Never start a business until you hear this..(3 THINGS THAT MAY CHANGE YOUR MIND)

Summary

• Quitting my consulting job was the hardest decision I've ever made, even though I was deeply depressed and questioned my existence.
• Despite academic and early career success, I was motivated to quit because I couldn't stand the emptiness and dissatisfaction with my life.
• Leaving requires tremendous self-awareness, understanding your pain threshold, and recognizing how much you're willing to risk for potential happiness.
• Deciding to sell my condo and move to California for a fresh start in the fitness industry was a jump into the unknown, driven by an eradication of the fear of failure.
• The skills and lessons learned in my previous job, such as learning how to learn, were invaluable, though I did not enjoy the job itself.
• Being an entrepreneur isn't for everyone; those needing external motivation likely won't thrive in the loneliness and challenges it brings.
• I encourage you to assess whether your dissatisfaction stems from your current company, the work itself, or financial aspects — alternatives exist besides entrepreneurship.
• Expect a potential 3-5 year drop in income after leaving your job to pursue entrepreneurship. I personally reinvested my savings into mentorship and learning, which was a risky but necessary move.
• The median income for small business owners is $49,000, and the average is $73,000 — set realistic expectations based on these figures.
• Before quitting, consider improving your current situation, learn new skills on someone else's dime, and potentially start a side hustle to mitigate risk.
• Live frugally and reinvest in personal growth to enhance your long-term earning potential and business growth prospects.
• When deciding to start your own business, consider your unique circumstances, test your business model as a side hustle, and ensure you have a solid foundation before taking the leap.
• Acknowledge the general overconfidence in financial success expectations among younger individuals and maintain realistic aspirations.

Video

How To Take Action

I would suggest starting with understanding your level of dissatisfaction with your current job. If you're not happy, think about whether it's because of the company, the type of work, or the pay. Maybe you can switch companies or ask how to provide more value in your current role to learn new skills and earn more.

If entrepreneurship intrigues you, first test your business idea as a side hustle. This reduces the risk and lets you learn important skills while still earning a salary. And remember, it's okay not to rush. Taking this step-by-step approach can help you figure out whether running your own business is truly for you.

Before quitting, also consider living frugally. This way, if and when income drops during your initial years in entrepreneurship, the impact won't hurt as much. Use that time to invest in personal growth, like mentorship and learning, just like I did with my savings. It's risky but often necessary.

When deciding to take the leap into your own business, look at the median income for small business owners ($49,000) and set realistic financial expectations. Keep in mind that success takes time, and most businesses don't earn huge amounts right away.

Finally, consider your personal situation before going all in. Make sure you've built a solid foundation with your side hustle, and you're ready for the long-term commitment. Have a clear understanding of the risks, and be prepared for a potential initial decrease in income. Remember, entrepreneurship is not just about making money; it's about making a life that you're happy with.

Quotes

"If you need motivational quotes or motivational words, then entrepreneurship isn't for you"

– Alex Hormozi

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"You'd be surprised what you can accomplish when you have no choice"

– Alex Hormozi

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"Entrepreneurship is the ultimate value investment in yourself"

– Alex Hormozi

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"It's amazing to get paid to learn how to do something"

– Alex Hormozi

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"Live cheap and keep your expectations cheap so that if your income does drop, you're still not losing money"

– Alex Hormozi