Planning on becoming a part-time entrepreneur? Here’s what you need to know
Part-time entrepreneurs are the ones who want to keep their job and also start a business from scratch. While there are a lot of pros to this in terms of finances and job security, one also has to foresee the challenges that are likely to occur. After all, when you think of having all sides of the apple pie, you do need to know about the glitches involved. It might be surprising to see how more and more millennials are heading towards this path. All said and done, it is very rewarding. But keep in mind the following points:
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Keep a fixed schedule
When you are in the process of building anything, chances are that you will tend to deviate from being disciplined. This should not be the case. Juggling a full-time job and starting your own company requires tremendous hard work. Ensure that you have a perfect schedule chalked out in front of you. The schedule should be divided between your full-time job and your startup project.
Working hard is a must. It is your idea, so you should be giving your 100 percent. But while trying to handle a full-time job as well, make sure that you do not burn out in the process. Several entrepreneurs are so lost in the name of handling business that they suffer from fatigue and other diseases.
Develop a support system
Ups and downs are a part and parcel of the journey. When you feel you are down in the dumps, ensure that you have a support system around you. It may be family, friends, or people whom you collaborate with on a regular basis. Speaking to them and talking about your ideas and apprehensions will keep you motivated to go ahead.
Always be ready to learn
Have a list of advisors and mentors, and make sure that you consult them from time to time. Read books and articles on latest trends. Never stop learning and updating yourself. In today’s world, where competition is thriving in every field, it helps to be informed at all times.
A few things may need to be sacrificed
Now that you have decided on something, you may not be able to follow everything you used to do. Like partying every evening or saying yes to all your friends invitations to hang out. One of the qualities you may have to adopt is to learn how to say no to several things without having to give an explanation.
Allot time for yourself
Keeping yourself balanced and focused is the primary requirement. For this you need to allot time for your activities. Recharge yourself from time to time by taking breaks and indulging in hobbies. Go out for a movie or take up something that isn’t related to your business or office work. Once you are back at work, you will be fully charged to give your best.
Be aware of all the legal issues
Since you haven’t let go of your full time job completely, ensure the clauses and rules of your employer are in line with what you are doing. If your company states that you shouldn’t be working for someone else or utilising your skills or the company’s ideas elsewhere, then make sure that no one can question you regarding this.
Remember that eventually your part time job has to be given away to embrace it into a full time commitment. Be prepared for it well in advance.