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Entrepreneur with a job!

by ckbank
29 replies
Hi everyone,

I'm just wondering a single thing. Would you say it's better to be an entrepreneur with a 9 to 5 or focus solely on your own business. Here is why I'm asking. Let's say I am making couple of thousand dollars a month. Bam. Everything stops. What then? What does a person put on a resume?
#entrepreneur #job
  • Profile picture of the author Mo Goulet
    There is an old saying that goes like this...

    "You work your job to maintain an income and focus on your business in your off hours to build your fortune."
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  • Profile picture of the author Michael Oksa
    There really is no single, correct answer to this question. Everybody is different, so you need to ask yourself a few questions to come up with the best answer for you.
    • Do you feel rewarded by your current job?
    • How much more will you make entrepreneuring if you don't have a J-O-B?
    • What about the freedom to set your own schedule?
    • How self-motivate are you?
    • How do you handle crises at work now?
    • Are you ready to take care of everything your current employer is taking care of? (Taxes, insurance, social security, retirement contributions, etc.)
    • What happens if your job goes away tomorrow?
    • Would you need a resume in the future?
    • How much risk can you tolerate?
    ...and the list goes on.

    You can take steps to mitigate your online risk; implement those and you don't have all that much to worry about.

    Finally, don't make the mistake of assuming any job is more secure than owning your own business.

    All the best,
    Michael
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  • Profile picture of the author fluffythewondercat
    "Entrepreneur with a job!"

    Is that as dangerous as a programmer with a screwdriver?

    (Sorry. Old Silicon Valley joke.)

    What was the question again? Oh, yeah. Better to have a job and do your business or just do your business.

    (My cat does her business in the flower bed.)

    Heck, why not have the best of both worlds? Get a government job and you can run your business from your office.

    The serious answer is no one can really say, because it depends on you. I quit my job (which was becoming politically intolerable) and struck out on my own. The business failed. I picked myself up, dusted myself off and tried again. A few years later I was making a nice full-time income on eBay, but working much too hard.

    fLufF
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  • Profile picture of the author MattCatania
    That's the thrill of entrepreneurship - the greater the risk, the greater the potential reward. It's the unlimited cap on income that can be achieved and the freedom that money can bring that drives people towards this type of lifestyle.

    Some people aren't cut out for this world, and would rather follow their passion as an employee, and there is absolutely nothing wrong with that, at all.

    I'll leave you with this inspiring quote:
    "Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t."
    – A student in Warren G. Tracy’s class
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  • Profile picture of the author kylenelson24
    Depends on how YOU work. Noone can answer this besides yourself. I personally own several business (brick and mortar and web based) and i still have a part time job to just pay the bills but i manage my time accordingly. Just don't over do it the only reason why i can pull it off is because i have a great team of people assisting me and supporting me. I wouldn't quite your job anytime soon though. Some say you should be making 3x the amount of your 9 to 5 to even CONSIDER quitting.
    Good Luck!
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  • Profile picture of the author Christophe Young
    Heck, why not have the best of both worlds? Get a government job and you can run your business from your office.
    That's exactly what I'm doing! Hey, my day job is becoming intolerable as well but I know I have to hold onto it until I'm making way more online. It's the smart thing to do.

    Would LOVE to quit this freakin job tomorrow but I can't. Sometimes you have to surrender now so you can be victorious later. Or something like that.
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  • Profile picture of the author marketinguk
    I have been having to juggle a full time job with my online businesses and i know which one suits me better, it's the freedom to do what i want when i want and how i want. I am too self driven to want to be constrained under a boss as an employee for long. To be fair my boss knows this and accepts i need to do what suits me best.
    However, like Christophe said it's a difficult balance as you don't want to quit until you're confident enough that you can make a real go of it and succeed online.
    I am taking a risk leaving the safety of employment to going full time online, but it's a decision and a risk i'm comfortable with.
    Joel
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    • Profile picture of the author JohnMcCabe
      Must be all single people answering this one, because I haven't seen anyone mention whether there is another person involved in the decision.

      Do you have a spouse, partner or significant other that should have some input into such a decision?

      Do you have kids or other dependents who would be affected by an unexpected change in fortune?

      As far as what you put on the resume, just tell people you ran your own company until whatever event made that untenable. Now you need to go back to work. One thing to think about, though. Many employers look at self-employment as a red flag, thinking that you will only be around until you go off on your own again and don't need them anymore.
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      • Profile picture of the author TheArticlePros
        Originally Posted by ckbank View Post

        Hi everyone,

        I'm just wondering a single thing. Would you say it's better to be an entrepreneur with a 9 to 5 or focus solely on your own business. Here is why I'm asking. Let's say I am making couple of thousand dollars a month. Bam. Everything stops. What then? What does a person put on a resume?
        Every dollar you take out of your personal business adds stress to that business. Every one of them. If you have a job and you still have time to work your business, keep on doing it until you have enough money in the bank that you don't need income for 12 months. Once you get to the point, then leave your job and focus on your business and live on your savings. You'll be surprised what you can come up with.

        Originally Posted by fluffythewondercat View Post

        Heck, why not have the best of both worlds? Get a government job and you can run your business from your office.
        I'm in this boat right now, but it's not as easy as it used to be. My State office has tons of firewalls in place - no social media, can't see anything that's classified as a blog, every single thing I do is recorded by a server somewhere. I generally stick to the WF in-between tasks and I keep my Gmail up so that I can at least answer questions when they come in for my WSOs and WFH threads.

        -- j
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        • Profile picture of the author Brant
          If you could not afford to live, and live well (not luxuriously, but at least eat good food in good amounts, pay your utilities, maintain and fuel your car, keep the roof over your head, maintain your insurance policies) for at least the next half-year on your current savings, then maintain your j-o-b for now. If you must maintain it, then what you do is work on your entrepreneurial business for one hour every day, and work on it for at least four hours per day on weekends (assuming you have weekends off). During those hours, do not allow any disturbances at all, unless there is a real emergency. You just keep doing this day in and day out until you wake up one morning to find that you really can kick off your j-o-b.
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  • Profile picture of the author Devin X
    Banned
    You gotta base your decision off of what's at stake. If you have responsibilities then I would strongly advise you to keep your day job until you have more money flowing in than you know what to do with.

    This doesn't apply if you live with your mom and have no responsibilities or worries. In that case, quit your job and go for the gold, because if you fail then you know you're not risking anything. ^.^

    I'm gonna assume that the former applies to you though.
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  • Profile picture of the author onlinesolutions1985
    If you are a risk taker, go for being an entrepreneur full-time. However, if you want to play it safe much better stick with your day job. Then, have a business as your sideline. Later on, when things get out of hand, income is flowing constantly and you see for yourself you will be doing well with your business do quit!

    Nothing beats being free to do what you love and do best.
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  • Profile picture of the author theory expert
    Banned
    A government job I wish. Who knows what my life would have been had the right job at the right place and time would have entered my life. I would have lost all my grand imagination, dreams, and, settled in for a simple life. Instead I became a gambler, risk taker, dreamer, and, live on an island.
    :confused:
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  • Profile picture of the author Christophe Young
    I'm in this boat right now, but it's not as easy as it used to be. My State office has tons of firewalls in place - no social media, can't see anything that's classified as a blog, every single thing I do is recorded by a server somewhere. I generally stick to the WF in-between tasks and I keep my Gmail up so that I can at least answer questions when they come in for my WSOs and WFH threads.
    I hear you. How funny!

    I'm going through my state office server and god knows what they are finding out about my browsing habits. I'm on the WF at work at least two hours every day. I can't even get to my own site through the company firewall.

    Soon I'm going to get a laptop with WIFI so I can do what I want. Will just have to hide it when the boss walks by.
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  • Profile picture of the author Randall Magwood
    Nothin wrong with having a business and a high paying job also. I'm starting school in August for my passion computer networking. And guess what's paying for it?... That's right, my internet income. 2 jobs can pay bills and allow me to visit Vegas with my girl on the weekend.
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  • Profile picture of the author sdentrepreneur
    I bought my first business (gas station) when I was 28, was in that business for 18 years and am going on my 5th year with Internet Marketing. I care ZERO about a resume, I will NEVER work for anyone the rest of my life. Would you agree that most serious entrepreneurs are unemployable?
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    • Profile picture of the author ckbank
      I agree most serious entrepreneurs are sort of unemployable, but here is the problem. What do you do if you are really fresh? I'm correct to assume you gotta have a real job for certain number of years and try entrepreneurship once you've saved enough dough, right?
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      • Profile picture of the author mmallor
        So many great points on this thread, but I think it comes down to what you value most. If it's stability/peace of mind, the 9-5 is probably right. But if it's the thrill of freedom, entrepreneurship is the ultimate way!
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  • Profile picture of the author blalock61
    I love to hear how these government employees in this thread are sticking it to the taxpayer on a daily basis.

    If you are able to surf the WF, social media, answer emails, etc for hours during the day while you are suppose to be working, your so called job needs to be eliminated.

    You are doing nothing more than stealing money that other folks have worked hard to earn but have had it taken from them at the point of a gun.

    Stop mooching off the taxpayers.
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  • Profile picture of the author InternetBullDawg
    I started my first business when I was 26 in the accounting field. I was lucky in that my prior employer retired from doing business accounting and I was able to carry the clients with me to my new business. It was tight for around three years but I finally got to the position where I was making twice what I made at my old job and making more than my previous employer.

    During the slower part of the year I was doing internet marketing. Recently though I have found my true calling in the IM field is be a graphic designer. I've been building websites for accounting clients for many years. So I am going to start offering graphic design services soon. Really turning it from a hobby into a real business.

    Myself I would never go back to working for someone else... if at all possible. You never know what is going to happen. I suggest making sure you have atleast one year worth of savings before you start your business and quit your job. That way you will not be in a bind if your business fails.
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  • Profile picture of the author brookman12
    I've been working as an Entrepreneur for about 6 years and took a big risk to quit my job and go it alone. Although there's a lot of pressure at first if you believe in what you are doing and put in the effort you can definitely make it work. I'd hate to go back working 9-5 for someone now!
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  • Profile picture of the author Anonymous Affiliate
    Originally Posted by ckbank View Post

    I'm just wondering a single thing. Would you say it's better to be an entrepreneur with a 9 to 5 or focus solely on your own business. Here is why I'm asking. Let's say I am making couple of thousand dollars a month. Bam. Everything stops. What then? What does a person put on a resume?
    That's not an entrepreneurial-minded approach at all, in fact.

    A)     Entrepreneurs accept that there's always risk involved in any venture they undertake.

    B) Entrepreneurs don't care what's on their resume, since they don't plan on presenting their resume to any employer.

    My resume is laughable. There are more holes in it than in a Swiss cheese (many gap years traveling and whatnot). I couldn't care less, since I will never make any use of it. Just like my university business degree: it's gathering dust somewhere at my parents' basement, not really sure where. I couldn't care less. I will never use it.
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  • Profile picture of the author InternetBullDawg
    Yeah I would have to say "what resume" for myself. Other than listing my education there would not be much in the job area. I've only had one job and that was starting out as a secretary and then becoming an accountant at the same job.
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  • Profile picture of the author bamstk090
    focus that you like to do, if you love to being enterpreneur so do it

    "Everything will be okay in the end. If it's not okay, it's not the end"
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    • Profile picture of the author fluffythewondercat
      When I said...

      Heck, why not have the best of both worlds? Get a government job and you can run your business from your office.

      ...it was a joke. A throwaway remark.

      Years ago I worked many temp jobs. One thing I learned early on is that often temps are hired not because they need someone to do the work in place of the person who's out on vacation, but because the manager always has to justify his headcount. See, you've got Sheila the admin or Jacob the clerk who are basically kept on because the more people under a manager, the more important that manager is. If Sheila or Jacob goes on vacation, a temp must be hired to preserve appearances.

      So I'd be on an assignment and there would be maybe 30 minutes of work to be done that day, which means I'd have to creatively look busy for 7 hours 30 minutes because nobody cares if you do nothing as long as you don't look as though you're doing nothing.

      I assume government servitude is the same, only more so. Don't be too hard on our brethren -- they didn't invent the system and to their credit, they're trying to leave it in order to do real work.

      fLufF
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  • Profile picture of the author Michaelangelo Flores
    Nothing wrong with working in a job. If working for people sucked that bad, then nobody would be working for me.

    It's just that some people are meant to be business owners, and some are meant to be employees. All that matters is that they love doing what they do.

    You can't have too many chiefs and not enough indians. Nor can you have too many indians and not enough chiefs.
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  • Profile picture of the author michaeljcheney
    I've only had one job, ever, and i QUIT it 10 years ago.

    I don't regret it one iota. Everyone's different of course but, for me, I needed to have a safety net of 50% salary equivalent coming in from the online stuff before I told my boss to shove it.

    Work gets in the way - it stifles your creativity. be bold, be brave. You only live once and you don't want to have regrets.

    Yes, have a safety net but don't wait too long...
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