She Leads Africa

10 lessons I have learned since quitting my job to start a business

It’s been almost two years since I officially resigned from my job at a top consulting firm to start a business. For the last 20 months, I have been filled with either extreme anxiety or euphoria and sometimes, both feelings have coexisted from running my own business(es). It has been an experience like none I had had before, extremely excruciating, but also immensely fulfilling. Taking the leap to quit a comfortable job with potential for growth was not a difficult decision for me to make. I grew up believing I had the “Midas” touch — that everything I touched would turn to gold. I was optimistic. The prospect of extreme success was very exciting. I wanted to build the next Bloomberg or the next Warby Parker, in fact, I was like a child on their first day to school. And interestingly — my entrepreneurship journey has been more of a school than anything I had imagined. Here are just a few of the lessons I have learned and feel anyone planning on quitting their job to start a business should know. [bctt tweet=”About to quit your job to start a business? Here are 10 lessons you should learn from @Kazville ” username=”SheLeadsAfrica”] 1. Do not quit your job unless you have actually started your business Yes. They say no one wants to work for a part-time CEO. But no one wants to work for a broke business either. If I could do it again, I would wait till my business has clear-cut cash flows before I take the leap. Sometimes strategy works easier and more efficiently than hustle. 2. Have enough savings to last you at least a year Nothing sucks like having to invest in a business and worry about your house rent at the same time. Stowaway enough cash for yourself to survive for at least a year before taking the leap. And by “survive” I mean your budget should also have an entertainment budget line — to fund those business coffee meetings and social gatherings.   Do not start a business thinking your business will feed you from Day 1 because the reality is that it won’t. And yes, some people will argue that you can never save enough. I disagree! 3. Your 9–5 job is just as important to your dream as your dream itself I have read a lot of social media articles bashing employed people for building other people’s dreams instead of their own and I feel that these “motivational” quotes and articles are in such bad taste. A lot of my progress and support have come from connections I made while at my job. My job taught me so much about managing my business and through it, I interfaced with top CEOs and management people that have since become personal friends and supported my business. My first client came from my former employer. I am mentored by my former boss. The beautiful people modeling Wazi glasses on our website are my former workmates. If I had not had that job, I would not have much mileage today. [bctt tweet=”Sometimes strategy works easier and more efficiently than hustle – @Kazville ” username=”SheLeadsAfrica”] 4. Start a business you understand Nothing takes longer and costs more than a business you have no experience in or understand. I cannot begin to count how much money I wasted paying ‘experts’ to make me furnaces that did not even work or molds that were defective. Don’t even get me started on how much time I wasted back and forth with excuses from the said experts as to why work was not getting delivered on time. Although I eventually pulled the business model off and actually started to make revenue, I think it gets any entrepreneur more mileage, success, and fun doing something they actually know and understand. 5. Get a mentor or two I have been lucky to have mentors throughout my entrepreneurship journey. They have not only offered me invaluable entrepreneurship advice but have also opened up their networks and shared their skills. They keep me accountable and on my toes every time I slack. 6. Keep your business simple Always keep your core business simple. Simple to implement. Simple to understand. Simple to pitch. Simple to share. Simple to scale. Innovation does not always equate complexity and just because your concept is complex does not mean it will be profitable. 7. Do not stop learning The best investment you can make is an investment in yourself as an individual. Of course, we have heard success stories of people who have made lots of money with no education. But education and business success are not mutually exclusive. As long as you have the opportunity, learn as much as you can. Do that online course. Take part in that workshop. Do that masters. Do that professional course. Granted, you may not need the degrees and certifications in the short run, but they will come in handy later and add to your credibility. [bctt tweet=”Just because your business concept is complex does not mean it will be profitable – @Kazville ” username=”SheLeadsAfrica”] 8. Beware of the busy bee syndrome Many times entrepreneurs get busy with everything. Busy driving to meetings to discuss new ideas or running up and down to make meetings that add no value to their business. They are always busy trying one idea after another day after day and applying to every startup competition. Busy busy busy busy. Busy does not always equal efficiency and entrepreneurs need to treat their time like they treat their money. 9. Grow some thick skin If anyone had told me entrepreneurship would make me lose sleep in the middle of every night for a week straight, I would probably not have started. I have wanted to give up an average of twice a day over the last one year alone. As an entrepreneur, something will hit you so hard you will want to close shop and with your tail between your legs,