The question I answered in this video is

“Should I start a side business while working a 9 to 5 job?”

To start with the conclusion: if you want to really succeed, I don’t think it’s recommended to start a side business while holding a full time job.

A business you can’t focus on most of your time is most likely going to fail.

If you start a hobby or a side PROJECT to learn something or you don’t care about revenues or success of the business – it’s just an experiment -, then you can start whenever you want.

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Transcript:

Should I start a side business while working a nine-to-five job?

No, I don’t think you should do that. I come from a school of thought that says you should need to focus on one thing and do it really really well. I can understand that your case might be different:  you have a family, you have a mortgage, you need money to live.  It all means you need the money from the nine-to-five job.

If that’s the case, what I would suggest is that you save money for at least six months or a year of living without generating of revenue.

Cut your costs as much as possible, as much as you can, so that it becomes easier to live off the money that you that you saved and once you’ve done that, bite the bullet and start the company.

If the business doesn’t work, you can always go back and find a job even if it takes a little bit longer. The business will not be a success if you can’t focus on doing just that.

It can’t really work. Yes, there are exceptions to that, but most of the people don’t really make it work. You can start an online business, you can find ways to create a side revenue, but I don’t think that a side revenue from writing for other sites, let’s say, is a side business.

If you really want a business, you need to focus on that, so save some money, cut the costs and bite the bullet and quit your job and start the company.

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Something that’s not on the video: we’re in a difficult period right now, when I’m publishing this on The CEO Library. COVID-19 is affecting everything in our lives. So adapt to the situation. It might be good for you to postpone starting the business for a little while. On the other hand, some of the most resilient companies in the world were starting during downturns. It’s up to you and your risk appetite.

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