fredag 3 oktober 2008

Working While Starting a Business » The StartUp Blog at PartnerUp

Helge: I guess starting a business while keeping their jobs is a common practice around the world. It applies at least for Finland. I did it 1981.

Working While Starting a Business » The StartUp Blog at PartnerUp: "Starting a business is risky. Some people can handle leaving their safe, secure 9-to-5 jobs to pursue their own ventures; others can’t (especially in this economy), which is why many people opt for the best of both worlds—starting their businesses while keeping their jobs.

Helge: Why not. We negotiated also a contract with your previous employer.

It’s a great idea for those who like to test the waters before they jump in. The problem is that in order to really grow a profitable business, this arrangement can’t be more than temporary. If you’re willing to put the time and energy into starting a business while still holding down a full-time job, then you need to be willing to see it through to the end. That means at some point leaving the comfort of full-time employment and quitting your job.

Helge: My first business started with very good planning. The second and third was more like jumping a running train. Here is a good list to remember: 10 reasons why young entrepreneurs fail. I guess that most business people have experienced most of those and learned the hard way. I have!

Just as you shouldn’t quit your job until you have a new one, I also wouldn’t suggest that you quit your job until you have a pretty solid start on your new business. You should at least have a business plan that is on its way to implementation. Beyond that, the timing is up to you, just don’t wait too long. As I said before, in order for your business to reach its full potential, you have to give it your full attention, which won’t happen if you’re working for another company.

Helge: With contracts in hand the change was small in the beginning.

It’s kind of like that “jump off the cliff” moment. It’s risky and emotional, but exhilarating and worthwhile at the same time. So wait for the right moment and jump in."

Helge: The new element was to manage all the details. Moving from a big enterprise to a small enterprise revealed that managing the small one required a complete set of new talents that had to be acquired on a very short notice.

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