Yesterday, I met a friend for coffee, who wanted to tell me about some new business ideas he has been working on. This friend, let’s call him Bill, is holding down a full-time job as an IT Developer with a fairly stable company. Bill, however, is a “lazy entrepreneur”. I’m sure you’ve heard the term before. A lazy entrepreneur is someone who keeps his day job while starting a new business or project on the side, working evening, weekends, and lunch breaks – sometimes to the detriment of those around him.
Another friend Andy has had ideas before,too. It seems like he has had three or four great ideas since we became acquainted a year or two ago. Now, though, Andy’s tone has become more serious. When he talks, he seems to be more focused on how and when he can give up his day job to become a full-time entrepreneur.
In my discussions with budding entrepreneurs, I often hear them comment about how frustrated they are with their current work situation and how they want to break free from their employer. These comments often leave me wondering whether these folks really want to make the leap into full-time entrepreneurship or just want to quit their jobs.
My advice to these people is simple – Don’t do it! Don’t give up a sure paycheck for a promise of a better one down the road. Don’t make the leap until you have done one of the following things:
1. Have actual sales or paying clients. I left my full-time job only AFTER securing our first paying clients.
2. Have a money-making website or system set up and actually making money. For example, if you’re going to be an affiliate marketer, make sure your system works and you haven’t bought into a scam.
3. Have at least six months cushion saved in the bank, in case your venture does not replace your income.
It’s that simple. If you have a job – keep it, even if you hate it. But that should be motivation enough to get you going.