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Tips From Successful Entrepreneurs Still Keeping Their Day Jobs

Tips From Successful Entrepreneurs Still Keeping Their Day Jobs
Are you cursing every hour between 9 and 5 just wishing you had more time to spend on your startup? No matter how ready you feel you are to start your business, keeping your day job for a while may be a good move.
You want your business to succeed, but focusing on it full-time may not be the answer you’re looking for. If you take the advice of the countless successful entrepreneurs who didn’t take the plunge into full time entrepreneurship right away, you may just be convinced that keeping your full-time gig while your business grows is the way to go. So what do these successful entrepreneurs have to teach us about growing a business while working full time? Here’s what they have to say:

1. Make sure there is a market need

If you look at why businesses tend to fail, you’ll see that the number one reason is that they create things that there is no market need for. It sounds like it should be obvious, but it’s not. It’s actually common for entrepreneurs to believe their idea is great and that it should be a success, only to find out after a huge investment and time and money, that it’s a failure. In fact, Shari Senderoff, who co-founded Career Sushi, a career marketplace that connects the world’s freshest minds with the most innovative companies, says making sure there’s a market need should be priority number 1.

2. Plan

Planning is crucial when it comes to being successful. If you start down one path and find that it’s not quite right, evolving and being able to plan the right move to make next is key. Israel Idonije not only plays for the Chicago Bears, but he also is the founder and CEO of Athlitacomics a sports hero comics line. “Launching a new endeavor while still employed full-time allows you to take your time and test the waters to gauge its potential for success. And most importantly adjust for the next play,” he shares.

3. Maximize your time

Brandon Turner, who is a real estate investor in addition to working a full time job, points out that there are still 72 hours left in the week after you subtract 40 hours for working and 56 for sleeping. Even though you may have other obligations, getting rid of time wasters will still leave you with time to work on your business.

4. Don’t let “no” stop you

Sara Blakely created Spanx – a billion dollar business – while still working her day job. She was successful because she didn’t take no for an answer. Being an entrepreneur means being rejected. But knowing when to persevere, pivot or give up on an idea is key. If everything is telling you that your idea is good and that customers will want what you are selling, don’t let the fact that other people don’t see your business vision stop you.

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5. Be willing to work

David Heinemeier Hansson worked as a consultant before starting his company 37Signals. He warns that even though many entrepreneurs dream of being an overnight success, “building something great takes a long time.”

6. Don’t seek validation

Sara Blakely also cautions against seeking validation, even from friends and family members. In fact, she didn’t tell anyone except her then roommate and boyfriend about the company she was building on the side, despite the amount of work she was putting into it. Though your friends and family may be well-meaning, they may also try to talk you out of your idea because to them it might “sound a little crazy.” But what seems crazy today might be visionary tomorrow.

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7. Focus

Steve Wozniak continued to work at HP while he co-founded Apple computer with Steve Jobs. He stresses the importance of focusing on the problems at hand and getting things done. “If you can’t figure out a way to test something and get it working, I don’t think you’re the right type of person to be an entrepreneur. Entrepreneurs have to keep adjusting … everything’s changing, everything’s dynamic, and you get this idea and you get another idea and this doesn’t work out and you have to replace it with something else. Time is always critical because somebody might beat you to the punch.”

8. Do something you’re passionate about

Leo Babauta is an extremely successful blogger who started his business while working full time. He also has six kids. His advice is to, “Make sure it’s something you’re passionate about — do it because you love it, not just to make money. If you do it for the money, you’ll eventually get tired of it and then you’ll be doing something you hate … and you can only do that for so long.”

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You don’t have to quit your day job to be successful when you start a business. These entrepreneurs succeeded because they knew that in order to make it, it would take more than just more hours. Knowing what to do – and what not to do – with those hours is what will give you the edge.

Featured photo credit: campuspartycolombia via flickr.com

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Jessica Sweet

Career Coach

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Last Updated on October 28, 2020

The Crucial Letter Your SMART Goal Is Missing

The Crucial Letter Your SMART Goal Is Missing

SMART goals are a simple, logical way to organize your goals as you set them throughout life. Not only does this technique help you identify reachable goals, but it helps break down goals into smaller and more manageable pieces.

However, there is one crucial element (or letter) that is missing from this acronym. This missing letter can potentially make it harder for you to reach your goal – no matter how well you have broken down your goal into different pieces and action steps. However, once you understand this missing piece, you’ll be able to use it to move forward with your goals.

What Are Smart Goals?

If you are not familiar with the SMART goal setting technique and what the acronym means, here is a brief rundown with a simple example:

  • S = Specific — Your goal has to be specific enough (“I want to lose 4 inches off my waist”).
  • M = Measurable — You can measure your waistline every week to keep track of your progress.
  • A = Achievable — Do you think that you can do this? Or are you going too far by getting rid of yet another 4 inches? Or should you expand the goal to 5 inches; is that within reach?
  • R = Realistic — Is your lifestyle stable enough that you can commit to this goal?  Are you mentally prepared to do this? Do you have the resources you need for this goal?
  • T = Time-framed — You could want to achieve this goal within a week or within six months, but it should have a specific time frame.

As you can see, when you break down your goals like this, they become much more manageable and concrete than just saying “I want to to be slimmer.”

All fine and well, except that there is a crucial letter missing in this package – another letter “A.”

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The Missing Letter

The other letter “A” stands for accountability, and this is a great way to make sure that your defined plan is actually executed and is not left just on the talking or planning level. Even if you have crafted a masterful plan by using the SMART goal technique, it becomes useless if you don’t actually execute it. To make sure you start the execution phase, you want to throw some accountability into the mix.

By having some external pressure on your back (in the form of accountability), you are more likely to take action on your goal steps than if you just keep the plan to yourself. Accountability is based on the fact that you want to stand behind your words and save face. When you announce your goal to the world, you realize that the world is now watching you, and you don’t want to let the world down.

Accountability is also about facing the expectations of others. If you announce a goal or a task in public, other people are expecting you will achieve the tasks and goals you have laid out for yourself.

Watch this video and find out how by having dependable accountability, you can reach your goal more efficiently:

Ways to Implement the Letter “A” in Your Goal

There are plenty of ways you can go about creating accountability. Choose which one will work to motivate you the most.

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1. Keep It to Yourself

I was a bit hesitant to include this, since in this scenario you are not telling others about your plans or tasks. However, for some people this might work since your conscience is your accountability partner in this situation. And you don’t want to let your conscience down.

2. Announce It to Other People

Your people could be your colleagues at work, your local golf club buddies, the subscribers and readers of your blog, or your Twitter followers. I would say that accountability is more effective when dealing with “offline people.” Being accountable face-to-face to someone is very effective.

I’m in no way underestimating the power of “online people” either. If you are trying to form solid relationships with others online, you want to keep your word – even if you don’t necessarily meet the people in the same sense as in the offline world.

3. Find an Accountability Partner

A more intimate way of being accountable is to find an accountability partner. This could be a friend or spouse, but it needs to be someone you feel comfortable reporting to. When this route is chosen, you might decide to call your partner on a frequent basis to tell them how well you are progressing on the goal.

4. Get on Stickk.com

If none of the above ways work for you, it’s time to put Stickk into play.

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Stickk.com is a website where you can announce your goal (“Commitment Contract”), and to make you even more committed to reaching that goal, there is money at stake. Money is not mandatory to get set up with Stickk, but knowing that you will lose a certain amount of money if you don’t reach your goal can give you an extra push to get stuff done.

5. Join Mastermind Groups

A mastermind group is a group of like-minded people gathering on a frequent basis (online or offline), trying to push each other closer to their goals. This type of accountability is very common in the business world. When you are in a mastermind group and you have set the objectives you want to achieve by the next meeting, you want to get stuff done and fulfill other’s expectations.

Mastermind groups are a great way to improve your productivity and reach your goals with the help of others.

6. Hire a Coach

If you really want to get personal attention for your goals, then hiring a personal coach may be the best way to stay accountable.

Not only are you accountable to your coach, but you also have to pay for his/her attention. This makes the coach option even more effective. You want to make sure you do everything you can to get the assignments done before the deadline you two have set. So, there is a money factor to keep you accountable as well. Since you want to quickly move forward, this option is a very effective for staying accountable with your SMART goals.

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The Bottom Line

Next time, set your goal using “SMARTA,” instead. Add that letter “A” to the SMART goal setting technique:

Specific, Measurable, Achievable, Realistic, Time-framed, Accountable.

The accountability factor of reaching your goals may be just the thing you need to make them a reality.

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Featured photo credit: Estée Janssens via unsplash.com

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