Given the state of the economy would you leave your job for your own business?

[red baron]

Discuss.

I need a push.

[TiNi]

i've been battling with this very question for years...

i too... need a push 

[BWClark]

Um, I don't know what job you're in or what business you're contemplating, but depending on the business and the scale of it, I wouldn't let the state of the economy stop you from doing your own thing.

People get caught up with what the whole market is doing and what the whole economy is doing, but if you're a small player in a general field, it shouldn't really make too much of a difference. Your target market is so small starting out anyway, that you shouldn't really notice. There are always people shopping for goods and services. Things don't shut down completely (by any stretch). If you've got any point of difference, you'll attract enough people to do well regardless.

I'm a stockmarket investor, and I really see the changes in attitude around the economy as an emotional overcompensation. I have had success in just focusing on my own thing, and forgetting about what everybody else says is going on. Just respond to your personal situation based on your personal judgement, and you'll do well. 

[Bun-bun]

I started my own business 8 years ago.
It's tough to take that first step. Scary as hell.
What if it doesn't work out? How will I support my wife and kid(s)? How do I find customers? How do I take care of taxes/licensing/insurance/employees?
It is NOT for everyone. I work a lot harder now than I did when I was just picking up a paycheck. I get up, do the job, come home to the office, and do all the paperwork.
Sometimes, theres a slack period, and I worry about how to pay my employees and my bills.
Right now, I'm trying to refinance my house, and I'm having trouble because I'm self-employed, and need to do a stated income loan.

Would I go back to working for someone else? Yes, but only if I had absolutely no other choice but to starve.

[ducpainter]

Just do it...

You'll find the longer you wait the more expensive it is...

and you're not getting any younger.   

I wouldn't do the bike thing again if I had to do it over...

the market is too limited.

edit....

I forgot to mention.

There is a distinct probability when you leave your job your standard of living will go down...

that doesn't mean you're not succeeding...

the freedom alone makes it wort it.

[bulldogs2k]

I started my own business, but as a personal trainer, its easy to do, and cheap!  I now work 2 to 3 hours a day for 4 days a week.  However, I would like more clients, anybody?
A

[herm]

i just, um.......left my job.
not starting a business, although it has crossed my mind.
dont have anything else lined up either.

feel free to kick me in the head for being a dumb ass

[Triple J]

Depends what the business is I guess.  But, if you've done your research and have a solid business plan you probably know the answer.

[john h]

If you have an idea go for it,because if you dont you will always ask youself what if?

[PizzaMonster]

I think BW Clark started this thread off well.  I can't see the economy as a reason to hold off making the jump.  I'm thinking a good hard look at your local market conditions is much more important.  Be honest with your business plan and then add 25% to your expenses and subtract 25% from your expected revenues.  That will most likely be your true situation for the first three years.

I don't know what kind of business you are thinking of but a one-man band kind of business without a lot of financial outlay isn't too risky a thing to get started in.  If it does go south after a few years at least you can step back gracefully.  If it really catches on...well good for you!

I'm not trying to be negative but make sure that you can still see yourself doing the same thing 5...10...maybe 30 years from now.  It has to be something you have a real passion for.  Owning a business is like being married.  It's hard work to keep it on the rails.  After a few years the "romance" might be gone but you will probably have bigger and bigger financial committments the longer you stay in it.  It's not like you can just pack up some day and quit.  Being stuck in a business venture you no longer enjoy can go a long way towards ruining your marriage and your health.

Hmmmm.....Do I sound negative?  Not really.  I was a partner in a business for many years and it ended up doing me quite well financially.  I managed to stay married and I'm still fairly healthy but I know I gave up a lot of "stuff" to make it succeed.  I guess in life everything is a tradeoff.

Aww hell!!  Go for it!!  Just go in to it with your eyes wide open.

[m0t0g0th]

if you do something that i can only call a sustainability study and seriously look at what the math says about the results, and you're happy with the results- go for it.
just be realistic and detail everything, knowing that in a down economy your customers would be conservative in spending.  don't count on "a good month" or excitement or a holiday season, but pretend you're selling to people in the same financial situation as friends, family, current co-workers.  could they afford buy, or would they window-shop, make wish-lists, but not buy.  figure out your costs for a month and list what you would have to sell or the work you would have to do to make that much; break it down into weeks, how much work or how many items is that, can you realistically do the business?  if you can afford to stay in business, and live, you're in, ja?

[cyrus buelton]

Um, I don't know what job you're in or what business you're contemplating, but depending on the business and the scale of it, I wouldn't let the state of the economy stop you from doing your own thing.

+1

Not all business sectors are sucking. Some are doing very well. Depending on your line of work, you could have a great opportunity.

[Pakhan]

I would say evaluate the business you want to create.  If your confident it's a good plan, go for it.  Don't over evaluate but don't go in blind either and try to put fear aside.

I am trying to become a landlord (hopefully not like the one in the "landlord" thread, but I have been mistaken as a whiny little girl) within a year and have partners lined up to buy a building.  But for me finding the right deal for a multi family property depends on the market, and the more things go south the better deal I can get.  I have been anticipating this market slump we're in and have been preparing for it.

Goodluck 

[OwnyTony]

If the economy is so bad, why would you open up your own business?  Being a salary man (given you dont have to worry about being laid off) is one of the most comfortable jobs in the world.  You may not have the same potential future as you would if you ran your own business, but the flip side to that is that your not guaranteed to still have a job if you start your own(as in you can go out of business as well).  Running your own business is really hard. 

If you have done it before....i still say with the economy so bad, it may not be a good idea.  Having a glut in the economy (basically what people would think of as a "good" economy) people with have "extra" funds around and more willing to buy a veriety of products.  with people pinching their pennies, you may not get a piece of the consumer pie. 

We need more info

[cyrus buelton]

+1  on more information needed.