Quitting a stable job to become an entrepreneur is a significant decision that requires careful consideration.
While there are potential benefits to entrepreneurship, it's important to weigh them against the potential risks and challenges.
Today we discuss ten reasons people often consider when contemplating such a transition.
Quitting a stable job to become an entrepreneur is a significant decision that requires careful consideration.
While there are potential benefits to entrepreneurship, it's important to weigh them against the potential risks and challenges.
Today we discuss ten reasons people often consider when contemplating such a transition.
Pete: [00:00:00] Good morning, Nat. Good morning, Pete. Woo. I'm pumped up today.
Nat: I'm totally
Pete: surprised. Yeah. You're surprised, huh? So I told you I was going to go try that new 2023 escape, drive it. And you know, I'm a big escape. We've got multiple, they're great kid cars. So I go and drive the 2023 escape. And I got to tell you, this thing is absolutely amazing.
You'll take four, take four. I'd like to have four. I can't afford four, but, but I got to tell you, it's, it's now got the eight speed transmission. It's got some really cool technology. It drives fast and I got to tell you, we ended up buying it right. My wife says this is the first car that I've been excited about in a long time.
Really? Yeah, I was shocked, right? That says a lot. Yeah, I said, you weren't excited about the minivan we got a couple years ago, right? So, but no, no, she, she really likes it. So it's it's pretty cool from that standpoint. [00:01:00] So what color did you get? Oh I, you know, I'm very exciting when it comes to color, so I got silver.
Nat: Okay, because that was acceptable to your wife?
Pete: Yeah. So not, you don't buy a blue minivan , because if you buy a blue minivan that she thought was purple, you have to return the blue minivan because she doesn't like the color. So I've learned to consult her with the colors. So, . So today I thought we'd talk a little bit about this idea that.
Sometimes you just, you gotta get out of the job. You just, it, life is, is moving by and you, you want to become an entrepreneur. You gotta, you gotta just escape the corporate world to take back your life and become an entrepreneur. And I hit that point when I had a very young family and I was on the track to get divorced or disconnected from my kids and none of that.
Was worth it to me. So I just flat out quit my corporate job to become an entrepreneur. And so I thought maybe we'd [00:02:00] talk about the 10 reasons why. Maybe you just quit your job and you become an entrepreneur. Sound good? Okay, I like it Excellent. All right. So what would be the first reason why let's just quit that job and become an entrepreneur You know, I actually
Nat: have a lot of friends that seem like they do it because of like passion They're like i'm going to open up a brew pub or i'm going to open up, you know, golf Instructional, you know business or something like that.
So, you know, sometimes I think people are Get super passionate about things, and then they just kind of, you know, jump in with with both feet, which could be good and bad. I suppose. Yeah,
Pete: sure. And I think it's that passion. I see a lot of people, the passion. I want to build something. I want to build something of my own.
I want to build a successful business, right? So passion plays a big, you have to, you got to be passionate, whatever you're gonna go do, right? So you're gonna quit your corporate job, and you're gonna become an entrepreneur. You certainly want to be passionate. What would be another reason for somebody to do it?
Quit our corporate job and become an entrepreneur. Oh, well,
Nat: [00:03:00] one of my favorite always is control. I like to have control of my schedule, control of, you know, the people that I work with. You know that a lot of these things kind of are, you know, a couple of ways, right? Because then you have no one to blame either.
Pete: Yeah, well, I look at his control like I where I where I want to live. That's right. That's a good point. Yeah, right. Control your point of time or flexibility, stuff like that. So you know, you're, you're. When a corporate job, a lot of times you're controlled. Now we're, we're seeing it as we've talked about in prior podcasts, where the corporate career is kind of evolving.
But the idea is, is that you want to have control over your life because again, you know, that's a big reason. Many people say to me, Pete, I want to become a, I want to invest in a franchise because they say, I want to take control of my destiny, to have independence, to live life my own terms. And so I think that's a, that's a big one, a big motivator for people to quit their job and And [00:04:00] become an entrepreneur.
What would be the third one?
Nat: Some people like to call it unlimited earning potential. I, you know, I don't know. I'd be cautious about thinking about unlimited, but I think that you can definitely have more control over your earning potential and get rewarded. So, you know, a lot of, a lot of corporate execs that we work with, you know, they're, they are like, you know, a lot of times carrying the division on their back, it'd be nice if you're doing all that work to get compensated for it.
Right.
Pete: Yeah, absolutely. I mean, you can work hard and then the company sold and you don't get anything for that. Yeah. Or, you know, people want to work hard and they want to be rewarded for that. But I think it's with a corporation, you're, you're held to, listen, your bonus can only be 10 percent or your raise, you know, it could be 3 percent this year.
With being a business owner, the harder you work or, you know, and you build something, you're rewarded for that. And so you get kind of trapped in the, in the job of your The limitations of what the company will [00:05:00] let you make and with being an entrepreneur you, you can go do what you want to do financially.
Doesn't mean it's not a lot of hard work, right? Yes.
Nat: Well, I always say that entrepreneurs only work half days. And then, of course, the punchline is 12 hours a day. Yeah,
Pete: absolutely. All right. What would be a fourth reason?
Nat: Creativity and innovation. So, you know, a lot of times people can feel kind of stifled at work.
Your, their ideas get shot down. But, you know, when you have your own business, of course, you can be creative, innovate. Adapt. That's all those are all positives.
Pete: Yeah. And I think some people feel stifled because they've got some creativity. And I work with people say, listen, Peter, I just want to invest in my own business so I can I can leverage my creativity.
And I think that that's really cool. Because you, you get kind of restricted in the corporation staying within the, I guess it would be the lanes.
All right, what would be the fifth one?
Nat: We talked a little bit about this [00:06:00] before, but just a flexible schedule. So, literally being able to, you know, determine when and where you want to work. And having more work life
Pete: balance. Yeah, it's nice because if you want to go to your kid's soccer game, you can, right?
You know, you may be working harder before you go harder when you get back, but it's on your terms from some point. So I think it, it doesn't mean you're necessarily working less as an entrepreneur, bottom line is, is that it's on your terms for sure. Okay. What would be the sixth? Learning
Nat: and growth for 200.
No, just kidding. Good old Jeopardy. The you know, so learning multiple hats, problem solving, having various challenges. I mean, I think that that is just huge. I think a lot of people love to learn new things, have new experiences. Develop new skills professional growth, like all those things. I mean, it's definitely, it's like exercising a whole different set of muscles, you know, how you, you get sore when you're like, Oh [00:07:00] my God, I didn't know I even had those muscles.
Pete: But yeah, we, and we've talked about this in the past when you're an entrepreneur, it's on you, right. And you have to solve problems. And so that's the, the nice thing about being an entrepreneur is that you get to learn how to, to solve problems, to, to work through to from that standpoint. Excellent. All right.
What would be the I guess would be the seventh
Nat: legacy building? So when you build a business, you know, you're building a lot of times, you know, you hear about people that have the family business and things like that. So building a legacy for your family is, I think you know, something that's more achievable.
Pete: Yeah, you have that corporate position. You can't. You know, that's not an asset. That's not anything you can hand off your kids or have them involved in when you're an entrepreneur. Right? You are building something that ultimately, if your kids wanted to be involved, or it's even a financial legacy for your kids, you are building something for the future for your family.
What would be what would be the [00:08:00] eighth reason?
Nat: Networking and connections. So when you have your own business, you know, you're meeting all kinds of people, whether those are investors or mental mentors or, you know, business partners or vendors, it's you know, it's really fun and stimulating, you know, in my experience, because it's, you know, it's like exploring new things,
Pete: right?
Yeah. And you and I have done many different things in regards to development or I've been involved in mastermind groups and things like that. And I find that very stimulating where you surround yourself with a lot of other people that are, are entrepreneurs that are looking to do something special from a standpoint.
And I think that's. You certainly build connections in the corporate world, but it's I think sometimes even cooler because I like I control how much I can invest in learning and in networking and stuff like that. So I think that's pretty cool. Okay. What would be the ninth one?
Nat: [00:09:00] When you have your own business, you have to be really good at adapting to change.
So I've been an entrepreneur, you know, you have to adapt to change. So I think people are good at that will be good at entrepreneurship.
Pete: Yeah, right. So the corporate world, you know, you don't necessarily have to change as fast. In a corp in when you're an entrepreneur, you have to, you have to change or you're going to die.
Right? So it's it's something where you, you learn how to leverage new technology or leverage a new way to approach the market from a standpoint, for sure. All right. What is lucky number 10? I think one of
Nat: the maybe best for last, like one of the best things is, you know, when you it's you get such a sense of accomplishment or personal fulfillment when you're able to start something.
It's almost like having a child, frankly, like your business becomes your baby and you know, you can really be proud of it and you can influence it [00:10:00] and. It grows every day. So personal fulfillment, I think is really one of the biggest.
Pete: Yeah. You know, and I always ask people, you know, why would you want to invest in a franchise?
They say, you know, Peter, I just want to be proud. I want to be proud that I'm creating jobs. I want to be proud of resatisfying customers. I want to be proud of something that I built in the community from a standpoint. So it is, I think it is a sense of fulfilling building something for sure. All right, now don't quit your job.
Don't just quit your job without a plan in place. All right. So the idea is, is that we want to make sure we have a plan, but at the end of the day, sometimes you just need to quit that job and go become an entrepreneur. I like it. All right, man. Take the leap. All right. Have an awesome day.