My dream in life is to launch my own business. It's been my dream since I've graduated from college, and I had a 1 / 5 / 10 year plan figured out.
Plan: Graduate -> Work hard + gain experience at large company as an analyst -> Transfer internally to become a PM -> Find new job as experienced PM at smaller company for start up experience -> Later go to business school for MBA + network + education -> Launch company / small business
To me, I thought this was the least riskiest way to start my own business since I have so much to learn and had no clear vision of what exact business I wanted to launch. The plan was meant to change as life presented different opportunities. I used the plan as a benchmark to keep myself productive and motivated. This was January 2020 when I thought this was going to be MY year to work hard, transfer to become a PM, and start a new chapter in a different department.
Then Covid hit and we began working remotely March 2020.
There was a hiring freeze that would be re-evaluated Quarter to Quarter. I was slightly discouraged but viewed this as an opportunity to take as many Udemy / LinkedIn / etc. PM courses as I can, network and set up coffee chats with PMs at the company, and build a portfolio. And by the time we're able to hire again, I would be prepared to interview.
In July, a coworker and I were talking about our futures and how we both wanted to start a business in the future... and then after several casual conversations, we both had our "Lightbulb" moment. We came up with a fantastic idea that we both really believed in. We were excited and thought, why not, let's work on this during the evenings and after we get our year end bonuses, quit and launch.
And then we got laid off in August 2020.
We got a generous severance package, but the anxiety has definitely settled in. My coworker backed out of our business idea since he is getting married in the Spring and is paying for the wedding. He felt that he wouldn't be able to pull his weight launching the business with the wedding and financial burden -- I appreciated his honesty and completely understood where he's coming from.
I'm 24 years old, turning 25 in a couple months, and have limited income until 2021. I'm not getting married and I moved back home to save money on rent. Is this the sign I needed to finally pursue my dream of launching my own business? Or am I being foolish with only 2 years of work experience under my belt?
My parents are onboard with the idea (haven't told my friends because I don't want their unsolicited advice lol), but I still feel as if I'm at a crossroad. I can put my idea on pause and find another job or I can go ALL IN on this idea. I believe in my business idea, but it's quite daunting knowing that I will be pursuing this venture alone. What would you do if you were in my shoes?