IdeaPros Explores the Benefits and Drawbacks of Starting a Business While Working a Full-Time Job

Starting your own business is an enticing prospect; it enables you to have flexibility and control over when, how, and with whom you work. The ability to be your own boss and hold your working life in your own hands is a great feeling. However, being self-employed is a risky prospect, which is why many people start businesses while remaining in their full-time jobs. IdeaPros, a firm composed of veteran business executives, examines the pros and cons and the questions that come to mind: How does this work in real life? What are the benefits and drawbacks of this approach? 

IdeaPros Explores the Benefits and Drawbacks of Starting a Business While Working a Full-Time Job

Benefits 

There are some excellent benefits to maintaining your full-time job while trying to start your business, including:

Peace of mind

Perhaps the number-one reason that people stay in employment while starting their own business is financial security. If anything should go wrong in your business, it is good to know that you have a safety net and stable income to protect you and your standard of living. Having a job can also be beneficial from a networking perspective, as your employer can sometimes help introduce you to potential business contacts. However, you should always be careful not to cross any ethical or legal lines if you are going to be working on your business during work hours on your regular job. 

Develop new skills

Running a business while working elsewhere forces you to practice time management, project management, and due diligence. These are valuable skills which are transferable to many different jobs and industries. Even if your business does not take off, being able to demonstrate to a future employer or investor that you managed to develop a business while working another job will put you in good stead. 

Drawbacks

Despite the benefits of keeping your job while developing your business, there are also some drawbacks that you will need to consider, such as:

Time investment 

Running a business takes time — and a lot of it. Time can be a scarce resource, especially if you are putting in 40-plus hours a week for your employer. You will likely have to work on your business during your nights and weekends. If you are not careful, this can have a negative impact on both your health (fatigue) and social life (friends and family). If you do not have the appropriate time to invest in your business, then you may be less motivated to work on it. This apathy could lead to your business failing very early on in the process. Michael Corradini, CEO & Co-Founder of IdeaPros, empathizes with the importance time has on new entrepreneurs, as he stated, “You only have so much time in a given day and you should make the most of it without losing your health in the process.”

Impacts on your job

Building a startup may also have a negative impact on your current place of employment. If you find yourself distracted with business ideas, or even conducting business-work at your job (which …

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Five Excuses For Not Doing A Startup!

It is suddenly hot to be involved with startups. Entrepreneurs are the new rock stars or film stars. Film stars, singers and models are the new entrepreneurs. However, it is a mistake to believe you are an entrepreneur just because you attend networking events and hang out with the startup crowd. Launching a startup is risky and it’s therefore easy to prevaricate and find excuses not to start. Here are a few of the most common reasons for not starting a startup and some ideas on how to overcome them:

I don’t have an idea – it is easy to imagine that all the good ideas have already been taken. However, it is wrong to obsess on finding an idea. Think in terms of either solving a problem that you encounter in real-life and doing it ‘quicker, smarter, cheaper’ or develop a vision of something you want to change in the world. Don’t overwork the idea at first. Get a co-founder and work it out together – it’s sure to change a lot on the way.

Five Excuses For Not Doing A Startup!

I don’t have any money – this can often mean uncertainty about the idea! There is little doubt that there is high financial risk in getting involved in a startup. At the early stage it is always a case of beg, borrow, and test your negotiating skills with everyone! However, the situation has got a lot better over the past few years with Startup Loans and Crowd-funding. Don’t use lack of money as an excuse if you truly believe in your idea.

I can’t find a co-founder – If you can’t find a co-founder it usually means that either you are not networking enough, you are not convincing enough or you are unrealistic in what you want to offer your co-founder. Think very carefully what gap in your skill set are you trying to fill, hone the way you communicate your idea and make the deal attractive. if you can’t immediately attract a co-founder, try using contractors, part-timers or swap skills.

I don’t have enough experience – It is often a mistake to believe that it is necessary to study further or take a corporate job to build experience. Many great startups have been built by college dropouts or people with limited experience. Jumping off the corporate ladder at a later stage is very hard. If you have a great idea and want to do a startup, do it as soon as possible. There is plenty of free help out there from startup academies and mentors.

I don’t have time – This is one that can’t be overcome easily. Startups require 100% commitment or they fail. In the early days it is sometimes possible to burn the mid-night oil on your startup, whilst doing a corporate job or contracting during the day. However, it normally comes down to quitting the day job and working full time on your passion.

Creating a startup is one of the most satisfying activities to get involved in.  It …

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