One foot in Corporate One foot out

nothinglikeit

So I`m all set to quit my job. (well one of them) I decided to move back with the parents and just start it up.
But I got a call from a recruiter today, for an interview. The wheels in my head started spinning. Even if I start the business part time I`ll be gaining experience in the industry. Plus I`ll have a larger war chest to pull from when i decide to go full time. My only thing is I fear that i`ll eventually hate working for anyone else regardless of the industry. But I can`t deny that working on the business part time and earning more money for it has it`s perks (especially since i`ll probably have to bootstrap it)
So for those of you still working and working on your business in your spare time: Are there any other issues, concerns, or other things I should be aware of?

CheerDirector

If it is at all possible for you to focus solely on your newborn company - DO IT!  I am doing both and I am exhausted.  As much as I hate to admit it, I am not a very focused and proactive employee.  That is against what I believe personally so I am regulary in conflict about being a great employee for my employer and focusing on what I love - my business.
Don`t be tempted by so-called easy money. 

omupas

The answer to your question really depends on your personal situation.  If you have enough money saved to go full steam with your business without you having to worry about your personal finances, it`s probably best to go 100% with your business and not take on a separate job.  Like CheerDirector mentioned, working a job and your business can lead to exhaustion and burnout.  However, if your personal financial situation requires you to work, then take the job and work part time on the business.
One thing to consider, when your business is in its infancy stages there will certainly be unforseen expenses.  Be sure if you go full steam ahead with your business and have no other source of income that you have enough in the bank to cover both business and personal expenses.  The last thing you want to happen is to go 100% at your business and run out of capital and become discouraged or frustrated and not give yourself an opportunity to get the business ramped up.

CheerDirector

Good point!  Yes I made the assumption that you either have savings or already are generating some cash flow from your venture.  I hope you aren`t assuming that your mom is going to foot the bill. 
Good luck!

SolidGrnd

Have you considered part-time on both? I am trying to work full time during the day and I agree with everyone else...totally exhausted!!! I am forever thinking...if I could work half a day at one place and half a day at the other...I might be able to see my pillow sometime in the near future!
I agree though...if you have the opportunity (financial, support, etc.) to go full steam on your dream (hey...I made a rhyme)...then do it! Find some part-time thing if you feel the need to have some pocket money...like a coffee shop or something...nothing that requires too much of you so you can focus on what you really want...your own business!
Best of luck to you though! Not the worst place to be....your own business...or other people wanting you! Either way...sounds like you make out in the deal!

nothinglikeit

Good point!  Yes I made the assumption that you either have savings or already are generating some cash flow from your venture.  I hope you aren`t assuming that your mom is going to foot the bill. 
Good luck!No I certainly don`[t expect the `rents to pick up the bill for my business. they have promised to provide me a roof to stay under, and business advice and encouragement. That`s plenty for me. I`m in a slightly different situation. I have two part time jobs which is basically like one full time job. Like someone suggested I`ll have the ability to work part time on the business and part time at my job. Craig you`re right, It comes down to a choice. But i know I`m going to be an entreprenuer. For me It`s more about what type of experience I can get from the working world. I don`t like my bank job because I feel like I`ve learned everything there is to learn from running a business and money. I still have a bit to learn from my clothing job in terms of management. once I`m done learning, I`ll move on from there. Plus you can never have enough contacts.

nothinglikeit

well I would. I`m living a life with no regrets. I`ll either die having accomplished my goals or die working toward them. As long as I`m not schlumping through this life and I`m in the game so to speak, I will have viewed my life as a success. 

Pokerman

:-) Your "self" will engineer the change, and it will seem to be the overwhelmingly best idea you`ve had in years. And then you`ll do the next thing.
Very true CraigL.
Working for yourself exclusively is the fastest way to see your business become a success.  Not always practical in the grand scheme of things however.  When you have other income it is a bit easier to put off things that need to be done in your business.  You are exhausted because you are burning the candle at both ends, your financial needs are being met, so why not put a few things off.  From there it becomes easier and easier to settle into the comfort zone of a 9 to 5.

nothinglikeit

that`s true. I just want to make sure I can afford bread, pb and j, and my cell bill and I`ll be fine. 

nothinglikeit

I think the only problem with your thinking craig is that not everyone can afford to take that risk. I`m able to move home with my folks; therefore I can take some risk.
If I had a small family, that probably wouldn`t work out. In the latter case, isn`t there some value in learning for another business first?

nothinglikeit

Ha it`s funny that you bring that up craig because I`m in Limbo with that right now. I went to my interview and it turns out that they are a temp to hire or full time hire staffing company.
To me this represents a better advantage than my current job because I know when a given job will end. And when my business is in high gear. I`ll have a definite exit date.
But on the otherside of the coin: I went to work Monday and hated it because I kept thinking to myself "This is time I could be using to work on my own business" So I`m struggling with this issue now. If I`m working part time I guess that`s better than none. But for one job I`ve reached the point where (as the prisoner might say) I gotta get out. Im thinking of leaving net or no net. A huge risk.
I figure it`s not really supporting my lifestyle as it is so what`s the harm in leaving?

SolidGrnd

I love your sense of passion for what you WANT to do! I think you have your head on straight for this one...even if the decisions seem difficult...ultimately...because you know your goal and what you want to achieve...you will make the decisions that fit your situation best at the time. I love the idea of the temp jobs...I did that for a while when I first moved but mainly because I was having trouble getting companies on the west coast to take my resume seriously because it was all east coast work (go figure). A few months working with temp companies and I found a good fit that I have stuck with and got hired on permanent. I think for you it might be a good safe place to be...if things work out as you have planned...then like you said...you have a set time you can get out and go full with your passion....if things dont` work out with your endeavor...you always have the option through the temp agency to find something more permanent! Keep your goals in sight and you will eventually get there!

eventbrander

Paul Mitchell of John Paul Mitchell Systems (salon products) was a bum collecting enough cans to make 3 dollars a day to eat. He started his company with nada.
 
He also started the Patrone liquor line after his first success. Now he owns two billion dollar companies.
 
Money should not be an issue when following your passion. Leave your fears behind.eventbrander2007-6-11 5:56:57

nothinglikeit

Yeah its appropriate eventbrander restarted this topic. There was an article in the RedEye, a local newspaper about people that just tossed thier shackles to the ground and followed whatever thier dream was. Of course it followed those who were most successful but it did offer a responsible caveat about not everyone succeeding simply because "they want to" I also thought it was interesting that they wrote about a guy who left a 75K an hour job to be a 13/hr wine "cellar rat" as they put it. But hey if it makes you happy go for it.Eventbrander that`s an interesting point about a guy starting a company while homeless. It doesn`t happen often but it is inspiring. It kind of reminds me of the Will Smith story : "The Pursuit of Happyness" I often think if that guy can do it if he`s sleeping in a bathroom, I can do it while eating ramen and from the comfort of my home.But like Craig said not having to worry about eating definately makes your entreprenurial efforts less stressful.

ahartley

Here`s a question that I think digs a little deeper -
I`m in the one foot in, one foot out predicament, and I am not willing to take the risks that I should... my wife works VERY part time and my income is what pays the bills, so to speak. 
My business is broad environmental informatin, and I`ve JUST started the site... it still has a lot of growing to do.  But the question is, even though green is starting to get popular (and I believe will CONTINUE to be popular for a long time), it also sems to be a pretty saturated market... but it`s been my passion for as long as I can remember.  Is it worth it to "struggle" in a business that is your passion, or to "suffer" in a job that pays the bills but you are not as passionate about?

ErinHattaway

I think it is realistic (although difficult) to do both.  The hard truth is a lot of times your venture won`t make enough money right off the bat to take care of your basic needs.  It`s amazing that your parents are helping you streamline those needs by taking you in- and probably feeding you, too   Sometimes another job is necessary to keep the gears running while you wait for you idea to take hold.  Yes- you will be tired, but it will test your devotion to your idea.  What are you willing to do to make sure that this works?  You need an income- that`s almost the easy part to get done (get up, go to work, etc.) The hard part will be keeping the fire going on what you REALLY want to do.  It`s easy to procrastinate your own goals when you`re tired- you`re the only person who cares to push them forward.  If you are driven to get your business up and running no matter what, you will make the circumstances work for you.  In a lot of ways it`s just about determination.
I liked what you said about experience, too.  Young entrepreneurs can fail because of a variety of reasons, one of them being the lack of real world experience.  Your ideas won`t mean much if you can`t communicate them to others or organize a team around your dream.ErinHattaway1/7/2008 12:26 PM