Don’t quit your day job – until you are ready.

I think this is initiative, but nice to see it pointed to in an empirical study.

I mean, who do you thing is more likely to find success:

Person A, who just jumps to be an entrepreneur and hopes for success?

Person B, who patiently works and waits to quit their day job until their side venture is large enough to support them?

Certainty take risks, but do it from a position of strength.

Understand: This works in investing too.

In a fascinating study, management researchers Joseph Raffiee and Jie Feng asked a simple question: When people start a business, are they better off keeping or quitting their day jobs? From 1994 until 2008, they tracked a nationally representative group of over five thousand Americans in their twenties, thirties, forties, and fifties who became entrepreneurs. Whether these founders kept or left their day jobs wasn’t influenced by financial need; individuals with high family income or high salaries weren’t any more or less likely to quit and become full-time entrepreneurs. A survey showed that the ones who took the full plunge were risk takers with spades of confidence. The entrepreneurs who hedged their bets by starting their companies while still working were far more risk averse and unsure of themselves. If you think like most people, you’ll predict a clear advantage for the risk takers. Yet the study showed the exact opposite: Entrepreneurs who kept their day jobs had 33 percent lower odds of failure than those who quit.

-Adam Grant, Originals