3.19.2012

A Juggling Act:Having a full time job and running your own business

I came across an article recently from the Summer 2011 edition of Black MBA( The official publication of the National Black MBA Association, USA) entitled,  “The Part-Time Entrepreneur”, which brought up some interesting points on part-time entrepreneurship. 

For many entrepreneurs, one of the most difficult steps is leaving the financial security of a full time job to focus on their business full time. Being you own boss means you make your own rules, but it also means you need to come up with your own paycheck.


Personally, I believe having work experience before you start a business can be extremely helpful. It can serve as a source of capital for future business ventures and also help you build the right network.
The ways in which entrepreneurs balance their business with a full time job generally fall under:

1.Holding a full time job and concurrently running a business. This might be until a predetermined goal is met, or forever.

2.Holding a full time job and quitting to focus full time on your business 
  
3. In the current economic climate, many start businesses after losing a job

4.Staring your business pre-experience (ie, right after high school or college)

The correct option to pursue depends on the industry you plan to enter and your personal level of comfort.

Key factors to keep in mind though include:

1. Making use of your strengths

2. Pursuing something your passionate about

3. Setting reasonable time frames for your business

4. Setting realistic and attainable goals

How did you get started?

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