Do you actually have the business expertise & enough income to substantiate your living expenses?
Starting a business isn’t an easy task. It takes a lot of work and expertise. Do you believe you have enough experience to start a business on your own?
Many successful entrepreneurs started their business while still employed full time. If you’re going to ask how they managed to do that - taking the “Hybrid Path” is the answer.
“Hybrid Path” is knowing if you’re willing to sacrifice your free time now to reap the rewards later.
According to Entrepreneur, Research has shown that those who kept their day jobs while starting their businesses were 33 percent more likely to be successful than their risk-taking counterparts. Leveraging your full-time job in the early days of your business, allows you to build on firmer financial ground, increasing the likelihood that your enterprise will last and thrive through the initial stages.
In addition, being entrepreneurial while also being a full-time employee will allow you to build the necessary skills and traits you will need as you transition from your employee to entrepreneurial role.
Quitting your job and going all in is risky and is an act of impatientness which is typically not suggested by experts.
Meanwhile, it’s always best to build slow and steady for the long term.
It’s also important to know that failure is essential and bound to happen to you. When you start a business, you should always be prepared for the worse. Nevertheless, you’re still bound to learn so much from those failures.
Sure being your own boss sounds enticing and even if you have enough money saved - it’s nothing when you start constantly funding your business. What you need is a steady stream of income from your day job.
Once your business starts earning profit almost equivalent to what you earn from your day job, then maybe that’s the time you start considering whether you should pursue it full time.
Life is too short to be living in someone else’s dream. To become a successful entrepreneur will not just happen, but if you’re willing to work crazy hours and learn from your failures without immediately giving up then you might just become someone you’ve always looked up to.