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MenuWhat sort of day job should you get as an entrepreneur trying to launch your own business?
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If you're willing to simply get by while you work on your dream, look for an opportunity to get paid to work on that dream.
Look around. There are jobs that are incredibly boring and even afford the chance to read while you're on the job. That would be a great time for research, catching up on emails, etc
Night watchmen, late night store clerk, overnight hotel front desk person. You see these roles all the time and hardly notice.
Good luck
David C Barnett
I've been bootstrapping my own startup for about 12 months. IMO if you take a day job, you're sufficiently distracted to fail. I'm not sure how far down the entrepreneur path you are, but you'll realise that launching your own startup will take every hour you have. You'll work harder than ever - and you'll want to, because this is your idea. I sounds like you have accrued some skill and knowledge, so I would recommend consulting your expertise out to others. This let's you stay in control of your time, you pick the projects. If you can work on projects that are time flexible, then even better. If you can work in an area that also ties into your startup, then you're winning. IMO your "career progression" is what you learn from the entrepreneurial experience. To succeed, you need to put in 200% and the key is to make mistakes and make them quickly. If it all doesn't work out, then you can quickly get back to looking for a good job at a good company.
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I started my own conversion optimization agency over a year ago and I found out entrepreneurship takes all your time and focus.
You should be confident enough to know that you will make it, you will pay your bills and you'll launch the business. Of course, this depends a lot on your current status (I only had to provide for myself, I am 100% sure things change when you have children, for example).
The "safest" way to start is to continue working in your domain (the one you want to start your business in, I assume) and try and get one client on the side, in your spare time, without affecting your day job's performance. In the end, you have a name and that's what will help you succeed in your consulting business.
When you get that one client, you will feel much closer to your goal. You will have time to do your research and start promoting the business you are trying to build while being able to cover the bare minimum.
What I can tell you is that I started really giving it my all when I had no backup plan. Getting out of my comfort zone (as cliche as it may sound) helped a lot.
Good luck with your business!
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If you are starting your own business, you likely have a significant amount of experience in your industry, or passion which is just as good. I found that a lot of skills I developed while starting new businesses are transferable and there is a demand for them in a freelance marketplace. I have been consulting on and off for pretty much my whole career, even when being neck deep in a new venture. I would suggest identifying a few skills which you can sell by offering them on part-time basis: writing, programming, SEO, creative design, etc. Utilize your network by offering your services or even use larger freelance marketplaces like UpWork. I do not think I would have been able to sustain myself without this kind of work while bootstrapping a new idea.
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Here's the ONLY THING that matters to any entrepreneur: "your network is your net worth."
The cheesy saying about "it's who you know not what you know" is still around BECAUSE IT IS TRUE!
1. who is your perfect buyer?
2. where do these people hang out?
3. what is their #1 struggle & #1 dream?
4. add value - make their lives easier & ask nothing in exchange
Kind of like answering questions for free on clarity.fm ;)
Once they know, like and trust you, they'll listen and refer you to their network. Now you're in! Kind of like an undercover James Bond...
So any job that gets you closer to perfect buyers or gives you sales training is my #1 suggestion. Or a high-paying job that frees up your time so you can build your network on the side.
Gotta run and help more winners do less, better!
- Daniel
http://thedanielbennett.com
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If you are an aspiring entrepreneur, there are different career paths you can take to turn your dream into a reality. Which path you choose will depend on your experience, skills, finances, and flexibility, as well as your goals for the future. Even though some entrepreneurs have become successful without spending time in a traditional workplace, many people do have solid work experience before starting their own business. That experience equips them with the skills they need to get a business off the ground and up and running.
There are jobs that will hone your entrepreneurial skills while you learn the ins and outs of running a business. There are plenty of jobs with regular schedules that give you free time to spend on your own projects. There are also jobs and gigs where you can work a flexible schedule that leaves you time to pursue your passion. It can also make financial sense to start a new venture as a side job because not all new businesses are successful.
Having an income, you can count on while you grow your own business can be a solid strategy for success. If you focus on jobs that align with your aspirations, you’ll be able to develop the skills you need either to start your own venture on a full-time basis or as a side job or gig to eventually transition into your own full-time business. The jobs that are the best fit for you will help you gain experience in the career field or industry where you want to launch your own business. These are some of the positions that will give you the general experience you need to equip yourself for going it alone.
Whether you are starting a small local firm or planning to roll out your venture on a larger scale, strong social media skills will be essential. Whether you are starting out in a management training program or have moved up the career ladder, working in management will give you the leadership, people, and communications experience you will need to be successful. There are jobs where you do not have to bring the job home with you or work extra hours. If you are willing to dedicate after-hours time to your new venture, you will have the free time you need to get your business started.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
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What advice do you give to a 16 year old entrepreneur with a start up idea?
First, hat tip to you for being a young entrepreneur. Keep it up! If you have the funds to build out your MVP, hire a developer and possibly a mentor. If your idea is marketable, you don't need to give up equity by bringing in a co-founder. If this is your entrepreneurial venture, I would recommend you do retain a coach to help you see all the things you may not know. Have you already done your SWOT analysis? Have you identified your target market? What is your marketing plan? What will be your operating expenses? There are lots of questions to ask. If you would a free call, I'd be happy to help you in more detail. Just use this link to schedule your free call... https://clarity.fm/kevinmccarthy/FreeConsult Best regards, Kevin McCarthy Www.kevinmccarthy.com
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How much equity should I ask as a CMO in a startup?
Greater risk = greater equity. How likely is this to fail or just break even? If you aren't receiving salary yet are among 4-6 non-founders with equivalent sweat investment, all of whom are lower on the totem pole than the two founders, figure out: 1) Taking into account all likely outcomes, what is the most likely outcome in terms of exit? (ex: $10MM.) Keep in mind that 90%+ of all tech startups fail (Allmand Law study), and of those that succeed 88% of M&A deals are under $100MM. Startups that exit at $1B+ are so rare they are called "unicorns"... so don't count on that, no matter how exciting it feels right now. 2) Figure out what 1% equity would give you in terms of payout for the most likely exit. For example, a $10MM exit would give you $100k for every 1% you own. 3) Decide what the chance is that the startup will fail / go bankrupt / get stuck at a $1MM business with no exit in sight. (According to Allman Law's study, 10% stay in business - and far fewer than that actually exit). 4) Multiply the % chance of success by the likely outcome if successful. Now each 1% of equity is worth $10k. You could get lucky and have it be worth millions, or it could be worth nothing. (With the hypothetical numbers I'm giving here, including the odds, you are working for $10k per 1% equity received if the most likely exit is $10MM and the % chance of failure is 90%.) 5) Come up with a vesting path. Commit to one year, get X equity at the end. If you were salaried, the path would be more like 4 years, but since it's free you deserve instant equity as long as you follow through for a reasonable period of time. 6) Assuming you get agreement in writing from the founders, what amount of $ would you take in exchange for 12 months of free work? Now multiply that by 2 to factor in the fact that the payout would be far down the road, and that there is risk. 7) What percentage share of equity would you need in order to equal that payout on exit? 8) Multiply that number by 2-3x to account for likely dilution over time. 9) If the founders aren't willing to give you that much equity in writing, then it's time to move on! If they are, then decide whether you're willing to take the risk in exchange for potentially big rewards (and of course, potentially empty pockets). It's a fascinating topic with a lot of speculation involved, so if you want to discuss in depth, set up a call with me on Clarity. Hope that helps!
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How was SnapChat able to grow so quickly?
I'm answering your question assuming that you hope to be able to replicate it's own success in your own mobile app. There are a couple of factors responsible for it's growth that are instructive to anyone building a mobile app. "Leveraging the intimacy and privacy of the mobile phone." We now have an *intimate* relationship with our phone like no other device in the history of technology. Every internet company that started before around 2010 has built their core interactions around "the old web" one which was accessed primarily via a browser on a computer. Companies that start with a clean slate, should be building their interactions around how to do whatever the app is supposed to do while leveraging what is unique to people's relationship to their mobile devices. Photo-sharing has become a core part of the way we communicate now. Snapchat built something that provided an experience that leveraged the feeling of privacy and intimacy that is unique to mobile. "Provided an escape from the "maturity" of other online services." Too many parents, aunts, uncles and other "old people" have encroached into the social networks of teens and young people. As a result, they've had a desire to find places to express themselves in places inaccessible by older generations. An important distinction is that it's not just parents and relatives that young people are trying to avoid, but also employers & colleges who are increasingly using "mature" social networks to review applicants. "Leveraged PR even bad PR" The fact that the app got so much press about it being used to sext was perfect PR for the company, as it essentially reinforced the brand experience that it has today. Essentially, "if it's safe enough to send a sext, it's safe for any kind of communication I want to have." And although the safety and security of Snapchat is actually not as advertised, it still enjoys the reputation of having less impact than any primarily web-based service. Building a successful mobile application is one of the hardest challenges to face designers, programmers and entrepreneurs in the history of writing software. Happy to talk to you if you're considering building a mobile app, about what I've learned about the "table stakes" for success.
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If I have a business idea for a large company, how can I give it to them and mutually profit, without them just taking the idea and squashing me?
Probably not the answer you're looking for, but companies have so many unimplemented ideas that the likelihood of partnering to implement someone else's idea is really low. And besides which, the idea is not something that has much value in and of itself. If you're passionate in the idea, build it yourself. That's the only way you can have leverage.