Risk less when becoming an entrepreneur. Same chances to succeed
Being an entrepreneur is usually more risky than working in the corporate environment for a company. When you work for somebody you just wait for your paycheck to come each month at the exact same time. But if you want to become an entrepreneur, you have to invest some of your best assets in building your independence: time and money. And there is no telling if you are to succeed or to fail miserably.
Considering that going on the entrepreneurship path might just be the riskiest thing I ever did, (Hey Mom, its even more risky than riding my bike – a Honda Nighthawk 
I’ve started to look for some not so problematic alternatives. This is how when I’ve decided to leave the brilliant InterAKT team for a bigger, international and more corporative company I thought it might just be the best time to also build my own company. So here I am, working from 9 to 5 in a huge bureaucratic organization and having my own company in the same time – at home. I actually have invented a joke about my life style: when leaving home from the 9 to 5 job, I always say, well its about time to go to the “office” Let me present you the advantages and disadvantages of having a regular job and being an entrepreneur in the same time:
Advantages:
- I still get the regular paycheck from the 9 to 5 job
- Working at another company keeps me connected to the market
- I’m completely relaxed in what regards the outcome of my entrepreneurship adventure
- I have more money than I could ever have by doing only one thing
- Having 2 jobs helps me have fresh ideas all the time
- I gain more experience from both working places
- I learn new things as I’m not in a closed environment like I would have been while being only an entrepreneur
- Its more fun and more rewarding
Let’s consider some of the disadvantages:
- I have 0 social life
- I’m always tired and on the run
- Never have enough time to explore on the entrepreneurship
- Missed some business opportunities
- Don’t always have the mood to keep on working at home
- Difficult to stay connected with the clients
So what’s the big story? Well, if you are feeling about entrepreneurship like an insecure, scary thing, having a regular job from 9 to 5 makes entrepreneurship more fun an stress free.
So think about, why not build your own company while still working at your regular job?
I’d like to know what your part time business is?
Hi Rose,
I own and manage a small Web Design company called Energybyte http://www.energybyte.com Also, some of my entrepreneurship experience comes from one of my previous jobs where I had to chance to work directly with the company owners and grow the business from a 7 people team to a 30 people team and ~200% growth each year – which was an invaluable experience from the entrepreneurship point of view.
Best Regards,
Cristian Dorobantescu
Salut!
Man, you are like Superman, or something! How you manage to have 2 jobs at the same time, I have no idea!
How do you get that energy?
Please blog about it!
Thanx!
Well, I live on coffee
See
Here
Regards,
cdorob
Hi, I’m from Singapore, Far East. Chinese origins. Here we DO NOT have social security like you have in the USA. Therefore,we believe in entrepreneurship, no way out. Job-Security does not exist anymore. It is more risky to stay 9-5 job than to take on entrepreneurship. Yes, you will loose some social life.. You will loose more social life at the later part of your life. They are many General Managers of large MNCs in Singapore becoming taking 80% paycut becoming a security-guard officer after they are layoff at 50+ years of age. Now I am 42 years old. and I regret I did not start my entrepreneurial journey, so I am doing it now.. Part-Time. Why Part-time? because I have a family and need to feed them. And I want to make sure the the business I started could survive long term before I plunge in. See my blog for more information about PartTime Entrepreneurship and some success stories of Part-Time Entrepreneurs : http://entrepreneur2b.com/2007/02/11/part-time-entrepreneur-can-this-work/
Well, Steve, 2 comments.
I’m not from USA, I’m from Eastern Europe, and social security here is bad as well.
And second, I’ve also wrote some things on “necessity entrepreneurship“:
“The necessity entrepreneurship appears basically when you can’t find a job or something to support your living and you have to start a business. The opportunity entrepreneurship appears when you want to make a little extra in your life than having a simple job. (once again a non scientific explanation) But what is important is that in rich countries you have more opportunity entrepreneurship than necessity entrepreneurship. To put it in a simpler way, if your family has some money put aside, it’s easier to start a business, because you can support your life standards until your business pays dividends.”
Of course, there are also a lot of studies and statistics saying what you’re saying.
Good luck with your business and blog!
buna
Wondering if your web development company has local or foreign costumers…
Salut Deedee, te plictisesti in concediu?
Well, it has both. Local and UK, Austria, USA.
I have also read your Entrepeneur Lifestyle blog, and as I was reading, I just depicted myself.
I am in Mexico starting my own business too, well, actually 2. I also have a very good management job at a bank, not stressful and very well paid; I am still doing some part-time entrepeneurship, but I am quitting my job tomorrow.
I definitely live on coffee, sleep 2-3 hrs a day at the most, no vacations in 3 years, but it feels awesome.
Now, I am quitting my job b/c I am losing business opportunities, and I am already having trouble making deadlines and keeping up with commitments. Both business are growing, and I know nothing can assure me I will be successful with my companies, but I might as well put my 100% on them. I don’t want to regret not spending enough in my companies and that beign a reason for not succeding.
I wish you luck on your entrepeneurship journy.
Saludos desde Mexico
Hi cdorob,
I just had one doubt in my mind. Which big corporate company would allow to have you a part time job in the same area of business in which it is working.
It will be like a competition for them.
Also, one who is working in that manner, chances
are that one can use the client details of the corporate firm and may use it for his own benefit. Also, they do care about their data security in other sense also.
Can you name few companies which allow for this kind of flexibility, where an employee can have his own business running after office hours. Of course, since you are already doing it, there might be corporate firms who would be allowing it, but out of curosity i am asking this.
Cheers,
sthadeshwar
Hi sthadeshwar,
That’s an excellent question. There are a lot of aspects to be considered:
- I’m at my second regular 9 to 5 job since I have my company. In both cases, I anounced that I have a company since my interview time – they knew the risk and they accepted.
- I never went to hire myself at a company that is in direct competition with what I do (mostly web design). Of course, I think I could probably use some of the contacts there or other confidential information for my own company, but I NEVER did.
- It’s a matter of trust. I actually speak freely about my company with the CEO of the 9 to 5 job and even ask for advices!! I was able to do this, because I’m trustful and committed enough to the 9 to 5 job so the side job is accepted.
Some advices would be:
- never be against law
- never brake the rules/contracts you have with the 9 to 5 company
- be good enough to the 9 to 5 job so they want you so bad ot doesn’t matter what else you do.
- never hire yourself to a direct competition or start a competition business….
I have been trying to come up with an idea to start up my own company and have lost numerous days of sleep TRYING to come up with an idea that doesn’t
take up a ton of money. Kind of hard to spin off on your own when all i have is BANKING exp. What am i suppose to do? Start up my own bank? LOL
Well, if you have banking experience it means you are good with finances. It can at least make you a consultant.
If you start with something, you will later find out that if you are as an entrepreneur you will find many opportunities ahead, maybe things that you don’t know yet how to do. If you are a real entrepreneur you will realize that you might not know how to do things, but all it matters is to make them happen.
Hi,
I started working at the current company about 2 years ago. The activity I do at my company is to build portal applications in Liferay. Since then, I’ve thought about starting my own business and I have a very good idea that I think is original so it will be a success if implemented.
The thing is now that I work at my idea after work-hours and I don’t use the code/contacts that I have at my company. I plan that after my idea will be put into practice even more and it will grow, to become a full-time entrepreneur and to give my resignation to my company.
I know that you told your company about your own business but in my case I don’t consider this a good practice. This is because they will start questioning my work and will have an extra reason to blame me if there are delays in the timeline of the projects(and like any programmer knows – there are cases when deadlines are overdue).
What do you think can happen if I continue to work outside the work hours(at home) for my project without anyone knowing and at some point submit my resignation and continue with my own work?
Thanks!
@neo
well if your side business is in competition with your current job obviously I would not tell them. I wouldn’t break any laws if I could keep from doing it. As long as you are fulfilling the job requirements that you agreed to when you first started I don’t see any problem with having a business on your off hours. Now if they are jerks and are looking for any reason just to get you in trouble(such as not completing projects on time and blaming your side business) I would not tell them. It all depends on your relationship with that company.
I have just started to brainstorm some ideas for starting my own side business. So many things to choose from but getting the motivation to start is the hardest part when you come home from work and you are tired. Great ideas guys keep up the good work. Its entrepeneurs that keep the world turning.