Should I Quit and Compete with my current employer? entrepreneur how earn by blogging blog

Hi everyone, first time posting. Thanks in advance for your time.

I am struggling with the decision to quit on my current employer and start my own business that would be in direct competition. Could really use some advice.

I have been employed by a small family run business for almost 9 years. During that time, I have come to learn the business inside and out. For many of our vendors and customers, I am the face of the company. The owner is a great guy but not a great businessman. He's made some bad decisions over the years and now the business is stagnating and in financial trouble. As a result, I find myself and my ability to earn a living for my family stagnating. Acquiring ownership shares in the current business is not an option.

I really want to own my own business, I have the technical skills to perform all operational duties of the business, and I am very marketing and SEO savvy. Staying with the current struggling business is beginning to feel like a waste of my time and energy. Every day spent keeping the company alive for someone else could be spent building something I own for my families future.

There are two things holding me back:

1) Loyalty / Ethics. This owner really is a great guy who has been generous to me over the years. Losing me would likely be a critical blow to his already struggling business.

2) Funding: As of right now, I don't have the guaranteed cash to fund the startup of a new business. I have some credit and savings I can use, but it is a very big risk to take for my family.

Looking for advice on if it's ethical for me to leave, and if so, some advice on how I should go about attaining funding.

Thanks again for your time everyone!

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