studies you can start but my advice is to have experience in your field mate...
Mayur Pathak

@mayur-ywQKfu • Jul 27, 2009

I'd have loved to contribute of this thread. I did every thing right and almost quit to dedicate myself to my business. But I sheepishly held myself back.

Guilty!
wassup

@wassup-ayhA3F • Jul 27, 2009

@jhbalaji thats not right , you don't need 7 years of experience in your field ! Nobody ever told that. It's the passion that should drive you not the experience. Trust me you will never learn anything in 7 years of your 9-5 job that will prepare you for starting. Its just like learning to swim without getting into the water. Experience teaches you not to think out of the box, but thats not how big companies are built 😀. Infact 9-5 jobs teaches you everything that against Entrepreneurship.You are 17 n in college, Its the best ever time to start, you have nothing to loose now, do you ? So start today with 1000Rs from college. I should have done it 😔

@mayurpathak never too late 😀 GO GO GO !
jhbalaji

@jhbalaji-AH60JJ • Jul 29, 2009

wassup
@jhbalaji thats not right , you don't need 7 years of experience in your field ! Nobody ever told that. It's the passion that should drive you not the experience. Trust me you will never learn anything in 7 years of your 9-5 job that will prepare you for starting. Its just like learning to swim without getting into the water. Experience teaches you not to think out of the box, but thats not how big companies are built 😀. Infact 9-5 jobs teaches you everything that against Entrepreneurship.You are 17 n in college, Its the best ever time to start, you have nothing to loose now, do you ? So start today with 1000Rs from college. I should have done it 😔

@mayurpathak never too late 😀 GO GO GO !
Mate i too agree with you but the all it depends on the your Passion too mate..
Some who are new to Outside world tries to learn some kind of experience and business strategies too mate..
Thanks...
jhbalaji

@jhbalaji-AH60JJ • Aug 8, 2009

randerson88
This very hard to lose job in this situation of recession for there are many expenses. Just do your best in your current job and make the most out of it for its really hard to find a new job at this time.

--------------
#-Link-Snipped-#
Yeah that's seems to be a good idea mate...
wassup

@wassup-ayhA3F • Aug 8, 2009

hmm in that case it's always better to stick to your job 😀 If you really want to play it safe, then you should drop the idea of being an entrepreneur. If you really want to start on your own, you won't care about economy n and other stuffs.
safwan

@safwan-NH7W5Y • Aug 8, 2009

One thing let me clear about economy :sshhh:, here we say an economy is slow but its not if you study economics then "flow of income " is always circular. but,Their are some injection and leakages in the economy.

I one time read on cE i thik its was posted by one cEan i dont remember even name of thread also but it said one story of a man salling Hot-dogs (if you know its like junk food) who had successful business but when his son arrived after doing MBA he told his dad that if you know dad their is economic slow down in world we should cut down the cost and labor and dad did it and at last business was at its critical position. (this story is in my own word as i read it from some thread on this forum i did not remember it .)

Starting a business is not an easy task as a management student i say if you have managerial or entrepreneur course then it become easy for you to start your business .😁 For some fellows it become easy task but for those who are new to concept of business then low business knowledge can ruin their dreams😡 . it can lead to huge loss.
but,
As far as the topic is concerned i say if you are confident your idea is gonna work even in bad economic position then you should not let other guys to take that opportunity 😀. In business the first you exploit the idea the first you are in the market😉 , MARUTI ( that sound old as far as TATA NANO is concerned 😉) the first firm to exploit the Indian market in small car by introducing small car by keeping middle class in their mind.i had read one article in times of india i think in MBA special they gave an example of two young entrepreneur who were fresh MBA from IIMS (ahmdabad) they got lots of respected salary opportunity but they started 5 star Gym to attract high class people.😀
being living in KSA i saw many opportunities like my own idea if i get capital which i gave name as Micro Business 😉 which let owner to open small outlets of all daily necessary items like mini market in all areas .trust me this idea is gona work even in recession time. if you work in field of grossary items like food and fruits and daily useful items then your business don't affect much even in recession. 😛.
Now talking about migration from job to be an entrepreneur its good idea actually if you are going for that idea of what you were working in former firm as you might be having idea about market and demand of product or services which you gona provide . 😒

Injection in an economy means addition or money is getting in in an circular flow of income . it may be in form of scholarship or some free benefits. or investments.

where as,
leakages are the thinks that make money outside the circular flow of income . it may be in form of taxes or saving.
Saandeep Sreerambatla

@saandeep-sreerambatla-hWHU1M • Aug 9, 2009

Good info Safwan.

I want to start a business something new !!

Just thinking out for ideas have few ideas in mind.

So what next??

My plan is to think the feasibility of my Ideas in the market then proceed ?
Am I doing rite?

I will post the ideas in a week or so with details gathered .
wassup

@wassup-ayhA3F • Aug 10, 2009

English-Scared
Good info Safwan.

I want to start a business something new !!

Just thinking out for ideas have few ideas in mind.

So what next??

My plan is to think the feasibility of my Ideas in the market then proceed ?
Am I doing rite?

I will post the ideas in a week or so with details gathered .
Yes you are doing the right thing. Market research is absolutely important. Shortlist your ideas first. Then see what market looks like for each of your idea. Do a market survey and then go ahead
Saandeep Sreerambatla

@saandeep-sreerambatla-hWHU1M • Aug 10, 2009

Thanks Wassup!!!

The points I am expecting from market and I have few rules and goals.

1. The Idea which I implement should have a good market , marketing and working hard is my job initially if implemented it should have some existence.
2. The Idea should not make my fellow people lazy ( few things useful but make people lazy ) good example would be providing codes etc etc..

So these are my prime objectives.

Guys,
Please suggest your ideas and a direction.

Biggie/mayur/wassup/kida; Suggestions please!!
safwan

@safwan-NH7W5Y • Aug 10, 2009

English-Scared
Good info Safwan.

I want to start a business something new !!

Just thinking out for ideas have few ideas in mind.

So what next??

My plan is to think the feasibility of my Ideas in the market then proceed ?
Am I doing rite?

I will post the ideas in a week or so with details gathered .
Thats good news from you.:smile:
as is said :

if you are confident your idea is gonna work even in bad economic position then you should not let other guys to take that opportunity :smile:
look about feasibility is the main i mean primary and vital aspect in starting the business.😁 hence you should tryout three types of feasibility and they are : 1) economic, 3) technical,3) financial feasibility.

if your idea of business is heavier then this feasibilitys as we do in SDLC then you should proceed with it.;-)

1. The Idea which I implement should have a good market , marketing and working hard is my job initially if implemented it should have some existence.
2. The Idea should not make my fellow people lazy ( few things useful but make people lazy ) good example would be providing codes etc etc..
thats nice ideas brother but i also suggest you to concentrate on activites of setting up of firm i mean place if your firm i srelated to soft.services then it shold be based on citys like banglore or pune or as your market study let you to settle.;-)

ahh! little busy now when i get time ill post more as i get ideas.;-)
Saandeep Sreerambatla

@saandeep-sreerambatla-hWHU1M • Aug 10, 2009

Anyways what ever I set up the base would be Hyderabad.

So no issues.

Thanks for the suggestions 😀
Kaustubh Katdare

@thebigk • Aug 10, 2009

I have a different opinion.

I personally believe market research, systematic idea search, market analysis is all overrated. It's not the idea that makes a business - it's all about execution. Idea is just 1% of the whole business. Execution is 99%.

It would help if you start something part-time around what you're passionate about. This helps in many ways.

1. You never get bored.
2. You never feel like quitting.
3. Even if the venture doesn't take off; you'll still have fun (most important).
4. You need not quit job right away.

I also recommend that anyone willing to start on his/her own should read lot of entrepreneur stories namely - Branson, Dell, Gates, Ambani, Google, Tripod, HP, Rich Dad Poor Dad etc.
safwan

@safwan-NH7W5Y • Aug 10, 2009

@ biggie you are right

till your business not settle completely and till the situation not arrived to you which tell you to quite job as if your venture require much more time as it grows.
Saandeep Sreerambatla

@saandeep-sreerambatla-hWHU1M • Aug 10, 2009

Thanks a lot Biggie 😀