Don’t quit your day job to chase after your dreams (yet)
People have been debating about this topic for ages now – whether one should quit one’s day job to chase after one’s dreams, or not?
Certain people think that it is better to dedicate fully, 100%, to the dreams they are chasing while there are also people who think that move is bit too risky. In this post, I will take a look at both the options and their respective pros and cons (I’ll try to be fair).
To quit your day job and dedicate fully to the dreams
Pros:
- You get less distractions.
- You have more time to do your things.
- Easier for you to get grants and funding.
- You can plan your things better (milestone A at this date, etc). At least, there’s no day job disrupting your plan.
- Because you are already in the industry, you tend to move faster than a part-timer. You’ll be able to identify the changes and trends easier (and plan accordingly if the budget permits).
Cons:
- It’ll be very stressful because you MUST show results (sometimes immediately).
- If you’ve set out to do A, you need to continue even if you don’t like it. You cannot simply change your focus to B during the early stage because it can be very risky and expensive especially if A and B are too different.
- Your survival (and your family’s) is at risk.
- You might get a lot of negative comments and less support from your family members.
- You need a lot of money to start up – make sure you can survive without income for more than 6 months, before you even think of starting.
…and now to the next one.
To continue on your day job and chase after your dreams as a part-timer
Pros:
- You will still have steady income.
- Your survival (and your family’s) is not really at risk. You won’t be desperate for result (not that bad anyway).
- Most of your family members and friends would support you more.
- You get to do the old “trials and errors” (example: you think you like idea A, but when you started doing it, you realized it’s not that interesting).
- You can spend more time building your cash reserves.
Cons:
- You most likely cannot get funding because you’re not working full-time on your so-called dreams.
- You could end up very tired because juggling between your day job and this part-time job can be very tiring.
- You need to be very flexible with your schedule because at times, your day job might require you to spend a lot of time on it.
- You could end up spending lesser time with your family, friends, and maybe hobbies.
- Going part-time also means you’re playing a waiting game. You are waiting for the right time to jump to full time but this waiting game might cause you to be too comfortable with your day job.
- The waiting game could also cause your idea to become obsolete.
Yes, it’s not easy but there are already people doing them (both of the options above) and there have been plenty of success stories that we can follow and learn from. Of course, I’m not an expert here so I don’t claim whatever I said above to be 100% correct or relevant. If possible, it’ll be nice to have entrepreneurs or people with experience to share it with us *looks at Damien*.
As for me, I’m going for the second option because it’s more practical for me. I wouldn’t want to let my family to suffer due to my dreams. Also, I have few ideas in mind and I need to know which can work, and which cannot….and which suit me best. That’s why doing the trial and error thingy during part-time is less risky compared to doing it if you’re full timer. Oh, and I don’t really like the feeling of getting desperate especially when I don’t have the proper backup plans in place (and cash reserves). The bad thing here is that I tend to push (or postpone) things away too often due to my day job. It requires a lot of self-discipline in order to get things done when you’re a part timer. So it’s not for everyone.
But for me, the pros for 2nd option far outweigh the cons. What about you guys?
By the way, here’s a useful article from the guys at 37 Signals – The natural evolution from side project to full-time business.
i would for the first (maybe because i am young and i do not have a family)
i never believe in the second option . If i am into something , it is 100% focus or nothing .
when i was 18-22 , i was getting something like 2-3k working for a music center in subang , had around 30 students and getting commission for selling guitars ..
when i started my shop , i was at THAT EXACT point . should i quit my job and spent my time building my business or should i hold on to my job? Long story short , i quit , i suffered for the first 6 months (there will be suffering). and today , the way i see things are happening , i know i made the right choice and i am glad that i made that choice . My 6 months loss of 2-3k stable income a month is a small price to pay for the real main dish
what went right?
the extra time to travel to meet oversea suppliers (instead of getting everything done locally). if i was holding on to my stable job there will be no way i had the time to broaden my connections . Instead of going on a price war with a local seller , i went cost-cutting to supply to my previous competitors.
Sale is 1 side of your business.Contacts is another.Contacts are more important.
gapnap´s last blog ..Video # gapnap 18 years old porn .video leaked .
gapnap
6 Jul 09 at 4:10 pm
Hey I’m not a big enough fish to be honored by name. Gapnap might have a better story to tell.
I agree with the 37 signal guys, if only because I’ve seen people who are 100% confident when they quit the job and then come back begging for re-employment when things don’t work out. Its ugly and IMO, so unnecessary.
My advice is, before you quit the job, get enough sales or contracts on paper under your belt to float you for a few months. To simply jump in thinking you’re smart enough to get the sales or taking people’s word for it is not enough. I don’t mean to sound discouraging here but often, the people who agree to support your business may give you excuses when when you ask them to sign a supply contract.
Of course when you are jobless, there’s nothing you can do but charge ahead but if you do have a job, you’ve got a privileged source of cash. A smart person will leverage on that until he’s strong enough to cut the rope and fly on his own.
Damien Tan
6 Jul 09 at 4:43 pm
@ gapnap
It’s good that things are turning out fine for you. For some people I know who took the jump, the outcome was pretty unpleasant especially for those with family commitment.
That’s why before someone wants to take the leap of faith, one must be aware of his own situation. Can he really make the jump? How confident he is? And how sure is he that he will work hard to juggle btw the day job and the part time if he doesn’t want to choose the first option?
But one thing I believe is, no matter what decision we make, the dots will connect with each other in the end.
Things do happen for a reason and as long as we make the decision and don’t turn back, then it should be fine.
Oh, and i do believe that contacts are very important. Mmm, maybe should rename it to “quality contacts”.
@ Damien
LOL, both of you are. I learn a lot from both u guys.
And you 2 always ensure my comment box is not empty –> this is a very good thing. I love comments.
Actually, I’ve seen some people who quit their day job and started out for some stupid reasons
1- they want to be their own boss
2- they hate working for other people and the anger fuels their will to start something for themselves
3- they want flexible life
4- they want to do what they love to do
etc.
All those are more like myth than truth
So few years down the road, with their ego transformed into nothingness, they have no more energy to continue. And the startup collapses.
Hmm, i think the key here is to know when to cut the rope
Alvin Lim
6 Jul 09 at 7:04 pm
LOL , i am the type of guy who purposely pick on the other side just for fun .
but i have to say that i really agree with you on the dots will connect with each other in the end . Sometimes it feels like there is some sort of intelligence up there , planning and shaping you to prepare for what is about to come
Well , yeah i know there are many unpleasant stories of people who took the jump . I choose not to listen and be ignorant . Because in the end i rather think about how will i succeed , than finding excuses not to do something and miss out .
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gapnap
7 Jul 09 at 2:07 am
@ gapnap
LOL,well, just make sure u don touch those sensitive creatures out there. They will rip you apart for that
Yea, sometimes, you do wonder the force behind all these things. I’m actually 1/2 buddhist 1/2 free-thinker
but i really cannot help but think that such powers do exist. 
Dots connect with each other – my fav example has to be Steve Jobs.
And ever since I listened to his speech few years ago, it really changed my life. Nowadays, I always remind myself that things do happen for a reason. Just remember to held your head high and walk forward (not too high though, coz that will be arrogant).
Alvin Lim
7 Jul 09 at 7:50 am