6 Key Aspects before Quiting your Job to start at your own

Sometime back, I was talking to a manager of incubation center and he was discussing specific case of a senior executive of big MNC, who started his venture recently. This gentleman was having a great idea, but he wasn't sure about startup dynamics & uncertainties and also the idea of losing annual benefits of INR 7.5 Million was frightening him. He was totally confused?

Then one fine day he decided to start this venture on part-time basis for few months and based on initial development he thought of deciding his future road-map. The idea started taking shape appropriately and within 2 months he started running his venture full-time.

This is very common dilemma for people who want to start their venture after working for few years. I think every person trying to start his venture should look at following 6 aspects before quiting job:

1. Idea Valuation : One should try to test the value of idea by involving all key participating parties. One should talk to customers, suppliers, friends, family-members and investors to get their feedback on envisioned idea. Valuation of market-size using standard market research tools also helps a lot. The valuation should be done subjectively & objectively. The subjective elements would be - need of product/service, competition, innovation etc. If you are smart, then your idea won't get copied and you would get feedback from stakeholders too.

2. Self- Assessment : One should carry out detailed self-assessment to find out strengths and weaknesses. If possible, try to list down and your strengths. Try to evaluate your professional expertise in terms of technology knowledge, team-management, quality , anger management, client interaction and other business aspects. Running your own startup would require multi-tasking and prior knowledge of technology & business aspects would help a lot. One should strongly believe in the idea and execute it well. A lot of things/situations would be new and one should be comfortable handing such things/situation.People with less professional experience should try to start anticipating these key aspects of any business/technology.

3. Financial Commitments & Support : One should try to estimate past & future financial commitments. The point is to take a stock of bare minimum financial requirements ( assuming everything would be normal).Also one should try to see for alternate sources of income during initial phase of start-up, in case you are self-funded. I remember Sanjeev Bikchandani ( CEO- Naukri.com)joined a management institute, as part-time faculty to support his venture and get some cash in hand. Try to gauge the support level of your family members and close-friends who may help you out in case of any adversities.

4. Short-term & Long-term plan: Before starting your venture you should have clarity about your short-term and long-term plans. Try to set some targets for next 2-3 years for benchmarking performance against targets. Also in case the venture becomes unsuccessful, then one should have clarity about future course of action.

5. Right Team in Place : One should have right mix of people to make any venture successful. Before quiting your job one should try to form the right team ( formal/informal commitments ). This would boost-up your confidence and help venture grow at fast pace. Right mix of people helps a lot in securing funding from angels and venture capitalists.

6. Right Network in Place : Building a good network of people would help you to take your venture to greater heights. Try to establish & develop contacts of people working in different fields. You can start with your college, organization, social-networking platforms, events etc to look-out for good people. Be proactive in relevant groups & social forums. A lot of people would help, if they start believing in you and your vision.

If you have evaluated following points and most of them work in your favour then the time is just right to start your venture.

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