Questions You Should Ask Before You Quit Your Day Job [Jobs]

Fri, 23 Jul 2010 17:30:00 GMT

"Don't quit your day job" may be a running joke for folks who enjoy but can't necessarily make money from their passion, but how do you decide when quitting your day job is actually a viable option?

Personal finance blog Get Rich Slowly offers a few thoughtful suggestions for determining whether or not you're ready to quit your day job. For example:

Chasing a dream isn't for everyone. There are plenty of people who prefer the stability and security of a job. Many creative, interesting, passionate people like the advantages of a steady paycheck, good benefits, and the ability to leave work behind at the end of the day.

Before you consider quitting your day job to follow your passions, ask yourself:

How comfortable am I taking a risk with my livelihood?

Am I willing to maintain a business?

How will I handle the business management aspects of my new career?

Do I want to do this all day, every workday, or will that strip the joy from it?

Will my family and friends support this move?

In all, it's a well-reasoned post that delves far beyond those questions to discuss further realities, suggesting, for example, taking your dream job for a test job (it may not be as great as you expected). The post is written with your financial health in mind, but also keep in mind that sometimes quitting your day job—even when you don't have "substantial savings built up to cover the financial risk of quitting your regular job"—is a risk worth taking. (I never would've ended up at Lifehacker if I'd followed that advice.) Whether or not you agree with every piece of advice, it's a worthwhile read if you're considering leaving your 9-to-5. Photo by Y.

Is It Time To Quit Your Day Job? [Get Rich Slowly]

MBA Mondays Explains Important Numbers and Concepts for Startups [Startups]

Mon, 07 Jun 2010 12:30:00 GMT

Venture capitalist Fred Wilson is well known in tech circles for his regular blogging and free advice. He's just wrapped up his "MBA Mondays" series, and it's full of good advice for those looking to start their own business, tech or otherwise.

Photo by vlauria.

Wilson basically covers all the questions that an investor, a consultant, or an accountant would ask a business owner to answer in founding and running their company. It's an overview of the kind of courses they teach in basic accounting or business courses at college, but written with a far less stern and academic tone. In The Balance Sheet, for example, Wilson explains the most important items on a balance sheet and how the numbers fit together, even running some quick numbers on Google's balance sheet. Less math-y topics, like forecasting and marketing, are also covered.

Wilson's MBA Mondays is a good read for anyone thinking about, or in the process of, breaking free and starting their own firm, no matter what the product or service. Got another great read or resource? Link it up in the comments.

MBA Mondays [A VC]

dizablo's soup - posts tagged 'Money'

Questions You Should Ask Before You Quit Your Day Job [Jobs]

MBA Mondays Explains Important Numbers and Concepts for Startups [Startups]