5 Things to Do Before You Quit Your Job | What to Do Before Quitting Your Job | Best Way to Quit Job
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- เผยแพร่เมื่อ 18 มิ.ย. 2024
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I quit my job at McKinsey and Company in 2019 and started working on building my startup. Today I feel really happy about my decision. But the question is should you also do the same? In this video, I talked about the 5 things I did before resigning from my management consulting job at McKinsey. This will help you understand what to do before you quit your job.
Let’s start with the first point which is financial cushion. I clearly wanted some financial cushion before I resigned from my job at McKinsey. So, my wife was just moving back to work after just having our baby. Even though she was ready to support us, I had to ensure that if things went south, we could dig into our savings and support ourselves for a few more years.
I was earning in dollars in the US and moved back to India so I had to spend in rupees. This was a huge deal for me because this increased the value of my savings. So, moving to India was the simple answer to the question of what to do before quitting your job. We all have different sets of commitments in life that we just can’t avoid. Another important reason for having a financial cushion is that you will not be pressurizing yourself from day one.
Another thing that I took care of when I was in the corporate world was to build some solid skillsets that I could rely on. I had a lot of exposure to marketing, data analytics, and supply chain management. Because of this, I could take up consulting gigs in these domains. What are the skillsets that you have and how can you monetize them in the gig economy? That’s an important question you need to ask yourself. That’s what to do before you resign from your job.
Flexible, one of the biggest platforms for part-time workers said that in 2021 it had 5k people registered on its platform in 2022 it was 11k and in 2023 is 34k. People are moving towards the gig economy. Even big companies are also hiring gig workers. So, understand what are skills you have and how can you monetize them in the gig economy. The next thing is about what is your rollback plan. For me, my rollback plan was the credentials I had built up until that point.
I had an MBA from INSEAD and worked for a long time at McKinsey. Because of that, I knew I could go back to the corporate world if things didn’t work out for me and get a good job. I am all for taking risks but I prioritize taking calculated risks. Financial freedom, skillsets, and fallback options are all important parts of this journey.
The next thing you need to consider is what ideas are you going to work on. If you are interested in working on ideas about which you already know a lot then that is great. You will have a lot of leverage in that case. You need to find a good idea to work on. If you are in your job right now then take out some time to find that good idea. The idea might change in a year or two but you need to start thinking about it.
Before quitting McKinsey, I used to spend a lot of time with my friends developing various educational applications and figuring out what the product market fit might be. I slowly realized that teaching is all about teaching what you know really well which is why I started with management consulting interviews. This was a good job exit plan for me considering my expertise.
The next thing is support. You cannot go on this journey alone. You need your spouse, your small group of friends or others to be with you on this journey till the end. Before you quit your job summary would be to think about all of this before quitting your job. The best way to quit your job is to analyze what are the best possible options for you and ensure minimal risk for yourself in the whole process of resigning from your job.
As you plan to quit your job, keep all these things in mind and keep working towards the larger goal. Hope you find this video valuable, see you in the next one.
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About Me
I publish meaningful and valuable content on this channel. My aim is to make business news more accessible and easy to grasp. If you find my videos informative and insightful then make sure to subscribe and leave a comment. I’ll see you in the next video
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Chapters
0:00 - Intro
0:33 - #1 Thing Before You Quit Your Job
1:52 - #2 Thing Before You Quit Your Job
3:22 - #3 Thing Before You Quit Your Job
4:35 - #4 Thing Before You Quit Your Job
6:17 - #5 Thing Before You Quit Your Job
8:08 - Outro - บันเทิง
whenever I watch your videos, I feel less overwhelmed. I feel blessed to have discovered your channel.
Imo managing a business is waay tougher than doing a 9 to 5 job
At least you are in control of yourself
@@Raja-dm7jk as long as u have money you're in control of yourself. Making a business profitable is not cakewalk
@@timetravel099 your profile photo is awesome 👍 where are you from sir?
@@timetravel099 sir kindly give your email I'd. Kindly be my mentor
You are a great explainer. All your content has a real touch and they are very helpful. Thank you sir for sharing such valuable contents.
Very honest suggestions for everyone... Thank you Pavan 👍You have explained the reality and suggestions which are applicable to people in this ever changing tech world. Your points are applicable to all the sectors...
Very well articulated and realistic explanation. Your videos have influenced me into seriously working on multiple streams of income. Keep up the excellent work. Hope to meet you in person one day and express my gratitude.
Most important is supporting pillars so very true
Make video on calculated risks. And how to start startup.
Keep it up 👍👍
Hii pawan i also resigned from my job in reliance industries as a chemical engineer and jouned govt job in 2020 due to health reason but salary was 1/3rd of what i was getting in reliance but i preferred my health over money , now i want to earn part time , please guide
0:59 which job you are working sir
Which government Job??
How much savings would u say is enough to retire early ?
Please also invite people those who has taken your foot step so that they can share their entrepreneur journey with true stories not the formulated one , also please encourage local talent to become more freelancer rather than employee who eventually do nothing but politics and unproductive and kill talent pool .
Career Transition..... 🙏🙏🙏🙏
Really we are Social.................
ANIMALS.......
Especially WE INDIANS..... 😭😭😭😭
Were you given any training in McKinsey while joining regarding management consulting???
Yes.