Thursday, June 28, 2012

Can You Launch a Start Up While on Your Day Job?


Can You Launch a Start Up While on Your Day Job?

The answer to this question is: Yes, of course you can! Now, the way in which you juggle your day job and your start up can create some challenges but it is very possible. While you may have the passion for your new business, you will need to use your self discipline and strategic skills to make it work. 

It's obvious you need to stay on your day job, so here is some advice from four entrepreneurs who were able to do it and stay in good standing with their jobs. First, let's hear from Chris Altchek of PolicyMic who says its possible. In fact, he kept his day job with Goldman Sachs before launching his business:

"Many investors will want to speak with former employers as a reference. If you've let your side project get in the way of your full-time commitments, you may be hurting your chances more than you think."
Let's hear from other entrepreneurs who have some good advice on getting your dream start up off the ground and keeping in good graces with your current employer.


Sacrifice

Whether it's your job, or whether it's your family, it is very difficult. It's all about long hours. There's the whole thing of finding more time in existing busy lives. Those who manage to do that are really successful."— Eric Lagier, founder of Memolane, a tech company that builds web activity timelines
Work through Lunch Break

"Spending time on Wikifashion allowed me to relax from my work at the treasury. I'd take my laptop into work with me and spend my lunch breaks at the local cafe working on pages, emailing brands and helping out new contributors." —Madeline Veenstra, co-founder of Wikifashion, an online hub where users and brands can share fashion industry information

TIP: Don't forget to begin with a professional business plan for your start up.
Invest

"This is something that comes from my own mistakes: don't leverage your income from your day job to do unnatural things early on in the life of your part-time startup ... Constrain yourself financially so you can focus on getting as much done without wasting your valuable resources. Save that money instead so you can put it to good use when you actually are financially constrained." —Willis Jackson, founder of ShownHome, a developer of software for real estate professionals
Respect current employer

"Don't slack at your day job because you're pursuing another passion. Your current employer, and what he or she thinks of you, matters. Many successful entrepreneurs go to their ex-bosses for seed capital. Many investors will want to speak with former employers as a reference. If you've let your side project get in the way of your full-time commitments, you may be hurting your chances more than you think." — Chris Altchek, co-founder of PolicyMic, an online political news source aimed at user engagement
Find out what the remaining 5 other entrepreneurs did to made it happen for them HERE

Get your professional business plan done for your start up here at IWRITE.

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