Should you be considering entrepreneurship?
Ever harboured the idea of starting something on the side while still holding on to your day job?
You are not alone.
However, you may be like the more than 70% of employees in the world who are postponing this thought due to various reasons (excuses): not enough time, do not know what to do, do it when I am more experienced, not enough money etc.
According to a Wall Street Journal article, 3 out of 4 start-ups fail.
The figure may be more depressing, as this is only the statistics of venture capitalist backed start-ups. Which means the “not enough money” factor has already been taken out of the equation.
So should you still go ahead and sack your boss?
Our experience tells us that you should not throw in the letter so hastily but may want to try to start something small on the side first instead.
Here are some reasons why:
1. No job is secure
With even major banks cutting staffs in the thousands, there is no such thing as a secure job anymore.
So should you wait for your turn to come when you are in your fifties and see the sky dropping onto you, or should you plan something on the side quietly now?
Consider starting something small, something that doesn’t make enough to maintain your current lifestyle now but allows you to have the luxury of time to build it up while you are still having your day job.
2. Digitalisation has changed the real world
It used to be a must to have deep pockets in order to start a business; you need the money to rent an office, buy advertising space or even to buy some materials.
However, technology has changed everything and the rising popularity of social media has created jobs that never existed before iPhone.
There is now a huge demand by small & medium companies for outsourced jobs like a digital marketer, freelance designers, bloggers to write reviews & articles, photographers etc.
This is evident with the rise in the number of online platforms for freelance designers, copywriters, photographers etc. to connect with businesses.
These platforms allow freelancers with the skills to list their work online and connect them with the small & medium companies (SMC) worldwide.
These SMCs will most probably need the service only once or twice a year and it makes no sense for them to employ a full-time staff for it.
And, with the right skills, you can provide the solution at the comfort of your room or while chilling out in a cafe, during your free time.
3. Not now then when?
You are young, have an idea and have a steady income stream from your day job that helps you pay the bills.
If not now, then when?
When you first started out to work, you tell yourself you do not have enough experience.
When you are in your thirties-forties, you are convinced you have too many commitments (family, credit card etc.) to take the plunge and start something.
When you are in your fifties-sixties, you say it is too late to start a company and that you do not have enough time to build it up.
There is never the perfect time.
The first step to achieving anything in life is always to START.
You need to take this first step, be it to take up a part-time course to learn what you need, register your company or start talking to partners...just start.
4. Failure is now a valuable asset
Yes you heard us right, failure is highly sought after by employers now.
Venture capitalists are saying openly that they are not going to invest in you if you have not failed before. Companies are looking for managers who have started (and most probably failed which explains why you need a new job) their own business to lead their teams.
This is most probably, because of the fact that, it is only through a failed business then will you know the possible pitfalls of doing business and learn from that experience.
Start early, fail early, stand up again and start again.
Even if you decide to go back to the workforce again, that experience is bound to give your CV a few bonus points.
5. Cheaper marketing
Marketing has become much cheaper as compared to pre-Google days where an advertisement on TV can easily set you back by more than how much you have in your bank.
It is not going to break your bank now to advertise and reach out to your potential clients with all the digital means available.
In fact, if you have a sound digital strategy, it may even be free for you to shout out your business to the public.
If an education on digital marketing is all you need to start the ball rolling, just take it and kickstart your backup lifeline now.