25 Jul Path of Entrepreneurship
. . .
. . .
How do you know the balance between when to start doing the things you like to do vs. the things that you want to do? If you have a full time job right now but you want to follow your entrepreneurial journey and go all in on that, what is the best timing?
The answer is that it’s different for everyone. You need to know the difference between when the timing is perfect and when the timing is right. You need to set some internal goals and ask yourself what the threshold for risk is in your life. If you’re in your twenties this threshold is going to be greater, and if you’re in your thirties and forties it may be less—maybe not but you have to understand and be comfortable with what’s there in front of you.
The groundwork to understand is that if you’re basing your business plan on succeeding as what you see people on social media doing and how successful they are becoming, then you are setting yourself up for failure. Doing this you will only see everyone at their best, but there is a lot of work that goes in to that. Understand that whatever you think is going to achieve success, if you haven’t done it before then its going to take 20 times more work and learning to produce that work and success.
Most people quit whatever they’re doing too early without having a good understanding of what it takes to win. Either they don’t have enough patience or runway with cashflow and this will cause too much stress that will end up taking the energy out of the creative process of becoming an entrepreneur. You may still be successful, but it will lessen your creativity to be successful faster and scale quicker than you could have.
Here’s some advice for aspiring entrepreneurs:
- Start a business on the side of your full time job—side hustle.
- Work on your idea/side business on nights, weekends or even your lunch breaks. (but still be professional in your job, of course.)
- Cut all of your expenses, build a cash pipeline by doing both, and build your business this way.
- Get to the point where you have assessed what your risk acceptability is.
- Have cash flow in the bank to cover your operating expenses.
Most people try to do what they like and want before they do what they need to. Sacrifice what you need to do now in order to put in the price to set yourself up for success.
Be patient, work hard, and you will watch your business bloom and grow organically.