Cannot think of being an entrepreneur due to shortage of time and money? How about part-time entrepreneurship?
Launching a startup requires a great commitment of time, energy, financial resources and most importantly compels you to leave a job that provides a regular income. Budding entrepreneurs have figured out a viable solution for it, ‘part-time entrepreneurship’. Whether you intend to become a full-time entrepreneur at some point or not, starting your company part-time can be a smart way to begin. As you start your business , keep these things in mind.
Many factors come into play when deciding to launch your company on a part-time basis. Before venturing part-time entrepreneurship, you need to weigh, if your idea of starting a business fits into your financial and lifestyle priorities. The basic criterion is to figure out if your would-be enterprise is adaptable to part-time work. One of the most common reasons behind part-time business decision making is that it’s the only way you’d feel comfortable becoming an entrepreneur or the only way it’s financially feasible for you. Mr. Pranay Gupta, Jt CEO at Centre for Innovation, Incubation & Entrepreneurship (CIIE), IIM-Ahmedabad says, “It’s practically possible to be a part-time accountant if your day job is of a corporate controller, but you probably shouldn’t plan on starting your own day-care center on a part-time basis.”
Just because you’re starting a part-time business doesn’t mean you can make a half-hearted commitment to your venture. The biggest challenge in becoming a part-time entrepreneur is to become dedicated to making a full-time impact on your new business in the limited hours available. Starting your business part-time might be the most feasible way for you to kick start your entrepreneurial dream, but you’ve got to take a lot of things into account in order to be committed. Rahul Mittra, CEO, Brandsmith says, “Be it a part-time or full-time business, entrepreneurs have huge responsibilities, so they cannot take it lightly.”
The key to your success in starting your business on a part-time basis might be recruiting someone, who really wants to help you succeed. It can be your boss or superior, who’s willing to help you as a mentor by sharing experience or accommodating time for your attempts to become an entrepreneur. It could also be a partner such as a spouse or friend, who wants to do this with you, creating a combination that adds up to more of a full-time capability. According to Mr. Anand Lunia, CFO, Seed Fund, “Some investment firms or franchise companies run training program to enable would-be franchisees to learn all facets of its business while operating part-time. This helps part-time entrepreneurs to seek time to shift to full-time business.”