It would be great if you walked into the office tomorrow and told your boss that you quit, and then turn around and just leave without saying another word. You will finally be free to make your dreams come true by starting your own business. As your own boss, you could wake up when you want, and you could call in sick whenever you don’t feel like going to work. After all, you would be the boss. You would also be able to travel the world and buy whatever you like with all of the money that you’ll earn. In fact, you could become a millionaire just like PureFunds CEO Andrew Chanin.
It was just seven months ago when Chanin decided to make his move. After being repeatedly told by his co-workers that he had some great ideas, the 29-year-old quit his job as an ETF specialist for the Kellogg’s Group to launch a cybersecurity firm. And with all of the recent privacy invasions and hacking scandals dominating the headlines, Chanin had struck gold after launching the PureFunds ETF, “which holds publicly traded companies selling security software and hardware,” says MarketWatch.
“Now, looking back, it seems obvious,” Chanin said. “Smaller shops were maybe considering [focusing on cybersecurity], but a lot of times the bigger guys are looking for those much broader types of industries.”
Think that you have what it takes to become an overnight success like Chanin? If you have a great idea, it’s certainly worth a go. Just keep in mind that it will not be easy, according to a new survey by OnDeck. The following explores why starting a business could be the answer to making your dreams come true.
According to the new survey, over 80 percent of today’s business owners quit their full-time jobs to follow their dreams. OnDeck, which interviewed over 800 Americans, also found that over half of those who took the risk often work over 50 hours per week with 80 percent continuing to work after hours, and nine in ten working on weekends.
“A majority of those surveyed felt the average person didn’t understand how hard it was to drive a business forward,” Andrea Gellert, the chief marketing officer at OnDeck, told Entrepreneur. “We should all recognize the dedication business owners have to growing our local Main Streets, and in turn, our economy.”
And for 65 percent of the business owners surveyed, it’s starting to pay off with an increased income or more than they were earning from their 9-to-5 jobs. In fact, 90 percent also admit that “they’d never look back.”
Needless to say, these hard-working business owners’ No. 1 priority is making sure that they are continuing to grow their businesses. The bad news is that there’s very little stability when it comes to a startup. And it requires a whole lot of sacrifices. Most importantly, according to the business owners surveyed, “time with family comes in a close second, while time for themselves is a distant third.” But the good news is that they have more flexibility and money, and they are able to wake up every day to do what they love.
The question is, however, how did PureFunds CEO Andrew Chanin pull it off so quickly?
The “BIG” Risk
Chanin is doing well now—to the tune of cultivating $1 billion in assets for his tech fund. But like most new startups, he initially struggled, according to MarketWatch. Now trading for $30.59 per share, the PureFunds ETF is the baby of his earlier failures, the PureFunds ISE Diamond/Gemstone ETF and the PureFund ISE Mining Service ETF that both lost steam in early 2014. But it was through a lot of hard work, dedication, business savvy, and support from loyal investors, friends and family that Chanin was able to leverage what he learned into a lucrative business.
“It’s extremely unique that you see those narrow funds get that kind of traction,” said David Nadig, director of ETFs at financial-data provider FactSet.
In other words, starting a new business will most likely involve a lot of trial and error. And for Chanin, there’s a potential issue looming: more risk. MarketWatch cited an ETF.com calculation and continued that “the fund also sports a sky-high valuation, with a price-to-earnings ratio above 660.” But there’s no surprise that Chanin will probably face a lot of obstacles as he continues to rise in the industry. Why? Well, starting a new business is one of the largest gambles you could ever make: your livelihood. If you are willing and ready to bet on it, maybe it’s time to quit your job.
See Also: Top 5 Startup Trends in 2015
But before you do, conduct some market research, gather a few supporters and potential investors, and save enough money for at least a year or so. Then go ahead and tell your boss to “take the job and shove it!”