For any part time entrepreneurs, how do you strike a balance between your full time employment and growing your business?
I find that it's hard to dedicate as much time as I'd like to the business and feel as though it's stalling.
As my mentor often states, each night take 30 minutes and ask yourself, "Today, I worked 8 hours for someone else. How many hours did I work for myself? What did I do? Am I closer to my dream? Be accountable to yourself and always look to improve. Small steps only seem inconsequential. In reality, they are monumental!
The secret is to break down your plan into daily, weekly and monthly tasks to meet your goals. tthen do a reality check on what can realistically be achieved in the time you have allocated to the business each day/week/month. If you can only allow an hour a day, then be realistic and specific with what you will do with that time. This way you feel that you are making progress rather than being overwhelmed and "down" becuase it is not happening fast enough for you.
This is always a tough balance. For me, I dedicate a few hours in the morning, before the employee job, and a few hours in the evening to my venture. I also squeeze in time during the day and of course all weekend. Some can't do this, especially those with family and children or other commitments. It's a frustrating struggle to be in when you want to work on your business full-time, but in the mean time you have to just simply find time. There is no other way around it.
This is a good information on how things are managed together. Possibly this information will help people here to balance and be successful in business.
However, this has been very tough for me as even the current "employee" status. A little time is available for growing the business and for the family. There are following points that have affected me and my business:
(1) Growing a Business requires an entire continuum of work including development of product & process, engagement with the government and regulatory, administrative work, establishing the market and increasing the sales.
I was able to do all during weekends / holidays or late evenings / night but could not penetrate and get the customers.
(2) The entrepreneur capabilities can't be built while in "employee" status,
(3) The finance management : as the income from current employment is being used for funding the business which has not yet started giving any returns yet. The process of growing business is being hampered.
This is always an incredibly tough balance. I've found the best thing to do is setup hours for each project or commitment. While there are always times when an emergency might arise this helps me a bit. The other thing that has always been incredibly helpful for me is to have separate email accounts that are using two separate applications. This way I am able to have one open and close the other and my mind is more focused.
Hi, I am not a part time entrepreneur but a full time one. I choose 3 years ago to take that step. It is risky but as soon as you found out what you can do with all the time you have, it goes like a roller coaster. This is the law of attraction. Fully dedicated people feel your energy, your focus, your mission and your dedication. For me a job would be to much distraction. And, most important, I could not be motivated for that job, so that is a waste of energy. I would advise every entrepreneur, focus on your company and do whatever it takes for it!
I like to keep things simple:
1) the feeling of stalling is psychological (odds are you aren't)
2) find a good morning routine for yourself perhaps including 1.5h of time to an important project first thing in the morning (before checking emails)
3) have a trigger that reminds you to take a break or that the day is over (for me I set the laundry timer for breaks and stop working when wife gets home).
Having been there, i'd say that full time employment is compatible with clarifying your business idea, developing slowly a network, understanding and refining your model, even maybe build your product. But if you really want to grow the business you have to be focused or be with somebody who is. If you want to raise capital for example, you'll have to show your dedication as no one will take the business seriously if they don't see commitment.
But I agree that it can prove tough if you haven't set money on the side or have a family to feed.
Wish you the best and hope you'll find the perfect balance!
Hi George, that's exactly me! I have a full-time job, but also my own ideas I'd like to investigate further. I'm not even sure thery're good enough, so I don't feel confident in quitting to set up a start-up.
So I'm trapped in my full-time job-family-mortgage life and don't know how to go about it.
This is one of the hardest things to do. It is difficult to pay sufficient attention to a start-up and not short-change a current employer. I don't know anyone who has done (without short-changing) it but I know a few people who have lost money trying, because they cannot dedicate the necessary time.
Entrepreneurship requires focus and one cannot focus on two things at the same time.
Small Business Mentor