Should I leave everything and go 100% into entrepreneurship?
I have many friends employed at a company and asking themselves this question. I guess also my friends are a bit influenced by how much I encourage being an entrepreneur. However it is a challenging path, even more than we could expect beforehand, and it doesn't get easier, it is a constant challenge.
After two years of entrepreneurship, living out of it, having had employees, created a limited liability company (and closed it), plus doing a major pivot in the product I can give some recommendations. See the simple table below to find out.
Should I leave everything and go 100% into entrepreneurship?
Success rate expected: Yes = 100% = 1 Probably, maybe, not= 50% = 0.5
| Do you have money for 12 months? | Have you managed people? | Do you have a good idea? Is it feasible? | Result, expected success rate | Suggestion |
|---|---|---|---|---|
| 1 | 1 | 1 | 1 | Yes, go for it |
| 1 | 1 | 0.5 | 0.5 | Do it |
| 1 | 0.5 | 1 | 0.5 | Do it |
| 1 | 0.5 | 0.5 | 0.25 | Reconsider |
| 0.5 | 1 | 1 | 0.5 | Do it |
| 0.5 | 1 | 0.5 | 0.25 | Reconsider |
| 0.5 | 0.5 | 1 | 0.25 | Reconsider |
| 0.5 | 0.5 | 0.5 | 0.125 | Reconsider |
By the way, I started at 0.25. However I strongly recommend waiting some time until you are at 0.5. It is either a year or two but you will get to that 0.5, and your start will be much smoother.