Create a start-up while employed? or focus resources on start-up?

[Andygala]

I'm going into a drastic change throughout my career. I am currently doing a distance MBA which has provided me with a lot useful info. I'm already on starting my new business, have some savings, etc. I am relocating soon because of the type of business I am going after.

Question is: I have pretty decent management experience to get a decent job and I'm confident I can find one pretty quick and keep working with my business until it's up and running or focus mainly on my business and don't waste time or resources getting employed?

Any thoughts are appreciated..

 

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[PTP]

If you can get a job quickly it may be beneficial for you to get that job and then work on your side business.

Once your business idea has been validated by the market (your first sale), you can then start to think about working on your business full time.

 

[Tapp001]

I'm in a job now and plan to stay in it for a while. That being said, I would NOT recommened you do the same. Jobs come with a great deal of temptation and accompanying golden handcuffs. You can work on your dream while wearing them, but it will be so much harder if you do.

You are moving and disrupting your life in a way that may never happen again. My take is that you should savour this freedom, and not compromise on your fastlane.

 

[GuestUserX09]

I would personally work a job just for capital for my projects, and it's been insanely hard to split focus to them both. If funding is a concern and with your experience, you could possibly do management consulting as a source of income that won't distract or take too much time away from your business.

 

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[Raoul Duke]

I'm going into a drastic change throughout my career. I am currently doing a distance MBA which has provided me with a lot useful info. I'm already on starting my new business, have some savings, etc. I am relocating soon because of the type of business I am going after.

Question is: I have pretty decent management experience to get a decent job and I'm confident I can find one pretty quick and keep working with my business until it's up and running or focus mainly on my business and don't waste time or resources getting employed?

Any thoughts are appreciated..

https://www.thefastlaneforum.com/co...-cant-make-your-life-decisions-for-you.33485/

 

[David Young]

If you can afford not to work a normal job then don't. If you need the cash to support yourself and family then unfortunately you must. However, you then need to be disciplined about using your time constructively. This my biggest issue, I had a slow lane mind-set for many years and have built up the accompany lifestyle (house mortgage, family etc). I therefore need to keep working until my other project start to pay out.

 

[Delmania]

Question is: I have pretty decent management experience to get a decent job and I'm confident I can find one pretty quick and keep working with my business until it's up and running or focus mainly on my business and don't waste time or resources getting employed?

@David Young has the correct answer, can you afford not to work? If so, it's better for you to devote your energy to your business. I'd add in one more question, what's your back up plan? If the business takes longer to take off or completely fails, what will you do?

 

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[Andygala]

@David Young has the correct answer, can you afford not to work? If so, it's better for you to devote your energy to your business. I'd add in one more question, what's your back up plan? If the business takes longer to take off or completely fails, what will you do?

I am moving into a more expensive place to live and so I can afford not to work for around 6 months. I am not taking failure as an option but yeah, it might take longer to take off. My backup plan is finding a part-time job that helps me with bills and gas and go from there!

 

[Andygala]

If you can afford not to work a normal job then don't. If you need the cash to support yourself and family then unfortunately you must. However, you then need to be disciplined about using your time constructively. This my biggest issue, I had a slow lane mind-set for many years and have built up the accompany lifestyle (house mortgage, family etc). I therefore need to keep working until my other project start to pay out.

Thanks for your reply. I currently don't have kids or house mortgage so I'm pretty much flexible to not have to get employed right now!

 

[Andygala]

I'm in a job now and plan to stay in it for a while. That being said, I would NOT recommened you do the same. Jobs come with a great deal of temptation and accompanying golden handcuffs. You can work on your dream while wearing them, but it will be so much harder if you do.

You are moving and disrupting your life in a way that may never happen again. My take is that you should savour this freedom, and not compromise on your fastlane.

Totally agree, I'm actually leaving my current job because I have found myself in a comfort zone where paycheck comes every 2 weeks with enough to save for out of the country vacations once a year and some other pleasures but I don't see myself like these for the rest of my life.

 

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[Delmania]

I am not taking failure as an option but yeah, it might take longer to take off.

If this is your first startup, statisically, you're going to fail. Failure is most definitely an option in entrepeneurship, and in fact, should be expected and prepared for. The important things are learn what you can, keep going, and avoid desperation.

 

[LateStarter]

I think you need to read some of the Gold threads here, then reconsider asking this question. *cough* https://www.thefastlaneforum.com/co...-cant-make-your-life-decisions-for-you.33485/ *cough*

 

[Andygala]

I think you need to read some of the Gold threads here, then reconsider asking this question. *cough* https://www.thefastlaneforum.com/co...-cant-make-your-life-decisions-for-you.33485/ *cough*

Best answer! Just wanted to know any experiences since I have read some articles that most start-ups come from employed people.

Thanks,

 

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[LateStarter]

What you read about other businesses doesn't matter. You need to do what's right for you and your situation.

I have 4 kids and a mortgage. I can't just quit my 9-5 to focus on my business. You could be a bachelor living for free at home for all I know. So leaving a 9-5 wouldn't be as intimidating in that case.

You've got to do what makes sense for you. You haven't told us anything about you so even an attempt at giving you reasonable suggestions could be way off the mark for your situation. That's why I made the earlier post.

Get it?

Sent from my Nexus 5 using Tapatalk

 

[Andygala]

What you read about other businesses doesn't matter. You need to do what's right for you and your situation.

I have 4 kids and a mortgage. I can't just quit my 9-5 to focus on my business. You could be a bachelor living for free at home for all I know. So leaving a 9-5 wouldn't be as intimidating in that case.

You've got to do what makes sense for you. You haven't told us anything about you so even an attempt at giving you reasonable suggestions could be way off the mark for your situation. That's why I made the earlier post.

Get it?

Sent from my Nexus 5 using Tapatalk

No kids, no mortgage, going through my masters which I already paid half of it cash up front but now I applied for Financial aid due to this coming change in my career. I do have a girlfriend that lives with me but she works and supports herself so it is no big responsibility. I have 3 years of living in the US but traveled a lot before. I have little experience on import / export process from my country of origin and want to get back into that business but widen it to a more global approach.

 

[4x4ord]

As romantic as it sounds to give up the day job and pursue your business full time, there is a lot of downsides. A growing business typically demands some capital. Having a flow of income to inject in the business will super charge your growth. Also, work through your business growth plan and profit trajectory. Set the date where you can take enough profits to live off of and still have enough profit to roll back in to the company to keep it moving forward. If you don't have a business growth plan and don't know your numbers well enough to see when that crossroad will be ... don't give up the day job yet. Just my advice.

 

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[Vigilante]

This is an ongoing/debate and discussion. There are two schools of thought, and no right answer.

1. Go all in. It will make you hungry to win.

or

2. Double dip as long as you can, to put less pressure on the business

There's no one size fits all answer, and no right answer. The forum will NEVER be able to answer this question for you as most people can't answer this question for themselves.

There are success stories here of people that have done it both ways, and failure stories here of people that have done it both ways.

 

[Andygala]

As romantic as it sounds to give up the day job and pursue your business full time, there is a lot of downsides. A growing business typically demands some capital. Having a flow of income to inject in the business will super charge your growth. Also, work through your business growth plan and profit trajectory. Set the date where you can take enough profits to live off of and still have enough profit to roll back in to the company to keep it moving forward. If you don't have a business growth plan and don't know your numbers well enough to see when that crossroad will be ... don't give up the day job yet. Just my advice.

See... I know people should not take life decisions for you but they sure can give great feedback depending the situation.

Thanks a lot!

 

[Vigilante]

See... I know people should not take life decisions for you but they sure can give great feedback depending the situation.

Thanks a lot!

Your response here answers the question. Take the safer route for now. That's the answer you were hopeful of. Your MBA will be exceptionally useful to you in both roles.

 

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[David Young]

As a slight aside. I spent some time with an early stage investment manager recently. I was told they actively look for people with life/ work experience as they generally get a better return than if they back recent graduates- there are obviously exceptions though!


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