I’ve often wondered what would have happened if I quit my job sooner to start my new business. If you’ve read my blog’s About Me page, you know that I hung on to my day job for a couple of years as a way avoid going massively into debt and to hedge some of the risk associated with starting a new business.
I don’t think there’s one simple or correct answer to the question of whether you should quit your job to start a new business venture. It really depends on your financial and life circumstances at the time.
A question I get frequently from friends and colleagues is, “How did you invest your business profits?” The truth is, I didn’t think much about investing profits when I was running and growing my business. I simply didn’t have the time to do so, nor did I want to divert my focus away from the business.
Was this a good move? It’s hard to say, but I will say that a growing body of research indicates that human beings have a finite level of mental resources to devote to any task or pursuit. In other words, we can effectively focus on only a limited number of things at once.
As an avowed introvert, hiring my first employee didn’t come easily or naturally for me. I probably delayed it for too long, but in hindsight, hiring my first employee (and then additional ones) played a paramount role in my ability to accumulate wealth.