Quit work, abandon everything, and focus on starting a business

[AAAgent]

Hey Gents,


I am now 25 and able to post in the MM forum so i thought i'd ask the more experienced folks for their opinion.

I work in corporate as a account manager making an alright salary. I'm one of the best sometimes the best by statistics. I recently won a national work competition and was the global runner-up out of 30+ people. I work 50-60 hours a week although only 45 is required. I work harder to get more results.

The money is more than enough to cover my bills and i've been putting all my bonuses and extra money towards my student loans, which about 20k/60k have been paid off over these last 2 years.

Why I want to leave my job:

My whole team of 10 + people don't like me and i don't really get along with them either. It is mostly my fault but i have worked hard to fix it but to no results. I have a new boss who is incompetent but nice. He is easily manipulated and doesn't handle situations properly. I have been recognized for my work but i would be hard pressed for a promotion when my entire team hates me, i don't even like what i do, but i work hard for the money and the recognition.

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Why I want to start my own business and quit:

I've always been entrepreneurial. I've started so many idea's i've lost count. I've placed top in business concept competitions and am also very hardworking. I currently convinced a model/designer to launch her career with me and we have been working on starting a business together for a few weeks now. I started my own business in the past, a lifestyle/dating consulting business and i got 2 clients. I wound down the business because i got a stable job. I'm not comfortable working for someone else and never have been. I don't fit in the corporate world as much since i suck at kissing a$$.

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what i'm worried about:

I have to pay $600 a month in student loans. I've been making the payments regularly and sometimes pay alot more when my bonus's come in.

slightly worried about career prospects but i'm confident i can find another job if i wanted to. There won't be a gap in my resume as i will be starting a business.

Getting into business school. I was banking on a promotion but that's not likely with all the drama. I've been studying for the gmat and i plan on getting a good enough score to go to the top 5 schools but if i quit and everything fails it won't really reflect well on my application.

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why i want to quit:

I work 50+ hours a week doing something i don't really like. I have very little time to put into the business and am most of the time drained. The free time i do have at home, i put into studying for the GMAT. Work environment stresses the hell out of me. people either try to make me look bad, or talk sh1t behind my back. winning the competition definitely did not help me at all as i took the chance from co-workers to win an IPad or christian loubouttin shoes.

I've always worked best under pressure, when i have everything or nothing else to lose, i've always succeeded in my eyes. I don't see how i can plan on starting a successful business when i'm already working fulltime doing something else and studying.
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I plan on quitting sometime in October or maybe after the new year next year. I get bonuses quarterly and it would help alot to have that money to fund my business and also cover my loan expenses for a few months should the business take time to start-up.

Any advice from risk takers or the experienced cautioned folks would be great. I'd ideally just like to quit today, but that wouldn't be the smart thing to do.

 

[backbreaker]

there is nothing pratical about being an entrepreneur so no one will ever tell you to do such. and like i told warrior it's not for everyone. you will struggle, emotionally, financially, mentally your family and friends will at some point most likely abandon you beucasie you no longer are living the type of likfe they believe you should live.

I believe true ideas and true convictions to the core in your idea and yourself are gift from god, whatever god you believe in that have to be fufilled. i believe that when you are given the conviction to believe in yourself and a unique idea it's god's way of calling you out for for a journey that he wants you to partake in. if you feel strongly about your idea and your ability to mold until the person you need to be, you have to do it.

 

[sodbuster]

You have too much on your plate. What are you planning on doing with the GMAT? If you will be going to school in a year, will the business be up and running and able to run WITHOUT YOU? If not, why do it? To waste time and money?

You don't like your job? welcome to the world of 90% of the population. A FEW people love their work,but for most people that BS saying "do what you love and the money will follow" DOESN'T WORK... or else we'd have video gaming,porn watching, couch potatoes as millionaires

 

[Bible_Belt]

If you can get into a top 5 school, by all means I think you should go. I try to discourage most people from taking on new debt, but it does pay off when you're at a top school. And obviously you can defer your old debt while in school and even live off the loans if you want. I think if you did that, grad school would be like a vacation for you.

 

[Warrior74]

Some practical advice you probably already know.

1. Stack back a serious emergency fund. At least a years worth of expenses if you can. 6 months minimum. I was thrust into the freelance market with less than 2 months savings and it's been a *****.

2. Leverage other people's time and money in what ever you do. Bootstrapping sucks. Learn how to find cheap but good labor, or expensive labor that you can barter or trade for. Learn how to get people to invest in your dream so you don't have to use all of your own capital.

3. Have a solid business plan and a hook. Know your business. Make sure what you are selling is actually wanted in your market. Make sure you have something that makes you stand out, even if it's just having good family connections or being ridiculously good looking and charming. Use that sh1t. Use it to the fullest. Pimp it out. It may be the difference between medium rare steaks and ramen noodles.

4. Prepare to fail. Things will go bad, prepare in advance. Structure your buisness in such a way that even if you don't close every sale, you are generating enough leads/customers to still bring in revenue and cover your cost. If I have to sell 16 ads, I generally talk to about 100 people. So that's a 84% failure rate to succeed. I only need 8% to break even so that's a 92% failure rate. This makes me not get discouraged anymore once I started thinking this way (very recently). If this venture goes belly up, I have two other sources of revenue I'm developing. Some will fail, some won't. But I'm preparing for the worst and striving for the best.

5. Read. Read. Read. Read everything from sales books, to marketing and management books to books on inspiration. The more you know. Basic reading list :

1. Wink and Grow Rich (reading this again this week)
2. How to win friends and influence people
3. Think and Grow Rich.


These are classics IMO. Never stop learning. Get rid of TV, you don't have time for it anyway.

6. Build up a team you can rely on. No man is a one man army. People skills count as much as technical skills. Learn how to get along with and inspire people.

7. Like BB said, it's not for everyone, people will leave you hanging. My family keeps pressuring me to take a job because I am so broke. Women want nothing to do with me as I have no money or time to spend. When sh1t hits the fan you see who's in your corner and it's a lot less people than you would imagine. It can get lonely. Trust me. You have to have vision and passion and faith to see it through. A job is safe, there is no safety here at first. You have to be braver than most if you want to make it. That's what I tell myself.

Everything on this list, I did wrong. I'm just now seeing how to get it right. It's not easy, but I'm never bored. I might not make it, but I have to try. Good luck. Going back to lurk mode.

 

[AAAgent]

there is nothing pratical about being an entrepreneur so no one will ever tell you to do such. and like i told warrior it's not for everyone. you will struggle, emotionally, financially, mentally your family and friends will at some point most likely abandon you beucasie you no longer are living the type of likfe they believe you should live.

I believe true ideas and true convictions to the core in your idea and yourself are gift from god, whatever god you believe in that have to be fufilled. i believe that when you are given the conviction to believe in yourself and a unique idea it's god's way of calling you out for for a journey that he wants you to partake in. if you feel strongly about your idea and your ability to mold until the person you need to be, you have to do it.

Don't know about the whole religious stuff, but i believe in myself and believe i can succeed. I have proven that being able to adapt/learn, be creative, and work hard I can succeed.

Sometimes i am a bit rash and impulsive but i have always wanted to run my own business or atleast do something for myself. I'm here posting impulsively like i do sometimes. There is risk in this for me and i would move back home immediately once i quit as well. The business will have been launched by next february anyway, but i would rather haul ass in a non hostile environment where i can reap more rewards than just an IPAD + bar tab.

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sodbuster
Im competing to get into the top 5 business schools in the world and all the resumes are better than mine. If i don't hustle and get promoted, win competitions, or start my business how can i plan to even compete with them when they are starting at square 1 and i'm starting at square -3. There is that much on my plate because there needs to be, not because i want there to be. GMAT --> B school ---> MGMT Consulting where i can learn how to solve business problems from the top down, then i will be back to doing my own thing or whatever else i'd like.

The business is for me to make money and gain experience that can also bolster my life skills and school application. succeeding/failing in a business i do not see as a bad thing, only a good or great learning experience. The problem is, if i fail, it will hurt me financially as i won't be able to make payments. I can't and don't plan to fail if i take this route, currently i'm on the safe route of working for someone else. As to the business itself, profits are split about 50/50. Where i do all the business stuff like website, sales, marketing, liasoning with customers, etc. I will also fund the business as well and teach the designer how to run and manage business day by day. This way, if i leave and sell my stake 2 years from now, she can either still run it herself/hire someone or shut down. She is in it to make money, build her portfolio, and gain a reputation for herself.

---

bb

you're right, top 5 will pay for itself and my other loans in less than 5 years.

 

[AAAgent]

1. Stack back a serious emergency fund. At least a years worth of expenses if you can. 6 months minimum. I was thrust into the freelance market with less than 2 months savings and it's been a *****.

2. Leverage other people's time and money in what ever you do. Bootstrapping sucks. Learn how to find cheap but good labor, or expensive labor that you can barter or trade for. Learn how to get people to invest in your dream so you don't have to use all of your own capital.

3. Have a solid business plan and a hook. Know your business. Make sure what you are selling is actually wanted in your market. Make sure you have something that makes you stand out, even if it's just having good family connections or being ridiculously good looking and charming. Use that sh1t. Use it to the fullest. Pimp it out. It may be the difference between medium rare steaks and ramen noodles.

4. Prepare to fail. Things will go bad, prepare in advance. Structure your buisness in such a way that even if you don't close every sale, you are generating enough leads/customers to still bring in revenue and cover your cost. If I have to sell 16 ads, I generally talk to about 100 people. So that's a 84% failure rate to succeed. I only need 8% to break even so that's a 92% failure rate. This makes me not get discouraged anymore once I started thinking this way (very recently). If this venture goes belly up, I have two other sources of revenue I'm developing. Some will fail, some won't. But I'm preparing for the worst and striving for the best.

5. Read. Read. Read. Read everything from sales books, to marketing and management books to books on inspiration. The more you know. Basic reading list :

1. Wink and Grow Rich (reading this again this week)
2. How to win friends and influence people
3. Think and Grow Rich.


These are classics IMO. Never stop learning. Get rid of TV, you don't have time for it anyway.

6. Build up a team you can rely on. No man is a one man army. People skills count as much as technical skills. Learn how to get along with and inspire people.

7. Like BB said, it's not for everyone, people will leave you hanging. My family keeps pressuring me to take a job because I am so broke. Women want nothing to do with me as I have no money or time to spend. When sh1t hits the fan you see who's in your corner and it's a lot less people than you would imagine. It can get lonely. Trust me. You have to have vision and passion and faith to see it through. A job is safe, there is no safety here at first. You have to be braver than most if you want to make it. That's what I tell myself.

Everything on this list, I did wrong. I'm just now seeing how to get it right. It's not easy, but I'm never bored. I might not make it, but I have to try. Good luck. Going back to lurk mode.

1.) working on saving money now. by Feb next year i can probably have 10-15k saved up.
2.) Already doing this.
3.) Already doing all of this.
4.) I also agree with this part and have been through it. I won a sales lead competition where all my touches (contacts) about 500 turned into 43 warm leads. My job hunting scenario back 3 years ago also documented 900 applications, 20-30 interviews and 3 offers. I guess i could also take a part time job somewhere to get some cash on the side. maybe work in another retail store somewhere to gain more exposure to the fashion industry.
5.) I do this already as well. I haven't read those books in particular but i read articles on the industry, marketing, sales, etc. I don't watch TV anymore and stopped paying for it as i rarely have time as you mentioned.
6.) This part i have always tried to do and always failed. I have had no problem with getting people to see my vision and my dream for projects i work on, but i've always been a bad leader. The team falls apart and i always end up dropping the project. I've worked on a few larger than life projects that i clearly wasn't ready to handle. What works for me is to lead by example rather than actually leading people.
7.) If you've read my posts previously, you can see i've been through this before.
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I'll let my feelings die down a bit and then see if there are any loopholes in this decision i want to make. I posted my thought impulsively and there have been times where i have found faults when looking back. Hopefully if there are any faults you guys can spot it and point it out so i don't make a wrong decision but time will also calm me down to let me look own my choices intelligently.


The decisions are in front of me. I believe i have what it takes to be successful its just whether or not i'm willing to take the risk. I can sit back at workand hope things get better for me here(who knows) or take a calculated risk where i am betting on myself.

 

[In2theGame]

Like others have said already, prepare to make some mistakes. Try to associate yourself with like minded people that think outside of the box (outside of an employee mindset). The majority of people will say things that relate to you failing and it will make you think twice, especially if things go a bit wrong but remember that failure is your greatest teacher as long as you learn from them. Know that no one is perfect and you had to learn things step by step, for ex... riding a bike (falling off a few times). you'd surprised how negative the world can be, even family and friends. In the end its worth it In my opinion, I, like you... Couldnt stand being an employee anymore, its just not me. I used to work at an investment bank downtown by Wall St and even though it "looked" good, i wasnt happy.

For what its worth heres the first part of a 11 part series called the Millionaire mind. IMO, its pretty interesting

http://www.youtube.com/watch?v=xKPj2ZBEkes&list=FLy1oK6t-BLPlJaLhxa2AEmQ&index=85&feature=plpp_video

 

[sodbuster]

You need to FOCUS on what is the most important thing to you.Most people think they can multi-task,but most can't. When I got divorced and FOCUSED on my business[didn't have to make a wife happy] I made about an extra 40k a year.

WHO said it has to be one of the top 5 schools in the world? YES, they will have contacts you don't, but a second tier school will also give you what you want. I wouldn't go to the bottom of the barrel school/diploma mill though.

It's not where you start, it's where you end up...told my sons that before Colin Powell said it the other day

 

[AAAgent]

You need to FOCUS on what is the most important thing to you.Most people think they can multi-task,but most can't. When I got divorced and FOCUSED on my business[didn't have to make a wife happy] I made about an extra 40k a year.

WHO said it has to be one of the top 5 schools in the world? YES, they will have contacts you don't, but a second tier school will also give you what you want. I wouldn't go to the bottom of the barrel school/diploma mill though.

It's not where you start, it's where you end up...told my sons that before Colin Powell said it the other day

I would accept top 20 schools as well, but if i'm going to work my ass off, why not go for the gold instead of settling for silver. Also, being in the top 5 increases my opportunities by a lot more than top 20. I was going to apply this year for b school but i wanted to wait a year to get into the top 5.

As for business school, you seem to be seeing them as 2 separate careers. They're not. My whole work history is tied to my chances of getting into the school, and i won't be doing anything extra besides working. The only really additional item is the GMAT. I've been studying since March. As of now, im about another 3 months of intense studying away from the score i need.

 

[jhl]

More like top 13-15 and you're gonna be fine. You said you wanted to go to MGMT consulting? Top 13-15 will still do it.

 

[synergy1]

school to me seems like the complete opposite path of trying to make it on your own. What will it add besides some debt? quitting work is feasible for the people who seem to have an idea they want to dedicate full time to do. Besides a few business competitions, do you really know what you want to do, or do you want to start a business for that sole purpose alone?

 

[window]

save up 12 months of living expenses before you quit. I'd take the risk as you can always go back...

 

[AAAgent]

The reason why i'm aiming for top 5 (not top 20 or 13-15) is because of the prestige and networking. Harvard breeds Harvard, etc. The prestige is really important as i plan on working in Asia. There are reputable schools in Asia that would be better for networking and also top in the world, but when you compare how the schools are viewed, Wharton, Stanford, Harvard are just on another level.

Management Consulting will help me with learning about business structures and making them more efficient from the top down and running a business will allow me to do it from the bottom up. Consulting will also be a great way for me to move to Asia and apply the skills i've learned from school and my personal experience. I can at the same time build my network and learn how to break into chinese culture as a chinese american. Although i am very much in touch with my roots, there is a culture barrier. I think with 3 native chinese girls currently (FOBS). major difference in culture.

So how this all lines up is for my future is i want to develop/acquire certain skills or credentials that i believe are neccessary to succeed for the future i'm shooting for. I believe learning to stand on my own 2 feet by running a business and develop leadership/management experience is extremely important, reputable credentials to able to network in high society which will come from working and school, and wealth which will come from both working and business.

End goal is to work on expanding the restrictions on creativity that China is currently impairing upon its population. The Chinese were once leading innovators and one of the most creative nations in the world. Now the nation has succumbed to being the leading imitator in the world and its slowly losing its edge in that as well as it further industrializes/modernizes. I don't see how creativity can be cultivated without freedom of speech or press but that's something i plan on researching and working on.