How can a startup be successful when all of the founders are also working separate jobs?
I don't want our startup to fail. All of our founders are also working other jobs to continue to get the right training, mitigate risk, and have an income. How can we give our startup a good chance to succeed, but also being realistic about real life needs?
It is a question that I asked myself when I started my business. However, the answer will depend on the situations' of the founders. The first thing to consider is, whether you can maintain all your personal expenses without a full-time position. Secondly, is the capital invested in the business coming from the full-time position? Finally, do you have the time to give to both full-time and start-up equally or will one suffer?
If you plan on putting 100% into your start-up, I suggest you do it for a year and see how it goes. Fortunately, you do have partners so perhaps one work full-time and the other part-time. I have seen successful business owners juggle both, but it all depends on the industry as well as the help you have. Good luck!
It's smart of you and your business partners to keep steady incomes while you formulate your business idea, even while it is frustrating to be splitting your focus between your full-time roles and your startup. Each of your time is more limited than it should be, so make sure you are all making the most of it. As others suggested below, sit down and clearly define each partner's role and responsibility in the business. Set a meeting once a week or every other week for each partner to share what they're working on, what they've completed and what is holding them up. Knowing what each partner is prioritizing ensures no one is working on the same thing and it lengthens the limited time each of you has to spend on your startup. Use this time to craft your business plan and build your network. Eventually, to succeed you and your partners will have to decide when is the right time to leave your current roles to focus on the startup full-time. The Business.com team recently published this guide which can help you to decide if you're ready: Quitting Your Day Job for Your Startup.
Its very difficult and challenging! Unless your business model is unique.
It's difficult if the start up is a mone generating business or juse a hobby. Most important is time management and focus. Dealing with conflict successfully will make or break the situation. By this I am referring to dealing with conflict between your day job and the startup job.
I would think that there is a business plan and it should have a section where it is defined when each person migrates to the startup full time or maybe not. All the partners may determine that hiring a full time person is the way to go short term or long term, but again this all needs to be identified to be sucessful.
Burning the candle at both ends is not healthy over a long period of time.
I started from this question couple of years back.
1. Need to have a good (who will do what) plan with daily (if possibly Hourly split-up)
2. Strong control on expenditure
3. Open discussion on the risk and mitigation plans with stake holders ( periodic followups)
4. Weekly evaluation and plans for improvements
5. Review and rework of item #1
6. Continue 1-5
7. Plan to accommodate one full time stake holder
8. continue 5-7 till all members full time
Note : Please assure that the scope of work is not changed. (Need to give at-most care on intermediate changes in scope of work).
Your question is the answer in itself.
However, should there be contraints in giving full time to the startup, at least founders must earmark some time to mak sure the wheels are set in motion. It may be necessary that in a phased manner, people have to leave their jobs and get involved full time. The effort should be such that this happens sooner than later. During that peiod, others may have to support the person who has taken the first plunge.
Simply get the founders to commit to the amount of time needed to achieve their goals...each to his own skill...they can still be earning elsewhere until the start-up is able to support the whole bunch...or maybe none of the founders will continue...they may hire staff with better skills and take a piece of the profits...
Am sorry to be blunt but you people don't believe your idea. Not even one is working on it full time and how do you expect it to succeed. As Founders you need to be sure about your business plan and need to take the risk. What's the difference between you guys and those who do part time jobs..
Depends a lot in the field you are in. A Plan is key. Have a Plan to lay out what you want to accomplish and by when. If you can lay that out, then things become more solidified. Without that, I think you will end up in a situation where you have everyone in, but no one is really committed. I think my Colleagues have offered up good advice on this front as well.
Ha! from what i've seen around me - it can't. there must be at least one person pulling the ropes and putting in the time. best if everyone does...