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12 Questions to Ask Yourself Before You Quit Your Job to Start Your Own Business

12 Questions to Ask Yourself Before You Quit Your Job to Start Your Own Business

If you want to live a passionate life of freedom, quit your job and start your own business. Escaping the limitations of 9–5 is the only way to experience true freedom. But to be sure your transition will be successful, ask yourself these 12 questions before you take the leap.

1. Are you willing to do whatever it takes?

To start your own business you have to be willing to do whatever it takes. Sometimes that’s not fun: it’s inconvenient and you can’t do what you really want to. The willingness to do whatever it takes comes from a deep commitment to your business that all successful entrepreneurs must have.

2. Are you willing to adapt your approach often?

The only way for a business to fail is to stop adapting. If a product doesn’t sell, keep adapting, modifying, changing and improving it until it does. You might change its color, change its price, change who you sell it to or change its stated purpose. You may need to change the product, change the service or change the product into a service. Keep changing until you get it right. Failure only comes when you stop doing this.

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3. Are you focused enough to start your own business?

Focus worked for Bill Gates and Warren Buffett, so it will probably work pretty well for you. There are only two resources you put into creating a business: time and money. Even Warren and Bill have a limited amount of both. So do you. To successfully start your own business, you have to pour all you have into it. Your business needs as much of your resources as you can possibly give it, so pour it all in. Don’t spread your resources among several small things; none of them will get enough of what they need to succeed.

4. Are you willing to give up some things in the short term?

The only time you should give up things that are important to you is when giving them up will allow you to have more of them in the future. This is one of those times. There may be no vacations for a year, or two, or three. There will be way less TV. There will be less time with your kids, friends and family. If you want the increased time and the increased quality of time (which comes from money) in the future, you must give up some of it now. Do it for your future.

5. Are you ready for the most intense psychotherapy you’ve ever undergone?

Aspiring entrepreneurs often believe they will learn about business plans, marketing, accounting and business models. You will, but that will be small compared to the self-discovery process you will go through. You’ll learn about your strengths, weaknesses and everything in between. Starting a business is a very personal process and one that will test your limits and make you realize you had capabilities you never even thought possible. You’ll also probably cry a few times.

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6. Are you able to listen without judging or evaluating?

When you start your own business, you must develop your listening skills to a level beyond what you ever thought was possible. You have to listen to your customers and prospects so closely you can even hear what they don’t say. You need a level of understanding of your customers that you can’t get unless you listen to every word they say and understand their needs and aspirations better than they do.

7. Are you ready to fire your ego?

Your first dirty job as CEO of your own business is to give your ego the pink slip. If you don’t fire your ego, it will be the worst employee on your team. Your ego makes you think you’re right all the time and won’t let you objectively consider all the relevant facts. When you start your own business, you have to be humble and able to consider all information (remember number 6) without feeling threatened by the possibility of being wrong. Ego, pack up your cubicle!

8. Are you ready to accept feedback?

As an entrepreneur, you have to be open and willing to accept the information you receive as feedback. Then you have to take the feedback and use it to make your business, product or service better. You can’t do this if your ego is standing guard — defending you as perfect and all-knowing (good thing you fired it in number 7). You have to be able to accept the feedback and realize that, perhaps nobody wants to buy your little blue widget. However, if you’ve been listening (there’s number 6 again), you’ll know they would buy it at a higher price if you just painted it red and added googly eyes.

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9. Are you confident enough to ignore feedback?

Yes, this is the opposite of number 8. Sorry about that. But as an entrepreneur, you’ll have to confront conflicting information often. While you do have to be willing to accept feedback, you also have to have enough confidence in your vision for your business that you can ignore feedback as well. One person says emphatically the widget must be blue. Another says with equal emphasis that it must be red. They have equal credibility. It’s your company, your vision and you get to decide: you must decide. Confidently make a decision and let your vision for the business guide you. If you make the wrong decision that’s OK. Speaking of that, we probably need to talk about failure.

10. Are you cool with failure?

The media loves failure. They love to see businesses, celebrities and entrepreneurs fall on their face because it makes great news. They’ve convinced us that “failure” is a big, catastrophic event and (worst of all) the end. It’s not. Failing is just part of the process. It’s just another step toward success. The important thing is to never believe that failure is the end. Just get back up and keep going.

11. Are you willing to take full responsibility for whatever happens?

My high-school English teacher would cringe because each of these headings started with “Are you,” but that’s intentional. When you start your own business, you must believe that everything that happens, good or bad, is because of you. Blaming any other person, entity, organization, situation or the weather will doom your business because it takes you off the hook. It gives you someone else to blame, which your ego will temporarily enjoy, but in the longer term it will spell the end of your business. Because by giving away responsibility, you’ve given away your power. Keep your responsibility and keep your power.

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12. Do you care about starting your business more than anything?

You’ll never be able to start your own business unless you care about it a whole bunch. That doesn’t mean there can’t be other things you care about — there should be. But your business has to be up in your top two or three. If it’s not important enough, the daily grind and to-do lists will push your business to the bottom of the heap and you’ll never give it the focus it needs to thrive.

Business plans, market analysis, financial cushion and all that are great, but none of that matters if you can’t say, “Yes!” with ten exclamation points to each of these things. The happiest and most successful people in the world are entrepreneurs and that’s because they have answered a euphoric yes to these questions and created a business and a life they are passionate about.

If you answer no to any of these questions, it doesn’t mean you can’t start a business, it just means you’re not ready. Keep reading, studying, dreaming and hang out with some successful entrepreneurs. You’ll get ready.

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Last Updated on October 16, 2019

How to Bounce Back Gracefully After Getting Fired

How to Bounce Back Gracefully After Getting Fired

Whether you saw it coming or not, getting fired is a real shock and its impact is daunting. What did you do wrong? What are you supposed to do next? When will you stop feeling so angry?

But there are ways to deal with a layoff.

The most important thing is to remain calm and see it as an opportunity to reflect, change and improve. This is a great time to consider what happened, look again at your needs and desires and start afresh on a stronger, more constructive basis.

Let’s take a look at how you can bounce back gracefully after getting fired.

1. Deal with the Shock of Getting Fired

To lose your job is to lose your identity as a worker and as a person. Debbie Mandel, author of Addicted to Stress, states that 7 out of 10 of us define ourselves by our job titles, since work is where we spend the majority of our time and energy.

Being laid off affronts your sense of self-worth—it implies that you simply are not good enough. It’s no wonder you feel confused and emotional.

The first thing, then, is to take some time to digest what happened and deal with the overflow of sensations. People who quickly recover from the pain of a job loss tend to do two things very well:

First, they accept their feelings of sadness, anger, fear and shame as a part of the natural healing process.

Second, they do their complaining to a friend.

Never call out your boss in the office or on social media. It’s a bad form to speak ill of the company you work for. Stay stylish, and your employer will speak better of you when you need a reference.

2. Stay Away from the Drama Queens

Mass layoffs are, unfortunately, very common. If this is your situation, then you may be surrounded by a lot of angry people, ruminating and lamenting their fate.

“It’s not fair!” they say. “After everything we did for this company! We don’t deserve this!”

You’ve lost your job and that’s tough. But please resist the urge to join in the negativity. Positivity is by far the most important attitude to apply right now. If staying upbeat means you have to limit your exposure to the Negative Nellies, then that’s what you have to do.

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Remember, life is not harder for you than it is for other people on this planet. You live in a democracy, you have freedom of choice and you enjoy a certain material abundance.

Stay positive and focus on what’s going well in your life and the exciting future opportunities available to you. Getting fired is only a temporary setback.

Staying positing could be challenging in a difficult situation, so these tips can help:

10 Questions To Ask Yourself To Stay Positive When Facing Difficulties

3. Take a Break and Let the Dust Settle

Instead of running straight into another job that may not be the right one either, take a short break to recover from the job loss. You need a week or two to de-stress and meditate on the next step.

Be attentive to your need for self-care during this interlude. Everything goes so fast these days that we often do not stop to think or give ourselves the permission to do a little mourning.

Getting fired is a big shock: you need time to refocus and take stock of the new reality. Do not make things harder for yourself!

What you need is to pause a while and do some self reflection:

How Self-Reflection Gives You a Happier and More Successful Life

4. Be Anchored in the Present

Since you no longer have a hold on the past, but have not yet designed your future, try to build yourself up with the present. What do we mean by that?

We mean that right now is the only time you have any control over. Focus on that instead of losing yourself in memories or reliving the awful day you got fired over and over in your head.

Get up at 7 a.m. each day, whatever happens. The body needs rhythm and habits. You will feel much more energized if you keep a consistent routine. Maintain a healthy lifestyle, revisit your budget, play sports, volunteer. Take care of the practical stuff like claiming unemployment. Enjoy the small pleasures of everyday life.

When you’re busy, there’s no room for the inner critic to raise up and derail you. Keep active, and you will gain more of the precious energy you need so much to move forward.

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Try these things to help you live in the moment:

34 Ways To Live in the Moment And Grow in the Moment

5. Understand the “Why”

There are lots of reasons why people are fired. Sometimes the mistake is yours and it’s embarrassing to admit you backed yourself into this corner.

Other times, it’s not your fault. Businesses change direction all the time—maybe yours is going through a major transition or merger and your job is disappearing.

Either way, to give the situation some closure, you need to understand why you were dismissed. What slipped? What could you have done differently? Was your boss really out to get you or did you do something to put your job in jeopardy?

Be honest with yourself. It’s not easy to admit that you might have dropped the ball but it’s the only way to turn the situation into a learning experience. Ask yourself:

What skills do you need to improve?

Is there training you can access, or learning you can do?

In the end, did this job suit you that much? Were you happy there?

Reflecting on these questions can help you put things into perspective. What lessons can you learn to avoid reproducing the same pattern in your next job?

6. Find out If You Were the Right Fit

Hiring decisions ultimately come down to personality. You can study for an interview all you like, but every candidate who is chosen for interview has the right credentials for the job.

The final decision comes down to personality. Who does the recruiter like the best? Who is a better fit for the company culture? That’s the person who strikes it lucky.

Firing decisions are based on personality, too. Slacking off, insubordination and playing fast and loose with the company rules—these are the official reasons why people are getting fired.

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But all of these reasons boil down to one thing: personality. Specifically, they signal a personality clash between an employee and a manager, or an employee’s fit with the company’s culture.

Here’s an example:

Suppose you were fired for “not being a team player.” Some people, namely introverts, lose energy when they are surrounded by other people and gain energy when they are on their own. Forcing an introvert to continuously work on a busy, noisy team without any solitary rest periods means the job is a mission impossible. This employee will never perform at her best.

Or how about the time the Kansas City Star newspaper fired Walt Disney for a perceived lack of imagination? Talk about a clash of personalities![1]

Getting fired can be a signal to turn inward and do some self-reflection so you can better understand your personality and how it might fit in with corporate culture.

In particular, personality assessments based on Isabel Briggs Myers’ sixteen personality types can help you to understand your own work style and how you can find a job and workplace that better match who you truly are.

In many cases, it is totally liberating to realize that all the crap you had to deal with was just down to a clash of work styles and not something you did wrong!

7. Rediscover Your Strengths and Talents

A personality test can also give you clear insights into your strengths, weaknesses, motivations and work potential. Do you have leadership abilities? How do you communicate and manage conflict? What benefits do you add to an organization?

Identifying your working style should be your top priority right now, otherwise you risk accepting a new position that has all the same problems as before. The last thing you want is to reproduce the same old dramas the next time around.

When you become aware of your potential, you will have the confidence to search and find the type of work you love.

For example, getting fired from your banking job may have knocked you sideways. But you have some stellar home decorating skills, and a personality test shows that you are curious, flexible, rational and resilient—all the traits of successful entrepreneurs. Maybe this dismissal is an opportunity to launch the business you’ve always dreamed of but never dared to admit to yourself?

By considering all your special skills and talents, you increase your chances of finding a job you would really enjoy, and not just the one you can do.

8. Get the Word Out

At this point, you should be ready to take action and move forward with your job search. Let’s not sugarcoat the situation: getting a new job is tough. It helps to have a clear idea of the direction you want to go in, a list of all your crossover skills and a freshly polished resume.

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Look around for inspiration. Talk to recruiters in your sector to establish what they consider to be your most valuable skills. Use all the resources at your disposal: job search agencies, headhunters, work coaches, careers websites and so on. These resources can help you match your qualifications to the job requirements and ensure you have the right keywords on your resume.

Don’t hold back on marshaling your networks. Put friends and family to work to pop up leads, and don’t be afraid to ask for referrals. Sometimes the simple act of getting the word out to the people who know you is the surest way to find work fast.

9. Anticipate Questions and Know How to Answer Them

Even if it wasn’t your fault, getting fired can hurt you if you don’t know how to explain why you were let go. You have to be honest here and tell recruiters the truth. Even if a would-be employer does not specifically ask why you left your previous job, it is better to clarify the situation upfront before it comes out in your references.

The best approach is to take your share of responsibility and show that you want to go forward and that you understand the lesson.

For example, suppose you got fired for asking the difficult questions that no one wanted to answer and your candidness set people on edge. Acknowledge that some people perceive your communication style as abrupt and explain how you’re taking steps to increase your diplomacy skills.

A recruiter can be seduced by someone who knows how to evolve and who shows a great energy for personal development.

10. Adapt and Persist

Throughout this journey, you inevitably will go through moments of self-doubt and disappointment. There are undulations in every road, and these are the normal steps for regaining self-confidence after getting fired.

Stay tough! Don’t conclude that your future is hopeless just because the dream job doesn’t land straightaway. You open a positive path when you maintain focus. Have the confidence to know that the perfect job for you is out there.

Remember, you are not alone. Many people walked this road and they would urge you to keep the momentum. Stay open-minded and go where the opportunities take you: it will bring you closer to the job you really want.

Coming Out on Top

While getting fired isn’t the ideal situation, it isn’t the end of the world either. Even if feels like a doozy right now, you will get through it and emerge happier on the other side.

Be clear on what you want, have courage and believe in yourself. In the end, you may decide that getting fired was the best thing that ever happened to you. It can be the catalyst for a powerful, career-fulfilling change.

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Featured photo credit: Jesus Kiteque via unsplash.com

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