Before you become an Entrepreneur...

The dream of being one's own boss leads many people to start their own businesses. But quitting a stable job that supplies your daily bread-and-butter to fulfil that vision is a decision that shouldn't be made in haste. Here's why:

Instant Responsibility
Once you resign from your stable job, be ready to let go off your nice office space and that fancy designation. You may be your own boss but now onwards, everything from from bringing in big business to procuring the smallest stationary item is your responsibility, until of course you hire the right people to do it.

Financial Woes
Starting a business venture with no fixed inflow of capital can disrupt your financial stability. You must be prepared to financially support your family for the next 18-24 months, through existing savings or investments. You also have to plan ahead for credit card payments, car loans, property loans and so on.

Inexperience
Believing in yourself when starting your business is important, over-confidence and lack the insight or mentorship can make reaching your goals tough. Accepting that you do not know all the answers and being open to learning from others' mistakes and finding solutions with some help from experts can give you a head start.

Lack of Strategy
You have a kick-ass business idea and are flying into the field without a strategy to implement it? A little unrealistic don't you think? The numbers are unlikely to fall into place until you get your business plan and strategy in line first.

Patience
Any new business usually takes a minimum of two years to become profitable; this duration is more about spending money than making it. Preparing to spend more than earn will not only help you stay afloat, it will also prevent you getting discouraged and quitting when the going gets tough.

Test Market
Your unique idea/product or service may not receive an enthusiastic response from everyone, and that's all right. But it's important that you identify your target audience and test your idea out on a focus group and then customise according to feedback, before taking it to the mass market.
Giving up the security of a full-time job to start your own venture can be risky business. It's advisable not to burn your bridges and to make a smooth exit (including settling your dues and getting paperwork done), if only because you deserve a sense of closure before you start anew. Memberships to forums like TiE can be a great help. It may sound brutal, but owning a business isn't for everyone. On the flip side, even a failed venture may take you a step closer to your true calling.
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