Want to breaking free from 9-to-5 job trap? Don't quit until you read Akshat Shrivastava's Day 1 plan strategy
Many professionals dream of leaving their 9-to-5 jobs to pursue their passions, but making such a life-changing decision without careful planning can lead to serious consequences. Akshat Shrivastava, the founder of Wisdom Hatch, offers a practical and strategic approach to quitting your job in a way that sets you up for success, not failure. His "Day 1 Plan" is a blueprint that ensures individuals are not only ready for their entrepreneurial journey but also equipped to navigate the challenges that come with it.
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Step 1: Build a Safety Net
According to Akshat Shrivastava, the most important thing before quitting your job is to have a solid financial foundation. He advises that you need to have at least three times your yearly expenses saved up, a safety net he refers to as "iteration capital." This amount will give you the necessary cushion to experiment, learn, and fail without putting your financial well-being at risk. "Your biggest safety net is time," Shrivastava explains, emphasizing that a stable financial base will give you the freedom to take risks and adjust your strategy as needed.
Step 2: Have a Day 1 Plan
When it comes to quitting your job, Shrivastava stresses the importance of preparation. The moment you leave your job shouldn't be the moment you start planning your next move. He advises that you should already have a clear plan in place and be ready to start executing it immediately after your departure. "The day you quit is not the day you start thinking of your idea," he points out. This ensures that you're not left scrambling for direction once you take the leap.
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Step 3: Prepare Plans B and C
Entrepreneurship
isn't a straight path, and failure is always a possibility. Shrivastava highlights the importance of not having an all-or-nothing mindset. "You are not a Spartan, and you don't need to burn your boat when you reach an island," he says. Instead, having backup plans (B and C) is crucial. In case Plan A doesn't work out, these backup plans can keep you afloat and provide alternative routes to success.
Step 4: Develop Good Judgement
Knowing when to quit is just as important as knowing when to start. Akshat Shrivastava advises entrepreneurs to develop strong judgment skills. "If something is not working, you need to quit," he notes. There is no glory in endlessly struggling, and the sooner you identify what isn't working, the sooner you can pivot to a better strategy. "Run timed experiments, and be wise to quit," he adds. Time is precious, and wasting it on non-viable projects can be a costly mistake.
Step 5: Don't Burn Bridges
One of the most overlooked aspects of transitioning from a job to entrepreneurship is the value of maintaining professional relationships. Shrivastava reminds individuals to preserve their connections with former colleagues and bosses. "Your ex-boss, ex-colleagues are all valuable assets who can help you out in numerous ways," he shares. Even if things don't go as planned and you need to return to the corporate world, these relationships could be vital in helping you find stability.
Akshat Shrivastava's strategy for quitting your job is grounded in practicality and foresight. Instead of rushing into entrepreneurship blindly, his plan encourages thoughtful preparation, building safety nets, and having a clear path forward. The advice has resonated with many professionals, as seen in the comments of his LinkedIn post, where individuals from various fields have praised his approach for being both realistic and empowering. Several individuals commended the advice, describing it as highly insightful and empowering. Others shared personal experiences of their own transitions from corporate roles to successful ventures, emphasizing the importance of planning and the freedom that comes with it.
Ultimately, it's not about quitting impulsively; it's about quitting smartly, with a clear plan in place.
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