No matter how lucrative the idea sounds,?quitting your job?to start your own business is?never a cakewalk. And that is exactly why Shark Tanka (US) judge and billionaire?Mark Cuban once suggested what the first thing you should do if such a thought strikes your mind.
"Quitting your job to start a business can be both tempting and extremely risky.?Make sure you have a safety net?before taking the leap." This is what billionaire entrepreneur and investor Mark Cuban?once said.
¡°Save your money first. Don¡¯t just leave [your job] unless you know what the hell you¡¯re doing,¡± Cuban had said, as per a CNBC report. His rationale: Despite many inspiring success stories, most people who leave corporate America to pursue their own ideas either struggle or fall completely flat.
¡°We hear all of these stories about all of these people who quit their jobs, started a company, and made all of this money,¡± Cuban said. ¡°What you don¡¯t hear are the stories of the people who quit their jobs, started a company and failed miserably, and are now working at a job they hate.¡±
Mark Cuban himself is an example of one of the success stories.??
After being fired from a sales job in his 20s, he started the software business MicroSolutions and then sold it for $6 million in 1990. Five years later, he joined the company that would become Broadcast.com as a co-founder, later selling it to Yahoo for $5.7 billion in 1999.
But even Cuban¡¯s path came with major bumps in the road, like nearly going broke after his former secretary stole $82,000 from MicroSolutions and almost wiped out the company¡¯s account balance. Every new business faces challenges, and you need those savings to ensure you can survive the inevitable rough patches.
Even then, you¡¯re still not guaranteed to succeed, said the billionaire. He often advises aspiring entrepreneurs to only start a company if ¡°your heart is in it¡± and if you ¡°know your s--- better than anyone else in the room.¡±
¡°Before you quit, be prepared, know what you¡¯re doing, save your money, have at least six months to live off, if you can,¡± Cuban told Wired. ¡°And, then, maybe you¡¯re ready to start your business.¡±
Also Read:?How Shark Tank Judge?Mark Cuban?Went Nearly Broke At The Age Of 27
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