New entrepreneurs often stumble on this question if this is the right time for entrepreneurship, or should they get a full time job, and have cash in hand to be able to finance the startup, or quit your day job and start working on the idea. This question also can be a leading factor to many great ideas fading away into the valley of lost memories. And if you do not try that path, someone else will. Later it might be that you had the idea, but you did not take action because you were scared. Do not let that thought get to you. Take action, start small; but more importantly TAKE ACTION!
Who is going to answer this question? You will have to decide if you want to pursue entrepreneurship now or when.
Both options will have their benefits and disadvantages. The advantages of working on a job while working on a startup, you can continue having finances for your own startup but the biggest drawback is time. You will not have a lot of time for your own startup. A normal job is from 9 to 5, even if you start working at 5 pm, your energy level would be much lower than what it was at 9 am. Also, you cannot keep working till 2 or 3 am as you will need to sleep and get energized for the next day at work.
The second option of leaving a job would have the advantage of being able to work the complete day on your startup but you might have the problem of financing your startup. Financing your startup can be done by a few things including
- Taking part in entrepreneurship events
- Meeting venture capitalist/ angel investors
- Applying for business incubation/ acceleration to startup incubators/ accelerators
While these 3 techniques look really easy to apply, it might take some time to win prize money at an entrepreneurial event, as they normally tend to require a Minimum Viable Product (MVP); this might apply to venture capitalist and angel investors as well. But sometimes investors will want to see a pitch deck alongside a product plan to see what the product is about and how will it generate revenue. If you are in an idea stage, you can try for incubation centers. Incubation centers help small businesses to grow and prosper by providing an environment that supports entrepreneurship. There are different things that will be provided by an incubation center including mentoring, training, office space, etc. You can even pitch an idea to an incubation center.
Business Accelerators on the other hand are a little different, and want to turn business ideas into read products or MVP within a few months to hit the market. You can try to pitch your startup at events even with a full time job, but many people say; the amount of work is a lot and what needs to be done in a week takes 2 or even 3 weeks because of the time availability.
So now you are thinking, if you should quit your job and start working on your idea? The first thing to do is analyze a feasibility report for your startup about your expectations of revenue/sales/ etc. After that work on how much time is needed per day to work on your startup. Or you can start small, like putting in 2 hours a day at start and increasing the working time to 4 hours a day and quitting your job once you are sure, your startup is ready to go.
Another way to go about it is quitting your job and working on it full time, as whichever strategy you want to work on; you will not be sure about how successful the product be in a given time period till the time you try. Which means you need to take action! Take action, and be an entrepreneur now. As NOW is the best time for entrepreneurship.
If you are already in startup phase, or have been in one? Feel free to comment below and share how did you start your venture?