“Whatever the mind can conceive and believe, the mind can achieve.” – Napoleon Hill
This is the age of start ups. At least 80% of people working does have an interest to later on switching their jobs or rather quit it to open a business themselves. Such mindsets pop up due to various reasons like few are bored of their 9 to 5 jobs or rather feel they have gained enough skills to lead a team or give shape to an idea.
Presently in India, each day thousands of start up ideas are formed and several people have started their own. But sometimes ideas aren’t enough. The funding and capitals are very vital. The reason why sometimes people don’t leave their job to keep an income source open and start building their business ideas slowly and steadily. This might not be a cake walk.
So here today we bring forward to you the pros and cons of starting a business while working a full-time job.
Security is an important aspect. Imagine you quit your job to give your full attention to your new business. You have zero capital and investment so definitely, you have to pay from your savings. If there is an additional funding figure he might also chip in but that won’t reduce your headache. When you are starting this new business you are not sure whether it would be successful and give you profit. You may earn more or fail totally thus putting your future in total jeopardy.
While if you keep your job, in your initial working phase then at least you keep open the source of your funding a bit. If you keep your job, you can quit at any time. If you quit your job, it’s going to be difficult to get it back.
Not only a guaranteed income source but you can take help from your peers to get advice and also indulge with them making them interested in your venture and asking them to join you. Sometimes you can use the contacts at work place for your initial ventures and those connections and contacts might help you a lot.
Nothing in this world comes only with profits. Where there is a profit there is a loss too. Aware of how much pressure the IT sectors and companies give nowadays to the employees for their work, no doubt you will have a very little time left to give it to your venture. Even at some workplaces, weekends are used for completion of the job. Imagine not even getting a weekend for chalking out your plans. This means it will take a longer time for you to get your business up and running.
Once you have your job already, might be in the midway you look upon your business as a hobby thus giving it a second priority. Maybe you get less motivated at times looking at the huge obstacles you have to cross for making everything perfect.
Working on your startup can also have a negative impact on your performance at your full-time job. If you find yourself distracted with new ideas or staying up all night to complete work you might fail in your job errands. Now that might be a serious problem. A jack of all trades but a master of none.
Balancing personal and professional life is very important. Even if you manage to work in weekends think about your personal life!
1. Don’t do entrepreneur jobs at your job time. Might prove worse for you.
2. Keep your mind open and discuss your work with your peers and if required with your boss.
3. Don’t sabotage yourself. If your business demands more work, either quit your job and go full time, or find additional help.
4. Maintain the balance.
No, I am not demotivating you. If you can manage both then definitely it’s awesome.
There is a study that suggests entrepreneurs who start a business while still employed tend to do better than those that don’t. But obviously, it comes with lots of variables and conditions.
Remember nothing is more important than your dream! Go ahead and achieve.