Birmingham-based sales and marketing firm Privilege Promotions is keen to promote entrepreneurship as a genuine career choice, but the company doesn't believe giving up the 9-5 is necessarily the answer.
While Privilege Promotions CEO, Will Ross, is a strong advocate of entrepreneurship, he does not consider ditching the day job to always be the best way to go about creating a dream business. Mr Ross encourages individuals to not rush into anything but to instead nurture their business idea, allowing themselves enough time to turn it into something big.
Privilege Promotions is proud to offer their workforce business development opportunities which give them the chance to learn the necessary skills required by any successful entrepreneur, while still allowing them the opportunity to earn.
Here, the successful business owner explains the reasoning behind his 'Don't Quit the Day Job' strategy:
- 1. Professionals need to eat!
It costs money to live, and few people are in the kind of financial position which allows them to simply switch off the cash flow. In business terms, a person's life has an income, and it has expenses. For those whose income exceeds their expenses, it is easy to save money, but when a person's expenses exceed their income, debt is created - which is not a strong foundation to build a business on.
- 2. Emotional decision making
Following on from the previous point, once a person's income is gone, it is easy to make emotional decisions based on short-term cash return opportunities. However, the short-term 'instant gratification' option is usually the option with the least return. When an individual has a steady income, they are in a better position to ensure they are getting the deal they deserve, not the deal that they need.
- 3. Working 9 to 5 will help to build a network
Instead of quitting the 9-5 altogether, people should try to find a role relevant to the area they are looking to get into, and use that as a springboard to build their name within the industry, gaining connections, meeting new people with new ideas, and learning from the experiences' of others. It is easy to become a recluse if a person simply starts their business from home and rarely sees anyone!
Running a business forces a person to think differently, and if they don't make changes to the way they look at money, business and work, they won't be able to get it off the ground. It takes a while to get used to working for free and outside of traditional office hours. These things will test a budding entrepreneur, pushing them to their limits. The first year in business is often the year a professional will have to work the hardest, with the least amount of rewards – so it's crucial that they make sure they are totally prepared for this.
Sometimes the 'sacrifices' a person will need to make, will not make sense to others, and only the aspiring entrepreneur themselves will be able to see their vision and where things are going. The people who care about an entrepreneur will see them looking tired, stressed and not getting much of a return out of their business, and might try to talk them out of it. The reality is they only want what is best for the entrepreneur. Therefore it is important for professionals to inspire a shared belief of a goal into those in around them.
Press release distributed by Pressat on behalf of Privilege Promotions , on Friday 14 April, 2017. For more information subscribe and follow https://pressat.co.uk/