Here is the case for keeping your day job:
- Startups require capital, and your day job can be that source of capital.
- Startups are risky, and having a day job is your "safety net", until you are sure your startup has gained enough traction to feel comfortable quitting your day job.
- Startups require focus and a lot of hard work, and working on it part-time is not doing it any justice.
- Startups require speed and an all-out sprint to stay ahead of potential competitors.
- Investors are not interested in backing a "part-time" team
- Prospective employees are not interested in working for a "part-time" CEO
My recommendation to entrepreneurs is as follows:
- If you can afford to quit your day job, you should. Anything less than full-time focus is disadvantaging the startup's focus, efficiency, speed, hiring and financeability.
- If you cannot afford to quit your day job, you need to understand you are materially handicapping your odds of success.
- You should only keep your day job in startups where you are not worried about keeping a first-mover advantage, up against current or potential future competitors.
- That all said, if you are risk-averse (which questions whether or not you should even be an entrepreneur in the first place), getting your business to proof-of-concept first, before quitting your day-job, can certainly be an appealing option for you.
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