3 Reasons Why I Quit Solopreneurship And Went Back To Full Time Employment.
In 2019, I quit solopreneurship and went back to full-time employment.
Quitting my one-person marketing consultancy business was not an easy decision to make. I poured my heart and soul into building the business for over three years. But after much trial and tribulation, I decided to return to full-time employment.
I wouldn't call my business venture a failure; I'd rather define it as an unforgettable learning experience, and I'm sharing with you my learnings so that you don't make the same mistakes I did.
3 Reasons Why I Quit Solopreneurship.
#1: A venture that didn't fly.
I was so confident the idea of helping female entrepreneurs build their online businesses was a great niche.
It would have been an excellent service too, if I stuck to one niche and didn't go astray so much. But instead, I suffered from what others refer to as shiny object syndrome. Whenever I saw an online video or read a blog post about a new niche, I changed my business direction. I experimented too much and ended up being confused about who I wanted to serve and what service I could provide to help a specific market.
Despite being unclear about my business, I was earning a small and consistent income, but my indecisiveness meant that I couldn't grow the business.
Lesson: Test your ideas first before committing to a business venture.
#2: Consistent income and security.
I took the risk of leaving a full-time job to start my business venture.
That meant I had to give up my cushy-paying job and the perks that came with it. I was earning a consistent income from my services, but it wasn't enough to support the family. My kids were still young, and we needed money to provide them with a decent education and healthcare, and I am also financially responsible for my parents.
I had made the hard decision to go back to full-time employment to ensure we were financially stable to care for our family.
Lesson: Don't quit your day job. Start your business venture after office hours. That way you can build it first, earn an income and once you've establish yourself, quit and focus on the business full-time.
#3: I didn't have the right mindset.
Moving from the role of an employee to an entrepreneur requires a mindset and attitude shift.
I was still approaching my business with an employee mindset and didn't realize this until it was too late. Being an entrepreneur is not just about having the guts to start a business. Robert Kiyosaki, the author of Rich Dad, Poor Dad, often refers to the emotional and spiritual work needed to transition from employee to entrepreneur.
I wasn't prepared to make that transition from employee to entrepreneur. One has to be comfortable with making mistakes and putting yourself and your business out into the world, a fear I was not ready to overcome.
Lesson: Mindset matters. You need to shift not just your thinking but your approach to how you work your business.
The three years spent building a solopreneurship have been invaluable.
Managing my own business has taught me many life lessons that are useful in the role that I currently hold. First, entrepreneurial skills are essential to have, even as an employee. You see an organization's business in a different light and approach each problem as an opportunity.
I haven't given up the idea of setting up my own business sometime in the future, once I figure out what exactly I want to do. However, at this point in my life, I see more value in being in full-time employment.