On this episode of Work/Life, host Greg Nibler sits down with Ciara Pressler, an author and the founder of Pregame, to ask the question hopeful entrepreneurs have been asking themselves regarding their current salaried job: “Should I stay or should I go?” When is the right time to strike out on your own as an entrepreneur?
What questions does a potential business owner need to ask, and how do they know the right time to take that leap?
Pressler breaks down the biggest topics entrepreneurs need to consider before they strike out on their own.
• First steps: The first step, Pressler notes, is asking “What is my current money situation?
What is my ‘runway’ to start this business?” Many people forget to account for extra expenses related to taxes, overhead, expenses, employees, and the other myriad costs it takes to run a business.
• Assessing your personal risk tolerance: While most people think entrepreneurs don’t mind tolerating large amounts of risk, Pressler notes that often may not be the case.