Discussion in 'General Business Chat' started by 2 Dollar, 9th Nov, 2016.
Do you want to be in business but can't get started?
If so, what are the reasons?
I think one of the biggest things that stops people starting is the transition from paid employment to working full time in a business.
Unless you have significant capital behind you or are in a position to transition gradually (for example, consulting on the side, or working part time, or starting small from your garage, etc), then it is often a very difficult (and risky!) step for people to take.
I know a few people (myself included) who took the challenge of redundancy as an opportunity to launch a new business instead of looking for a new job. I was already doing some work on the side for some of my friends and my consulting / development work required relatively little capital to start up (computer, phone, internet), so it was quite an easy transition for me.
I don't see why more people don't do the gradual transition while still working.
With the tools available today, you can expose yourself to massive markets in your own time from anywhere.
The barriers have been greatly reduced since before and even the early days of the internet.
Just further to my comments - great episode of The Startup Chat podcast which might be helpful to some people:
117: How to Leave Your Corporate Job - The Startup Chat with Steli & Hiten
Of course - but it also depends on the nature of the business you're trying to start ... not everything lends itself to working part time ... some types of business require you to go all in.
A couple of things
1) Time - Im not based in Australia and while its easy to say the technology allows you to work from anywhere - trying to do this on start up is exceptionally difficult.
2) Opportunity cost - while there is the potential for much greater returns long term, the first few years of a company start up can be difficult. For those on a high income - moving to a low(er) income for a few years is a significiant cost.
3)Risk - why leave a cushy job to take on all that work on something which may or may not succeed.
4) Finance - Who will bank you
6) any other excuse.
This is what I'm doing now, gradual transition while having a supplement income on the side. The business doesn't require a lot of capital but requires a lot of my time until I get traction and prove that what I do adds value to my clients. Till then it's going to be one milestone at a time.
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