Startups · Entrepreneurship

How do you balance full/part time job with creating your own business?

Eduardo Fonseca Cloud Provider | Azure & Unity 3d Developer | Senior .NET Software Engineer | MCTS

August 10th, 2015

I would like to know what you recommend when starting a business, 
many people recommend having a full time job, and on free time work towards your own business, but with everything which is required to create a business I don't see how.
You need to develop your idea, create a viable product, find potential clients, learn about sales, marketing, trends, business management, company valuation, among many other things, 
you also need to do networking, and find co-founders and investors. 

Braydon Moreno Co-Founder/CEO at ROBO 3D

August 10th, 2015

Read "Fail Fast or Win Big" by Bernard Schroeder. Create a minimum viable product, test it, and test it again with more people. There is tons of entrepreneurs that pick up knowledge along the way about sales, marketing trends, business management, etc. Me being one of them. We spent $1000, made a product part time, launched it on Kickstarter, and raised $650,000 in 30 days with an incredible lack of knowledge in what we were really doing.That was our proof of concept which took us to making the business a full time commitment.

2.5 years down the road, we have acquired all that knowledge (and still learning!) thanks to mentors, consultants, and making mistakes. I think Rick is spot on...There is no single right answer- but what you should be looking for is the quickest way to foreshadow success or failure.

Rob Quarantello President at Space City Drones

August 10th, 2015

Best thing I have done is to sleep less. I work 55 hours a week at a full time job. So I'm up at 5 for the gym, I work 8-5 for work, home with family for an hour, and I'm working until 12 on my business. Its a stupid ton of work, I miss out on much more than I used to, and its risky. I am actually about to cut my hours down to 20 a week so I have more time to work on my business which can afford itself but not me, so again another risk. For me its about the idea of success. If there's a will, there's a way. I hate the idea of not being "successful" more than I love the idea of being successful. That thought pushes me when my body and conscious tells me to just go find another job. You can do it, but you have to put in the time and make note of what you are willing to give up.

Judith Hurwitz President & CEO Hurwitz & Associates

August 10th, 2015

When I started my first company I continued to work full time for six months. During that time I put together my business plan, set up meetings with people in that target market and got advice from people a lot smarter than me. Don't underestimate the value of being prepared before you get going. Starting a company is very difficult. The more you can prepare the better.

Josh Aguirre

August 10th, 2015

Eduardo, I think that all of these answers are great.

My personal recommendation is that you follow what you're passionate about, the money and the success will follow your determination and grit. As for me, I worked both ends of the spectrum. I started a company in 2012, barely worked on it and focused on my company, paycheck-driven work. That was a mistake. By 2014, I got let go and I decided to reprioritize my life. I started freelancing for money and started 2 more companies and a charity. By early 2015 I was running 4 companies and working the full-time job (they rehired me) all while balancing home life. People nowadays believe in the "spreading yourself too thin" myth. I think it's just a matter of how to manage your time wisely. Now I teach a course on productivity, both locally and online. I am still running (and profiting from) 3 companies now in addition to the charity and am advising on 2 more. In my spare time from dropping my full-time job I go to local Meetups to connect with other like-minded individuals and learn more about being an entrepreneur.

My two cents: Go for it and don't give up.

Rick Normington Dean, Dept Chair and Professor at Sierra Nevada College

August 10th, 2015

Eduardo - there's no single 'right' answer other than 'it depends' ... on myriad factors, not the least of which is what one's personal position.  To be sure, if one is financially able to devote 100% of his/her energy on creating a new venture that is usually the ideal scenario.  However, that is not always realistic.  And of course many new E's try to start businesses as a post-retirement activity.  On the other end of the spectrum are firms begun in a college dorm room (Dell, Facebook, for example). Rick Normington, retired executive and professor of business

Rick Normington Dean, Dept Chair and Professor at Sierra Nevada College

August 10th, 2015

Good example, Judith.

Frank Bennett Cloud Computing specialist advising ITC companies on business model design and go-to-market with partners. NED.

August 11th, 2015

I am currently involved in supporting a business startup and doing two things:

1.  put a small team of people together rather than go it alone
2.  being patient, recognising that unless we get lucky we have a journey ahead 

Overarching is a monthly harsh reality check - if it ain't working do we know why, if not get help or is something fundamentally wrong.  To Rick's point above.  
 

searchmktgpro.biz Founder SearchMktgPro.Biz

August 10th, 2015

I would recommend hiring a mentor. 

Scott McGregor Advisor, co-founder, consultant and part time executive to Tech Start-ups. Based in Silicon Valley.

August 10th, 2015

You need to do what is necessary, for your survival and for the business. Working full time on the business can work for people who have the resources to survive during development without an income. those who lack such resources will work part time until they have the resources to go full time. Scott McGregor, mcgregor94086@me.com, (408) 505-4123 Sent from my iPhone

Rick Normington Dean, Dept Chair and Professor at Sierra Nevada College

August 10th, 2015

Great story; congratulations. Also read 'Art of the Start' (Guy Kawasaki).  Also remember IDEO's mantra, 'Fail often to succeed sooner.'