This is the #1 bit of advice I have heard from a lot of really smart people. Your day job is an important source of income and until you have enough money saved for 2 years of runway or revenue from your start-up to cover your living expenses … “DON’T GIVE UP YOUR DAY JOB”.
Photo Attribution: Desk Pictures by funny strange or funny ha ha’s
The first time I heard this referenced was when Rick Sigel, at the time with JLA Ventures, came to Ottawa on his VC traveling road show at the Clock Tower. That was great session and one of the little nuggets of wisdom I took away from that was “DON’T GIVE UP YOUR DAY JOB TOO SOON!”
If I don’t give up my day job how am I ever going to start my business? Well … have two jobs … your full time gig to pay the bills and work on your start-up part-time. This is a whole lot what it will be like when you do make the leap anyway. Having your own business especially early on is way more work than a 9 – 5 so having two jobs helps you prepare for the journey ahead.
TeamCamp is an excellent option for the novice Wantrapreneur or start-up in waiting. Chris has some great sessions and there is always a good group of people to bounce ideas off of. WE meet twice a month … starting a business requires persistence which is why we meet regularly. There is a variety of topics, speakers and hands on sessions always a good time.
The BIG Lunch is coming April 21st so stay tuned … this is another option to further your entrepreneurial aspirations. Please take our survey or feel free to contact ian [at] thecodefactory [dot] ca for more details.
Ian Graham
Filed under: Entrepreneurship, Featured, Ottawa, Start-up, The Code Factory by Ian
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Photo Attribution: Meeting Lille Metropole by fdecomite
Please take our survey.
When you are starting a business it can be pretty challenging; balancing work and life (trust me there is no balance early on), finding financing, partners and a host of other issues. If you are an entrepreneur or a start-up would like to hear from you. Please take our simple 1 question survey and let us know your thoughts on the BIGGEST challenge starting out.
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I had the opportunity to speak in front of just 200 over young Engineers last week at a conference. Thank you for the opportunity Abhinav and Daniel. After the event a dozen or more young engineers came up to chat with me. The most common question :
How do I know when it is time to leap?
Photo Attribution: CLIFF JUMPING/DIVING PROHIBITED by Better Than Bacon
Really tough question … the short answer is most times you don’t know with any kind of Engineering precision. Taking that leap of faith means; IMHO peering through the fog that shrouds success, deciding based on what you know at the time that success is achievable and going all in by “burning your boat.” Here are some of my suggestions for your consideration on how to decide if today is leap day;
- Don’t give up your day job too soon! (I know it is not a question but …)
- Can you feed yourself?
- How are things on the home front?
- Are you ready to burn your boat?
- If everything goes wrong and you fail … are you OK with that?
- Do you have a business partner(s)?
- How do you feel about your idea?
- How do you feel about making the leap?
- What will you do to make the business successful?
I will be writing a post on each of the points above over the next few weeks.
Ian Graham
PS, Leap Day for TheCodeFactory was February 29th, 2008 … and that is a TRUE Story.
Filed under: Entrepreneurship, Featured, Ottawa, Start-up, The Code Factory by Ian
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