How to move to entrepreneur if you are paid good salary

[evan12]

So I have a high paying job that pay all my bills plus live kind of comfortable life ( not luxury or anything , still have to watch my spending ). I tried many times to leave the employment and start my business, however there are many issues that stopped me every time :
1- The ideas I have doesn't make money as I am making as employee , at least not in the first 3-5 years.
2- Some of the ideas require more work hours (such as restaurant )
3- Many of them are not the one I will be happy working (again such as restaurant ) , as I work in Hi-Tech and it is hard to start a business in this area since the competition is very high ( and already working on my starup but so far it is in built stage and no guarantee it will generate any money) .

I even tried to buy some small business just to have the pride of saying I also own business, but even the simplest business require to put too many hours and money.
Any advise to exist this situation will be welcomed .

 

[Billtx49]

I tried many times to leave the employment and start my business, however there are many issues that stopped me every time.

I even tried to buy some small business just to have the pride of saying I also own business, but even the simplest business require to put too many hours and money.

This may sound harsh, but you need a sense of direction to get started. Can’t set any goals if you don’t know where you want to go.
If you are adverse to full commitment, monetary investment risk, long hours of work, and can easily convince yourself to quit as your post states, then continue to work for others. You don’t currently have what it takes to work for yourself.

 

[Mister_Skinny_Jeanz]

keep workin on the entrepreneur thing on the side untill it can pay the bills AND more. dont quit your job until it takes off , build up savings too. there will be days where you work your ass off and you might not see no money for a short while

 

[Sir FB]

This may sound harsh, but you need a sense of direction to get started. Can’t set any goals if you don’t know where you want to go.
If you are adverse to full commitment, monetary investment risk, long hours of work, and can easily convince yourself to quit as your post states, then continue to work for others. You don’t currently have what it takes to work for yourself.

^^^this

I started my own business when I was 24. We entrepreneurs can give plenty of advice, but it would be like putting a bunch of gas in a boat with a weak motor and no rudder. Find something you absolutely love to do that you can pursue with a purpose greater than yourself and be willing to sacrifice everything to accomplish it.

 

[EyeBRollin]

Outstanding advice. I’m in a similar boat as OP so this is really helpful. Thanks

 

[AureliusMaximus]

1- The ideas I have doesn't make money as I am making as employee , at least not in the first 3-5 years.

Then you have a bad business idea and should not execute it and stay in your job as an employee.

Not everyone is cut out to be a business owner; it takes a lot of dedication stamina and grit.
Most people don't have it/don't want to pay the price and that is okay. Nothing to be ashamed of.

 

[evan12]

Most people don't have it/don't want to pay the price and that is okay. Nothing to be ashamed of.

There is also comfort of life, currenly I am enjoying my work/life balance, to work 15 hour as business owner , the business should at least provide 2X of what I am making now to this sacrify.

 

[DEEZEDBRAH]

So I have a high paying job that pay all my bills plus live kind of comfortable life ( not luxury or anything , still have to watch my spending ). I tried many times to leave the employment and start my business, however there are many issues that stopped me every time :
1- The ideas I have doesn't make money as I am making as employee , at least not in the first 3-5 years.
2- Some of the ideas require more work hours (such as restaurant )
3- Many of them are not the one I will be happy working (again such as restaurant ) , as I work in Hi-Tech and it is hard to start a business in this area since the competition is very high ( and already working on my starup but so far it is in built stage and no guarantee it will generate any money) .

I even tried to buy some small business just to have the pride of saying I also own business, but even the simplest business require to put too many hours and money.
Any advise to exist this situation will be welcomed .

You got to be on the grind. There is no one way about it. Get expenses down. No car payments or consumer debt. Side hustle that makes bank preferably a fair chunk of change particularly in a shirt time span. After you can scale out. It has to be pandemic proof. Tbh I won't ever retire.

 

[metalwater]

why do you want to do business? in your op, I don't see any reasons of why you want to do it only reasons that it is difficult, and all of those are true that you tell.

I own several different types of business and also high paid employment. if you have the brains for high-paid employment, perhaps in something like software or another high tech; that stuff is not easy. apply the same effort to a business and will likely earn much more but without any feeling of SECURITY until your capital is so much that it's enough forever.

there is a kind of person that is awesome at problem solve and building things and another that is a natural risk-taker. most of the persons employed do not have the natural risk assessment ability or lean to be very conservative, or safe. the most successful small business failed at the first few tries, get back up and do it again and again until it flies. this is difficult for a non-risk-taker personality.

apply the skill you know about women to business. persistence, numbers, and how to negotiate and how to say no to the negotiation of another that is bad for you. when you figure out an angle and if it is unique do not tell others, just be quiet and humble about it and do it. that way you will have a head start on the competition. if you tell others and it is a good idea they will also do it; not good for you.

initially, it is a lifestyle choice. no such thing as too many hours. all of your hours and all of your efforts; all in.

good luck.

 

[King Lion]

Jewelry/Luxury Watch boutique/store with repair service.

 

[Modern Man Advice]

So I have a high paying job that pay all my bills plus live kind of comfortable life ( not luxury or anything , still have to watch my spending ). I tried many times to leave the employment and start my business, however there are many issues that stopped me every time :
1- The ideas I have doesn't make money as I am making as employee , at least not in the first 3-5 years.
2- Some of the ideas require more work hours (such as restaurant )
3- Many of them are not the one I will be happy working (again such as restaurant ) , as I work in Hi-Tech and it is hard to start a business in this area since the competition is very high ( and already working on my starup but so far it is in built stage and no guarantee it will generate any money) .

I even tried to buy some small business just to have the pride of saying I also own business, but even the simplest business require to put too many hours and money.
Any advise to exist this situation will be welcomed .

Best case scenario, you come up with a solid and profitable business idea, does it align with your why? If not, you are in for a miserable life. Maybe there is money, yes, but you won't feel satisfied/fulfilled.

Many people make that very same mistake, they think 'what' before the 'why'. Any long-term sustainable successful business has a strong why. A vision that aligns with its founder values.

I (founder of Modern Man Advice) have built a few businesses, some were profitable, some were not, but none were aligned with my values or what I truly believe. So I gave up on them.

Also, don't buy into this YouTube ad idea that you will start a business and make money enough money to replace your job. Businesses take a long time to be established and survive. Most fail within the first 5 years and there is a reason for it. If you can't be patient and grow yourself along with your business, you will lose it one way or another. This is the reason that people that win the lottery become homeless after a while. You cant maintain a 6 or 7 figure income with a 40K-80K mindset. Period.

Our suggestion, read "Start With Why" by Simon Sinek. And also, try to come up with a list of your non-negotiable values and principles in life. What calls to you? What makes you feel alive? How do you want to make a change in society? Only then you'll have a clearer picture of how you can make that into a business that separates from the rest.

If you focus on the what, the how will eventually defeat you. Trust us.

Modern Man Advice

 

[DEEZEDBRAH]

So I have a high paying job that pay all my bills plus live kind of comfortable life ( not luxury or anything , still have to watch my spending ). I tried many times to leave the employment and start my business, however there are many issues that stopped me every time :
1- The ideas I have doesn't make money as I am making as employee , at least not in the first 3-5 years.
2- Some of the ideas require more work hours (such as restaurant )
3- Many of them are not the one I will be happy working (again such as restaurant ) , as I work in Hi-Tech and it is hard to start a business in this area since the competition is very high ( and already working on my starup but so far it is in built stage and no guarantee it will generate any money) .

I even tried to buy some small business just to have the pride of saying I also own business, but even the simplest business require to put too many hours and money.
Any advise to exist this situation will be welcomed .

Lower expenses and spending next to nil. Don't your job. a buddy did and excelled until now. 0 costs or minimal. then you are free to exit your day job. I'm after freedom more then I am about a day job. minimalism is key. Chasing the quid in corporate world is a fools gold. The time is more precious.