If handed a pink slip, think about doing what you’ve always wanted to do but first weigh its pros and cons.

The global downturn has made jobs precarious. We never know when we’re about to receive that dreaded pink slip. But if you do get the slip, you might find yourself thinking about doing that one thing you’ve always wanted to do. Can you do it now, of all the times? Yes, you can.

Weigh the pros. and cons and you’ll find it’s much easier to make up your mind. Think about the points at stake. First of all, what about the finances? For instance, will what you are planning to do bring the same amount of money as your current job? If not, do you have money stocked up as a buffer zone to get you by?

Taking on a new job requires a support system, apart from the immediate financial considerations. If you don’t have one in place, you won’t be able to weather the storm as easily as you’d have liked. Therefore, factor this in.

Suppose you don’t have that support infrastructure in place, what then? Are you confident of the risk you’ve chosen to take? Is what you’re intending to do something that you know you’ll be good at? You need to be sure of the step you are taking, because here, there are many other issues at stake. If you are married, then there are people depending on you. You are depending on yourself. So you need to take into account the fact that if what you plan to do will take care of the demands imposed on you, not only by your family, but by yourself.

Only if the answer to these questions is yes, should you take the plunge. You’ll do something you have wanted to do for a long time, and, of course, you’ll enjoy what you do – two things that are the stepping stones to success. Once the business venture is underway, don’t treat it as a part time job. It’s a full time business risk and a company in itself.

That means that you need to put in long hours the difference being that here, you get to choose the hours for yourself.
Fix a monetary target – either on your own or with some one’s help, so that you can figure out what you need to earn in a month, or even a year.

Learn to draw a boundary between your professional life and your personal one. Family and friends are important, but during working hours, they should give you some space. You should stick to some basic rules so that your privacy is ensured.

And you should dream big. If you dares to dream, you’ll find yourself flying as high as you’d ever hoped to.

Good luck!