Monday, September 23, 2013
On the Business path: Full time vs. Part time-5
From my perspective, I kinda like being a part time owner since I know that if something goes wrong I don’t have to look for another job since I have already one and also I will know that my venture is growing or failing and I can adjust accordingly. I have the financial means to support my family and also start on the side but the crucial part is that you need to have the support of your family (another post). And also you need to allocate time for the venture (any time not doing anything like taking care of household chores, family matters etc) and whatever money you can save, you can put it in your business. But don’t think that you will be doing other stuff while not thinking about your business since once you have started you would want to constantly think about what you want to do with it. So my recommendation is to start a business on the side while you have a regular day job which funds your daily expenses, while you built up the business to a level where you will ultimately want to replace your day job with being a full time owner. And even for students who see all these young tech millionaires and billionaires, my advice is that you should finish your studies till at least the four years of college and if you have an idea for something during your college years than you should keep on working by the side because to me education is important. Although nowadays college has become the means to secure a job but there is no harm to educate yourself and besides nobody can steal your education from you. So go part time and when you get enough revenue from the business that you can comfortably cover your monthly expenses and then save some than go full time.