“While starting a business involves risk, working for a traditional employer is not risk-free.” – p. 24, What’s Stopping You?: Shatter the 9 Most Common Myths Keeping You from Starting Your Own Business, by: Bruce R. Barringer & R. Duane Ireland
Of all the reasons that exist for not starting a business, I think that at the top of the list is the idea that business is risky. This is why I advocate for risk mitigation by starting a business on the side while you’re still employed.
If your side business isn’t taking off the way you had hoped, you can make course corrections while you are employed without the worry of losing your income in the process. This means you’ll probably need to keep working for your employer until you get it right.
If your side business is successful while you are employed, you have more flexibility, more freedom, more security than if you were just an employee. And in the face of a layoff, you’ll have a buffer in place until you decide what to do next with your career.
Life is full of risks and starting a business is just another one of those risks. How big or how small of a risk you take it up to you, but I advise to start small.
Takeaway: Start your business on the side now and then you can always decide to take a bigger risk later if you take on your business full time.