The notion of quitting a steady job prior to having established a self-sustaining venture has been a debatable topic for eternity. Leaving your full-time job to pursue your passion and build a start-up can seem like a daunting move. While a majority of the population takes cognisance of the benefits of entrepreneurship, a significant number of them are hesitant to quit their day jobs which are indisputably regarded as the income anchors.
Entrepreneurs boost the economy, foster innovation, and generate employment. Individuals with an entrepreneurial bent of mind hone in on their skillset and mindset alongside leveraging professional networks in the hope of significantly enhancing their financial resources as well. So far, so good, right? However, taking up something remotely innovative also hints at the likelihood of the idea turning out to be bad. The world is incredibly complex, and the majority of ideas (and the presumptions they include) are often erroneous. Up to 90% of start-ups fail, according to the most recent research. The typical year-one failure rate across practically all industries is 10%. However, a startling 70% of new enterprises will fail in years two through five.
An important piece of research by Dr Joe Raffie (Assistant Professor of Strategy, University of Southern California’s Marshall School of Business) revealed that hybrid entrepreneurs—those who work while launching a business—have a 33.3% lower risk of a catastrophic exit. The odds are stacked against you as an entrepreneur just by the mere consideration of getting into this business. It could spell the difference between success and failure if you can scrounge up any advantage or edge. Consider the similarity between Steve Wozniak, Sarah Blakely and Henry Ford – all three of them had 9-5 jobs while simultaneously constructing some of the most profitable business empires of all time (Apple, Spanx and Ford).
Let us look at the five reasons why resorting to hybrid entrepreneurship is a viable option:
1. Freedom of cultivating skillsets that are implausible in a day job
Hybrid entrepreneurship provides individuals with the liberty to build something that they believe in without having to fret about financial ordeals and derive unmatched levels of fulfilment. Also, with the monetary problems at bay, one can be empowered to take more risky decisions for the start-up. Considering the dynamic nature of employment, job security may soon be a thing of the past when a recession approaches. A side business can give you the extra money you require to enrich your lifestyle, pay off debt, strengthen your financial security, or all of the above.
2. Retention of a valuable network
This is probably one of the most underrated aspects of a start-up. When you leave your job to establish anew, you inevitably lose access to numerous resources in your network, which makes it more arduous to get the necessary help, support, investors, and clients.
3. Better equipped to deal with failure
This crushing strain of failing start-ups is incomprehensible unless you become a part of the lot. When something goes wrong, or you experience failure in hybrid entrepreneurship, you won’t view it as the end of the world because it would be relatively easier to land a solution since there will be something to fall back on.
4. More time before the runway clock ticks off
Runway refers to the period of time a startup can operate while incurring a loss before going bankrupt. It is the time frame after which your firm won’t be able to survive the market if the income and expenses stay the same. With the aid of more funding and revenue, you attempt to prolong your runaway, but what if all of this happens in a jiffy? The likelihood of failure is enormous. Additionally, having steady employment will ensure that the business proceeds at a moderate pace allowing plenty of time and opportunity to make things work.
5. Liberty to experiment and explore
Having a steady source of income can be a great driving force to broaden the horizons of experimentation and exploration without having to worry about finances.
Having said this, hybrid entrepreneurship always brings with it a ton of hardships that need to be dealt with in order to make the most of your venture. From handling time constraints to ascertaining that there are no dips in the productivity levels on the job, the pathway to nailing hybrid entrepreneurial goals is a tough one to tread. Additionally, there is always the subjectivity factor that comes into play. The decision of whether or not to take the leap is dependent on a multitude of factors and should be reached following an intricate analysis of the market that one wishes to penetrate into.
Authored by Delphin Varghese, Co-Founder & Chief Business Officer, Adcounty Media
46 comments
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article. https://www.binance.com/sk/join?ref=YY80CKRN
Very engaging and funny! For more information, visit: EXPLORE FURTHER. Let’s chat!
CBD gummies are a serviceable and yummy like https://www.cornbreadhemp.com/pages/how-long-does-it-take-for-thc-gummies-to-kick-in spirit to like the capacity benefits of cannabidiol (CBD). Made from hemp extracts, they offer a prudent and pre-measured amount of CBD to promote relaxation, trim down emphasis, and manage pain or inflammation. These gummies are non-psychoactive, containing infinitesimal to no THC, and happen in many flavors and strengths to suit dissimilar needs. They’re supreme repayment for beginners and trained users similarly, providing an serene, enjoyable wellness boost.
Im grateful for the article post.Really thank you! Fantastic.
Hey There. I found your blog using msn. This is an extremely well written article.I will make sure to bookmark it and come back to read moreof your useful information. Thanks for the post.I will definitely return.
สล็อตออนไลน์เกมคาสิโนยอดนิยมชั่วกัลปวสาน เล่นง่าย แจ็คพอตแตกไวต้องที่ UFABET จ่ายจริง จ่ายเต็ม มีเกมให้เลือกจำนวนมากทั้งพนันบอล บาคาร่า ยิงปลา มาเว็บแห่งนี้เว็บเดียวบอกเลยคะขอรับว่าโคตรคุ้ม สร้างรายได้กล้วยๆจบที่เว็บไซต์ UFABET ได้เลยค่ะครับ
A round of applause for your blog post.Thanks Again. Great.
I could not resist commenting. Perfectly written!My blog: foot massage techniques
Hi! I just want to offer you a big thumbs up for the great info you have got right here on this post. I’ll be returning to your blog for more soon.
Hi there, I read your new stuff regularly. Your humoristic style is awesome, keep it up!
Hello there, just became aware of your blog through Google, and foundthat it is really informative. I am gonna watch outfor brussels. I will appreciate if you continue this in future.Many people will be benefited from your writing. Cheers!
Amoxicillin Side Effects Toddler Black Stools
A big thank you for your post.Really looking forward to read more. Awesome.
Thanks-a-mundo for the article. Fantastic.
Awesome blog post.Really thank you! Really Cool.
Really appreciate you sharing this blog. Really Cool.
Thanks for sharing, this is a fantastic blog post.Much thanks again. Fantastic.
This is one awesome blog article. Awesome.
Have you ever heard of second life (sl for short). It is basically a online game where you can do anything you want. sl is literally my second life (pun intended lol). If you want to see more you can see these sl articles and blogs
Thanks a lot for the blog article. Much obliged.
Thanks again for the post.Much thanks again. Want more.
Awesome blog article.Really looking forward to read more. Keep writing.
Hey! This is my first visit to your blog! We are a groupof volunteers and starting a new project in a community in the same niche.Your blog provided us valuable information to work on. You have done a outstanding job!
西地那非(英語:Sildenafil),又譯昔多芬,是一種研發治療心血管疾病藥物時意外發明出的治療男性勃起功能障礙藥物。為管制藥品,需醫生診斷後才可開立服用。必利勁
It’s nearly impossible to find well-informed people in this particular subject, however, you seem like you know what you’re talking about! Thanks
Thanks again for the post.Really thank you! Want more.
I am so grateful for your article post. Awesome.
Really appreciate you sharing this article post. Want more.
Wow! This blog looks just like my old one! It’s on a completely different topic but it has pretty much the same layout and design. Excellent choice of colors!
You have brought up a very great details , thanks for the post.
Hello, I read your blog daily. Your story-telling style is awesome, keep doing what you’re doing!
I have read so many content concerning the blogger lovershowever this piece of writing is actually a fastidious post, keep it up.
Its such as you read my thoughts! You appear to grasp so much about
Normally I don’t learn post on blogs, however I would like to say that this write-up very compelled me to take a look at and do it! Your writing style has been surprised me. Thank you, quite great post.
Awesome article post.Thanks Again. Great.
WOW just what I was looking for. Came here bysearching for is
This is a good tip especially to those fresh to the blogosphere. Short but very precise informationÖ Thank you for sharing this one. A must read post!
Thanks-a-mundo for the article. Fantastic.
I delight in, cause I discovered exactly what I used to be looking for.You’ve ended my four day long hunt! God Bless you man. Have a nice day.Bye
A big thank you for your post.Really thank you! Great.
Thanks for sharing your thoughts. I really appreciate your efforts and Iwill be waiting for your next post thanks once again.
ed solutions – free samples of ed pills generic ed pills
Aw, this was a very good post. Finding the time and actual effort to make a great articleÖ but what can I sayÖ I put things off a whole lot and never seem to get anything done.
Hey! Do you know if they make any plugins to assist with SEO?I’m trying to get my blog to rank for some targeted keywords but I’mnot seeing very good gains. If you know of any please share.Thank you!
Your article helped me a lot, is there any more related content? Thanks!
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.