Ep126: Quitting your 9-5 job. Should you do it?

In this episode, Mei Phing discusses the dilemma faced by 9-5 working professionals on whether to quit their jobs and pursue entrepreneurship. Challenges and skills required for running a successful side hustle and advises individuals to assess their readiness before making a decision. 

Highlights

0:30 ⏰: The common questions nine-to-five professionals have about quitting their job and becoming an entrepreneur.

2:45 ⏰: Importance of learning in a corporate structure and the support system it provides.

5:10 ⏰: The allure of side hustles and online businesses but the need for a backup plan and the required skills.

9:20 ⏰: The reality of being a solopreneur and the multitude of responsibilities it entails.

13:00 ⏰: The importance of mindset, skill set, and effort in achieving success as an entrepreneur.

16:30 ⏰: The challenges and struggles faced by entrepreneurs, contrary to the glamorous image portrayed on social media.

19:45 ⏰: Advice for individuals considering quitting their job and starting a business, emphasizing the need for execution, consistency, and adding value.

Key Insights

💡 It takes a lot of skill and effort to make a side hustle or small business successful. Many entrepreneurs don’t discuss the challenges they face, and the statistics show that a significant percentage of businesses fail in the first five years.

💡 Being an entrepreneur requires taking on multiple roles and responsibilities. It is essential to be prepared for the chief everything officer role and the chaos of running a startup or managing a side hustle.

💡 Personal experiences and circumstances can shape one’s career path. Taking a career break or being exposed to unexpected opportunities can lead to unexpected paths, such as becoming a career coach or solopreneur.

💡 Jumping into entrepreneurship just because it seems like a good idea is not enough. Execution and consistency are crucial, and success requires continuous results and value addition.

💡 Individuals contemplating quitting their nine-to-five jobs and starting a business should assess their readiness, including their skills, mindset, and ability to handle multiple responsibilities. It is important to have a backup plan and a clear understanding of the challenges involved.

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Stay awesome! 😎

— Mei Phing