“What are the steps a full-time employee can and should take to manage the risk of leaving a stable job before starting a business?

Ahmed AlSawafiri, Founder, Startup MGZN

“I might not be the perfect person to answer this question because I still haven’t left my job to be a ‘full time’ entrepreneur. And this is mainly because I started my first business very late. I have learnt two things from this, which are worth sharing. First, plan your first business early on in life when you have very little commitments. Second, being a full time employee is not a barrier to starting a business, you surely have the energy and capability of managing both. So if you haven’t started yet, I think you should”

Ehsan Al-Kooheji, General Manager, Kooheji Systems

“The best advice I can give is: Plan to Fail. Assume everything will go wrong, and that you won’t make any money from your new business. With that in mind, you should have enough saved up to cover your basic expenses for a period of time. Set a deadline to determine the success or failure of the business (usually after 1 year). Have a plan B ready, by applying for a job after 6 months (even if your business is doing well). Once you have the worst-case scenario covered, you can stop worrying about what might go wrong, and start focusing on making your business a success.”

Eyad Ebrahim, Director, Web Avenue

“Your finances have to be right and you must have a savings cushion to fall back on. If you have any debt (loans, credit card) set aside enough money for 6 installments or more if you have that luxury, you want to keep a good relationship and payment history with your bank and you want to control that stress. Worrying about your finances will stop you from taking further calculated risks or push you into taking bigger risks than you should.”

Wafa AlObaidat, Creative Director, Obai & Hill

“Before you leave it would better to figure out what you want to do next, what kind of career you want to start and where your office is going to be. See if you can locate a space, and save some funds to help you start up your business before you quit. Plan for it ahead of time. The most important document you can have is a business plan, so take some time to think and plan your concept, the funds you need, and the resources required. If you have commitments, especially a family, or if you have been working as an employee for a while, the transition can be challenging and you may find yourself stuck in a rut. Do your homework, and have the set ready for you to arrive when you have left your job.”

See Also

Yazin Al-Irhayim, Entrepreneur

“It all depends on whether you’ve been infected with “the bug” or not.

If you haven’t, then just hire someone and pay them a part of your salary to start up for you. Quitting will be silly since you typically wouldn’t have any money to spend on hiring.

If you HAVE been bitten by the entrepreneurial bug (and if you’re reading Startup Bahrain, chances are you have :), then take a leave of absence for 6 months or a year from your work (if they let you). Otherwise, jump in and never look back.

Bahrain-based digital platform and publication for startups in the Middle East. Exclusive events, in-depth workshops, insightful content, and informative news. In strategic partnership with Tamkeen Bahrain, Zain Bahrain, National Bank of Bahrain, Zoho, Tenmou, and StartUp Bahrain.

Startup MGZN © 2020. All Rights Reserved.