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When Should You Start A Business?
When should you start a business? When the discomfort of your current situation outweighs the discomfort of launching your new business.
By SJS Founder & CEO Scott Savage.
Based on personal experience and sitting in the front row watching hundreds of business dramas play out before my eyes over the last three and a half decades, I feel comfortable commenting on this subject. One way to define the moment when you make the decision to launch a business:
WHEN THE DISCOMFORT OF YOUR CURRENT SITUATION OUTWEIGHS THE DISCOMFORT OF LAUNCHING YOUR NEW BUSINESS.
Acting, despite your fears, is a common denominator of most business startups.
George Addair, a serial entrepreneur in the late 19th century, captured the essence of my point very succinctly:
“Everything you’ve ever wanted is on the other side of fear.”
Quitting my day job and launching SJS on the same day was a regulatory necessity, but not typical of many of the startups I have seen launched. Many, if not most, successful entrepreneurs started their businesses at night and on the weekends while keeping their day jobs, often for years. A famous example is Jeff Bezos, who started Amazon (perhaps you’ve heard of it?) on the side while hanging on to the security of his day job!
THIS IS THE BIG SECRET I HAVE LEARNED ABOUT ENTREPRENEURS: THEY ARE VERY RISK AVERSE.
What? Risk averse? Most people equate business startup with risk. While that may be true, the business founders I’ve advised over the years are risk averse and want as much control over their life and finances as possible.
FEAR, UNCERTAINTY, AND DOUBT, are emotions that virtually all business founders must overcome and learn to live with. Behavioral Science has even given a name to the feeling of inadequacy these leaders feel: the IMPOSTER SYNDROME – the idea that you’ve only succeeded due to luck, and not because of your hard work.[1]
As SJS celebrates 25 years, I am happy to report what many entrepreneurs often say, “I’ve never worked a day in my life!“ The decision I made 28 years ago was inspired by the discomfort I felt due to the conflicts of interest that I perceived were inherent in the brokerage industry. “Sitting on the same side of the table” with my clients with the duty as a fiduciary to always act in their best interest was, and is, my happy place.
My Dad often preached to me to start a business. He said the worst thing you can do is fail. And there’s nothing illegal or immoral about failing.
Heck, you might even succeed!
Important Disclosure Information and Sources:
[1]: “Yes, Impostor Syndrome Is Real. Here’s How to Deal With It.“ Abigail Abrams, 20-Jun-2018, time.com.
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