Following our recent Facebook poll for the Wamda community, we have compiled the answers to give a short readout on what Wamda’s readers are thinking.
This week’s question, “When is a good time to quit your job to focus fulltime on your startup?” brought in seven separate responses including “after receiving investment,” “when the business requires you to be there full-time,” “after partnering with someone,” “after we start making a profit,” and the most popular by a landslide, “as soon as possible.”
It seems that Wamda readers are supportive of just diving in and going full force with their idea, backing up our CEO Habib Haddad’s recent advice not to spend too much time planning and fixing every little detail in your business plan. It’s better to start faster and iterate or fail faster than wasting time on an idea that may not work in the long run. The faster you are able to start, the better, but within reason.
The next two most popular answers listed a specific event for quitting your job: when you make a profit or when you find a partner. Though these could mean different things to different people, these answers represent an important point for any entrepreneur: quitting for the sake of quitting, will not benefit you. But if your business is viable and has the potential to expand with more full-time effort, then maybe it’s time to consider making the leap.
As two of the post’s comments added, it may be best to start by keeping a supplementary income to fund your startup before quitting your old job entirely. Contributor Kia Davis said in the comments, “I think you should quit when the business gets to a point where it needs your attention full-time.” Some ideas might need your full attention from the beginning depending on their scope, but for others, waiting until you have to make a choice might allow you to build up a cushion.