The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

The Entrepreneur's Forum for learning how to build wealth and financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join our forum with more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)

Quitting SL job to speed up the business design and execution?

Idea threads

JoeTube

New Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 13, 2022
20
16
32
Dear all,

thank you in advance for all the incredibly useful and inspiring considerations and ideas I can find on this forum.
Thanks to MJ for all he wrote and gave to us!

After reading TMF and some of the threads (I am going to read also the other two MJ's books in the near future), I am starting to ponder many business ideas and have in general come to the conclusion that the employee life is not for me.

As I go through business ideas and read threads of progress and execution, I would like to post a very simple doubt and see your perspective on that.

Is resignation (leaving the 9-5 routine) a specifically advisable way to speed up a business design and execution (I only have ideas in mind right now) and avoid to lose momentum (as soon as I start building something)?

On the one hand: I feel like a could multiply my speed, if I could only focus on developing a business idea. Of course, there are financial implications, but my only constraint is rent. I could easily go back to my parents' house and basically reduce my expanses to very little. Also, the sense of urgency may push me. I see that many people do like that (MJ himself).

On the other hand: I feel like being employed gives you a sense of reality and also exposes you to people and interactions. Business ideas may come precisely from social life and interactions. Also, I feel like I may subconsciously look at resignation as an escape from a world I don't like, while I rationally think I should be responsible and strong enough to endure it as long as I cannot create another source of income.

I know this is a broad and general question, but different points of view may help me.

Thanks in advance
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

The Sandman

Bronze Contributor
Speedway Pass
Jul 12, 2022
62
145
Putting yourself in a sink-or-swim means you'll either swim or you'll sink.
Do you have what it takes to swim? Enough resources to give you time to get started? What happens if you fail?

These are questions you have to answer. It's your life.
 

MarcusRich

Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Jul 13, 2022
34
28
Indiana
If you can afford your life and the business for 6 months going all out and giving it 16 hours a day, then making it your new full time is totally worth it. Helpful advice, though, make a real plan for your months that has contingency for each stage to maximize your time value. It is important when you hit your first speed bump (inevitable) you do not total your vehicle and have to get back in the slow lane.
 

Eudaimonium

Bronze Contributor
FASTLANE INSIDER
Speedway Pass
Jun 8, 2017
307
419
EU
If current personal spending is not under control (no savings), how will you be able to handle your time managment and spending in the business? Based on how you write, you seem intelligent enough, so it is more a matter of how much focus, energy, self-discipline, self-confidence you have to throw at executing your ideas.

If you are a social / extroverted person, leaving work to go at something new alone is hard. If the job is physical and drains a lot of time/energy, you do not have much choice however.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

JoeTube

New Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 13, 2022
20
16
32
Putting yourself in a sink-or-swim means you'll either swim or you'll sink.
Do you have what it takes to swim? Enough resources to give you time to get started? What happens if you fail?

These are questions you have to answer. It's your life.

Thanks Sandman, you're very sharp and straight to the point.
However, I am wondering if one condition (keeping the job and working on the side hustle part-time vs going full-time) is better than the other. I guess there's no general answer, but some actual experience from people would help.


If you can afford your life and the business for 6 months going all out and giving it 16 hours a day, then making it your new full time is totally worth it. Helpful advice, though, make a real plan for your months that has contingency for each stage to maximize your time value. It is important when you hit your first speed bump (inevitable) you do not total your vehicle and have to get back in the slow lane.

Thanks Marcus. I can afford that, but that money will be basically withdrawn from a fund I could also use to launch the business. In other words, I have like 10k (not including emergency funds, ecc) that I could either use:
  • to survive 1 year working full-time on something (yet TBD) and hopefully create an income, or
  • to finance a business
  • a combination
However, I was just looking for inspiration and real life experiences. The fact is that I have always started side-hustles, but I usually lose momentum, probably due to my lack of determination, but also I guess due to time needed to reach significant milestones. Psychologically, reaching milestones and seeing advancements help create a virtuous cycle. It may be an excuse, but I think I should help myself by putting myself in the best condition to succeed, thus my question about the sink-or-swim condition.

Anyway, these may just be my overthinking, I guess the only solution is working f****** hard during all the time I have, either full-time or part-time.

If current personal spending is not under control (no savings), how will you be able to handle your time managment and spending in the business? Based on how you write, you seem intelligent enough, so it is more a matter of how much focus, energy, self-discipline, self-confidence you have to throw at executing your ideas.

If you are a social / extroverted person, leaving work to go at something new alone is hard. If the job is physical and drains a lot of time/energy, you do not have much choice however.

Thanks Eudaimonium. My personal spending is completely in control. I guess it is more like you say: focus, energy, ecc.

The big problem is that I have been overcoming in these very months more than a decade of low self-esteem. So, I am not mentally ready to go all in, probably.

Further, I am introverted, so I easily work on my own, but I am also trying to increase my extroversion (which however should not change my ability to work alone). This is just to say that I am going through a very intense personal growth and discovery phase and I am also rushing on the business side, but I maybe should give it all time.
 

Eudaimonium

Bronze Contributor
FASTLANE INSIDER
Speedway Pass
Jun 8, 2017
307
419
EU
If the expected outcome is a product of the quality your business idea (market and method of approaching it) multiplied by your execution (skills, perseverance, confidence, capital etc.,) how do you value the idea alone?

It's not easy to say how viable an idea is, but if you confirm promise early on through 1) sales, 2) a feedback loop allowing for constant adjustment to approach/development 3) synergies with existing your skills/assets, the potential of the idea increases. Proof of a good potential outcome increases your belief in executing the idea, allowing you to look for more proof, which further increases the expected outcome, and so on...

In this sense it's not really an all-or-nothing question, but more of a gradual process, that benefits from the speed of your research and execution. Not acting on an idea will lead to dismissal of the idea eventually, as you leave the self-reinforcing loop.

So for "advisable way to speed up a business design and execution" it is mainly about how many iterations of ideas, and in each idea, iterations of adjusted execution, that develop good results.

When you have an idea you believe in, you lock in on it and it becomes a matter of execution iteration. At such a point maybe it is advisable to quit your job, as iterating through ideas is not as time-intensive as iterating through execution methods of a specific idea. As you mention, we automatically discover new ideas through exposure, perhaps also when remaining in current workplace. For focus, you can write down all previous business ideas and then allow yourself to forget about them.

Until you can dismiss all methods of execution for the idea chosen, you have to stick to it.
 

JoeTube

New Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 13, 2022
20
16
32
If the expected outcome is a product of the quality your business idea (market and method of approaching it) multiplied by your execution (skills, perseverance, confidence, capital etc.,) how do you value the idea alone?

It's not easy to say how viable an idea is, but if you confirm promise early on through 1) sales, 2) a feedback loop allowing for constant adjustment to approach/development 3) synergies with existing your skills/assets, the potential of the idea increases. Proof of a good potential outcome increases your belief in executing the idea, allowing you to look for more proof, which further increases the expected outcome, and so on...

In this sense it's not really an all-or-nothing question, but more of a gradual process, that benefits from the speed of your research and execution. Not acting on an idea will lead to dismissal of the idea eventually, as you leave the self-reinforcing loop.

So for "advisable way to speed up a business design and execution" it is mainly about how many iterations of ideas, and in each idea, iterations of adjusted execution, that develop good results.

When you have an idea you believe in, you lock in on it and it becomes a matter of execution iteration. At such a point maybe it is advisable to quit your job, as iterating through ideas is not as time-intensive as iterating through execution methods of a specific idea. As you mention, we automatically discover new ideas through exposure, perhaps also when remaining in current workplace. For focus, you can write down all previous business ideas and then allow yourself to forget about them.

Until you can dismiss all methods of execution for the idea chosen, you have to stick to it.
Thanks

Talking about execution iterations, that's the activity that takes time and I guess it benefits from a full-time commitment by leaving a Slowlane job. However, if the idea is not that good in the end, I may end up without resources and having to go back to Slowlane...
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Must Read Books...

must read books
Download FREE and share!
Download
Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top