The #AskVishwas series has stirred up a lot of emotion among readers and tons of them have sent in requests for career advice. Below is one such query where a techie expresses his interest of starting up his own business but at the same time is skeptical about taking the leap.
Here is what Vishwas Mudagal, CEO of GoodWorkLabs and Angel Investor has to say:
“I’m working in a reputed company with great pay. But I wish to start my own startup. My family depends on me & I know ‘9 out of 10’ startups fail. What should I do?”-received this #AskVishwas query from a techie
My take-There is never a perfect & ideal time to start on your own. Any startup will have risks involved, especially financial. You need to be practical in analyzing what the risks are & how you would survive till you start making money or raise funds.
No one can tell you for sure that you should quit right now or later, except yourself. It’s all about the problem you are solving, it’s potential to become a scalable business & your passion to never give up on it You need to be smart about it. Without quitting your job, you should create MVP/pilots to test your idea.
Your employer shouldn’t have issues unless there is direct competition. Talk to people/clients in industry; validate your idea Next, can you convince others to join you? That’s an acid test. Startups need solid co-founders who bring diverse expertise.
Ultimately, there will come a day when you have to quit. You cannot create a successful startup working part-time. But before that, make sure you do your homework & start on a solid ground.
How did you go about starting up? Let us know in the comments section below.