Thank you to everyone who participated in our entrepreneurship reality check poll. We asked those who left their jobs to run businesses full-time how it is going financially compared to their previous employment, and the results provide an honest picture of the entrepreneurial journey.
Poll Question: For those who left their jobs to run a business full time — how is it going? Be honest.
Total votes: 177
Poll Results:
Making less than my old salary, but still hopeful → 108 votes (61.0%)
Making more than my old salary → 49 votes (27.7%)
Making less and regretting the decision → 20 votes (11.3%)
Key Findings:
The Entrepreneurial Income Reality: A significant 61.0% are currently earning less than their previous salary, revealing that the transition from employment to entrepreneurship often involves financial sacrifice in the early stages.
Hope Sustains the Journey: Despite earning less, the majority of this group remains hopeful, indicating that they see potential in their businesses and believe the financial situation will improve over time.
Success is Achievable: 27.7% are already earning more than their old salary, proving that entrepreneurship can deliver superior financial returns, though this represents roughly one in four respondents.
Some Regret Their Decision: 11.3% are both earning less and regretting leaving employment, suggesting that entrepreneurship is not the right path for everyone or that some ventures may not be viable.
Business Insights for Aspiring Entrepreneurs:
Financial Preparation is Critical: With 61.0% earning less than their previous salary, anyone considering leaving employment must have adequate savings or alternative income sources to sustain themselves during the business building phase.
The Timeline Reality: Building a profitable business that exceeds employment income typically takes time. The large percentage earning less but remaining hopeful suggests most understand this is a process, not an instant transformation.
Success Factors for the 27.7%: Those earning more likely had one or more advantages – sufficient startup capital, identified market gaps, relevant industry experience, strong networks, or businesses in high-demand sectors.
Warning Signs from the 11.3%: The regret group likely faced challenges including insufficient market research, underestimated costs, overestimated revenue potential, lack of business skills, or choosing the wrong business model.
Strategic Considerations:
Test Before You Leap: Consider starting your business as a side venture while employed to validate the concept and build revenue before leaving your job.
Calculate Your Runway: Know exactly how long you can survive on reduced income before your business must become profitable.
Set Realistic Milestones: The hopeful majority likely have concrete goals and timelines rather than vague optimism.
Have an Exit Strategy: Know under what conditions you would return to employment rather than continuing to lose money indefinitely.
What Different Groups Should Do:
For the 61.0% Earning Less But Hopeful:
– Validate that your hope is based on real business metrics, not just wishful thinking
– Set specific financial milestones with deadlines
– Continuously assess whether your business model is working
– Consider ways to increase revenue or reduce costs
– Stay connected to your industry in case you need to return to employment
For the 27.7% Earning More:
– Reinvest profits strategically to sustain and grow success
– Document what is working and why it’s working
– Build systems to maintain success without burning out
– Consider mentoring others
For the 11.3% with Regrets:
– Honestly assess whether the business can be salvaged with changes
– There is no shame in returning to employment if entrepreneurship is not working
– Learn from the experience and apply those lessons moving forward
– Consider whether a different business model or timing might work better
What This Means:
The results paint a realistic picture of entrepreneurship – it is challenging, often involves financial sacrifice initially, requires patience and hope, but can deliver superior returns for those who succeed. The journey from employment to profitable entrepreneurship is rarely immediate or easy.
The 61.0% earning less but staying hopeful represent the true test of entrepreneurial commitment. Their optimism must be grounded in business fundamentals, not just dreams. The 27.7% who are earning more demonstrate that success is possible, while the 11.3% with regrets remind us that entrepreneurship carries real risks.
Key Takeaway:
Leaving employment for entrepreneurship is a serious decision that often involves earning less initially. Success requires adequate financial preparation, realistic expectations, strong business fundamentals, and the resilience to persist through difficult early stages. Hope alone is not enough – it must be backed by solid business metrics, clear milestones, and honest self-assessment.
For those considering this transition, understand that you are more likely to earn less than more in the beginning. Prepare accordingly, test your business concept thoroughly, and ensure you have the financial and emotional resources to sustain the journey until profitability arrives.
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