I`ve been pondering this for a bit, seeing that it`s a huge problem for
so many people. They have a job, want to start a business, and can`t go
totally in either direction.
Most of us have basic living expenses. Those have to be paid each
month, which of course requires money. But we also know that it`s rare
for a startup business to generate a living income within the first
year, if that.
The other factor is that building a business from scratch is a giant
commitment, and takes a whole lot of time. In fact, it usually takes a
100% commitment of time.
So how do you sink all your time into a non-paying venture, which aside
from not paying the bills, often requires spending money on a regular
One way is to have a set-aside of savings, along with a business plan.
That`s either invested capital or, in this case, an estimated amount of
saved money that`ll see you through 1 year of no revenue.
Another way is to have a relationship partner who works to pay the
bills, freeing up the time for you...the other partner...to grow the
Then there`s the business loan idea. That works better when you have
some personal credit, or a decent job that would provide some plausible
reason for a lender to back the venture.
Are there any other ways?
So many working people are struggling to get their business idea going,
but they`re exhausted after a full day of working as an employee. There
are many strategies for finding more time or getting more organized,
but is that the solution?
What`s the way out of the Catch-22?
This is going to sound funny, but ... I married a non-entrepreneur. So while I`m off launching businesses and doing new things, he`s worked for the same company for ... I think about 8 or 9 years now. I think it`s what makes us a good match. I`m the risk-taker/go-getter, and he`s Mr Slowandsteady Winstherace.
Another way is to accept the fact that you have two full time jobs. For myself, being an artist is a very demanding career in its own if I want to remain successful with it. And though being self-employed in this way can be considered entrepreneurial, my startup is a web business. Being an artist is my "day job". But the startup too demands a lot of time (was up `til 3am working on it last night). Fortunately, I can be very flexible with my steady job (art) in terms of time and to some degree, income. This affords me the opportunity to take on two full time jobs.
How important is starting up your business, following your dreams? You will definitely take risks and make sacrifices. For me, I make a lot of time sacrifices. What sacrifices do you make to balance out the dilemma that Craig introduces to us in this thread?
I was not so lucky! My ex-wife was tired of the constant change, risks, and a lack of my attention so she hit the door and never came back.
My take on the dilemma is that I think it will ultimately create a better entrepreneur, and hopefully a better venture. So the catch 22 is good for business.
I suppose that you could think of it in Darwinian terms. That is, only the strong survive. The strongest ideas, the strongest entrepreneur should produce the strongest business.
I know that although the going was tough and my first two businesses never made it, the lessons, the experiences and the personal development all happened IN THE STRUGGLE. What I know and how I operate in my businesses today are a direct result of the struggles that I endured yesterday. I think that the catch 22 made me a better, more determined entrepreneur.
Swaynester, it was your post about moving closer to work that got me going with the overall topic.
Mark, that`s a really interesting take on it, and one I hadn`t thought about. The natural selection process! Very cool...!
What I`m seeing is that becoming an entrepreneur has built-in limiters.
It`s the old, "If it were easy, everyone would be doing it." `Course,
another way of looking at it would be that only people capable enough
of figuring a way out of the Catch-22 can "play the game," so to speak.
That makes it a self-limiting group?
CampSteve makes the point of having two full-time jobs. But how to
account for mompreneurs who then add to the mix a third full-time job
of raising kids? How many "full-time" jobs can a person have? :-) Isn`t
more than one a contradiction in terms?
What bothers me is that I basically have a pretty egalitarian attitude
about life. I figure most people can do just about anything. Building
upward from that basic assumption, people begin to lose bits and pieces
due to various reasons.
Some people get bashed around and lose body parts. Others lose brain
function. Some people get stuck with major obligations and end up
sidelined from what they intended to do. But overall, I`ve held that
you can do whatever you set your mind to, assuming you also live in a
place like America.
But when it comes to "becoming an entrepreneur," I`m worried that it
may be either closed, or extremely difficult to accomplish for anyone
who`s also trying to keep a roof over their head. I`d hate to think
that`s true, so I`m looking for some affirmations that it can be
done....what...part time at the start?
Can an entrepreneurial venture be phased in slowly, in other words? If so, how does one plan out the financials?