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Start-up Advice

7 Musts to Make Part-Time Entrepreneurship Work for You

For those of you who do decide to keep your day job, here are some pragmatic recommendations on how to make the most progress in your startup.

Martin Zwilling

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Part-time

Many experts will tell you that you can’t succeed as a part-time entrepreneur, as any good start-up will require a 100 percent commitment of your time and energy. But not many of us have enough savings to live for a year or more without a salary, fund the start-up and still feed the family. Thus I often recommend that entrepreneurs keep their day job until the start-up is producing revenue.

Of course, if you have investors anxious to give you money, or a rich uncle to keep you afloat, there is nothing wrong with a dedicated and full commitment to the start-up, with commensurate more aggressive milestones and growth expectations. We all understand the risk of competitors quickly closing in, and market factors changing before we can roll out our solution.

Related: The 10 Most Reliable Ways to Fund a Startup

For those of you who do decide to keep your day job, here are some pragmatic recommendations I espouse on how to make the most progress in your start-up, while simultaneously juggling your other critical family and employer roles. In fact, these suggestions have tremendous value, even if you are dedicated and committed full-time to your new start-up:

1. Find a co-founder who can keep you balanced

Two co-founders, both working part-time, are actually better than one full-time founder. You both need the complementary skills, ability to debate alternatives and the tendency to keep each other motivated, that neither could match working alone. One still needs to be the agreed final decision-maker.

2. Schedule fixed times and days for the start-up, working with the team

Building a start-up is hard work, and requires discipline to get it done. Working part-time doesn’t mean working randomly alone. Commit to a regular weekend time and a couple of specific nights per week where you meet with the team and focus only on the start-up.

3. Get better at saying ‘no’ to your friends

Learning to manage your own time is critical. Everyone around you enjoys adding things to your schedule, and reducing their to-do list. The key is learning to say no without offering a long list of excuses, or whining about how busy you are. It’s never possible to satisfy everyone, so be true first to your own priorities.

4. Set realistic milestones and take them seriously

It’s easy for part-timers to make excuses that other priorities caused you to miss milestones, but predictable results and metrics in this mode are even more critical than for full-time members. Use the 80/20 rule to maximise productivity — get 80 percent outcome from 20 percent of focused efforts.

5. Select a business idea that has a longer runway

Some start-up ideas are dependent on a rapidly emerging fad, or have many competitors fighting for a limited market. You can’t move fast enough on a part-time basis to win in these areas. On the other hand, if you have a new technology, with a patent applied for, you may have more time to get it right.

Related: 10 Pitfalls of Being Your Own Boss

6. Prepare yourself for a longer journey to success

Seth Godin is famous for saying that the average time for overnight success in a start-up is six years, even working full-time. Like any startup solution, the first version will likely be wrong, and require one or more pivots. Learn to look for small indications of success to keep you motivated.

7. Make learning your full-time vocation

No matter how many full-time, part-time and family commitments you have, you always need to carve out time for learning new things. Learning is not stealing from any employer, and it prepares you for all your futures. Don’t wait for anyone to pay your way to class, or give you time off for training. It won’t happen.

The advantage of quitting your day job early is that it removes all excuses, and all qualms from you and others, that the new start-up is only a hobby. There is nothing that drives an entrepreneur like being hungry, dependent on the outcome, and seeing mounting debt. Without self-discipline, many aspiring entrepreneurs find that a single focus is the only way anything ever gets done.

There is certainly additional risk associated with working a paying job during the day, and working on your start-up nights and weekends. First is the risk to your health and family life. If you lose these, all the business opportunity in the world doesn’t matter.

Then there is the risk of antagonising your current employer by missing deadlines, reduced productivity, or even getting embroiled in a legal conflict of interest or for intellectual property ownership rights. It’s best to be up-front with your employer, with an honest commitment that your start-up work will not impact company commitments or results.

Potential conflict of interest issues with a current employer should be explored openly, with the resulting agreement documented, to preclude the possibility that you might lose everything later as your start-up succeeds. On the positive side, your employer may like what you have in mind, and become your first investor and biggest supporter.

If your conclusion after all these pros and cons is that the risk is too high for you, you probably need to keep your day job for the long term, and give your start-up idea to someone else. There certainly isn’t anything wrong with a regular well-paid job and career, with health-care benefits and a competitive retirement plan. But the entrepreneur lifestyle is still more fun, even part-time.

This article was originally posted here on Entrepreneur.com.

Martin Zwilling is a veteran startup mentor, executive, blogger, author, tech professional, and angel investor. Contact him at at marty@startupprofessionals.com

Company Posts

3 Companies With Memorable Slogans, And How To Create Your Own

Three companies that have enjoyed these benefits as a result of creating memorable business slogans are Nike, Carlsberg, and Apple. Let’s look at each one now.

Jeff Broth

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nike-just-do-it-brand

A good slogan serves many valuable roles in business. First, it reinforces recognition of your brand. After hearing it a few times, your consumer instantly thinks of you when hearing it again. If it’s catchy enough, they may even find themselves saying or singing it in their head, reinforcing your brand even more.

Slogans also share a little bit about your company. For instance, if your slogan is funny, it says you have a sense of humor. If it contains your goal or mission, it tells the consumer what is important to you. Some slogans share the problems the company is trying to solve or the consumer its trying to help, making it easier to identify the target market.

Finally, a slogan sets you apart from your competitors. It differentiates you from all of the other companies who offer similar services to you. And if it’s memorable enough, it puts you ahead of them in your consumer’s minds.

Three companies that have enjoyed these benefits as a result of creating memorable business slogans are Nike, Carlsberg, and Apple. Let’s look at each one now.

Company #1: Nike – Just Do It

nike

Though many people use Nike’s ‘Just Do It’ slogan as a reminder that they can do amazing things if they just put their mind to it, its author, Dan Wieden, reports that this line actually has a grim beginning.

In fact, it was an idea he derived from a statement made by Gary Gilmore, a double murderer who, before being executed by a firing squad exclaimed, “Let’s do it!” Still, it has stuck in consumer’s minds and is undoubtedly one of the most memorable slogans of all time.

Related: Registering a Trademark

Company #2: Carlsberg – That Calls for a Carlsberg

Carlsberg

Initially, Carlsberg’s slogan was ‘probably the best beer in the world.’ Many consumers came to know and love this slogan; however, in 2011, the company rebranded and created a new slogan: ‘That Calls for a Carlsberg.” The goal of this new slogan, according to CEO Jorgen Buhl Rasmussen, was to encourage the consumer to do good things and then enjoy a Carlsberg after as a reward for a job well done. Both have stuck in the minds of consumers, albeit with some discrepancy as to which one is most preferred.

Company #3: Apple – Think Different

apple

Apple is a company known for thinking (and creating) outside the lines, so its ‘Think Different’ slogan fits it perfectly. According to Rob Siltanen, creative director and managing partner at the company that helped design this Apple pitch, though there are many accounts of how this slogan was created, its true inventor is Craig Tanimoto. Siltanen says that Tanimoto came up with the idea to use black and white photos of some of the most revolutionary people and events of all time and, atop each one, simply display the words ‘Think Different.’ Catchy, right?

Related: Smart Marketing Ideas For Small Businesses

How to Create Your Own Memorable Slogan

These are just three examples of how creating a memorable slogan can help your company get — and stay — in the minds of your consumer. So, how do you come up with this type of campaign?

One option is to get some of your company’s best talent together and see what slogans you can come up with. Have everyone submit one or two ideas and talk them out. See if any jump out at you and, if not, use them to inspire you to come up with even more possible ideas.

Another alternative is using a slogan generator. This enables you to come up with a simple, memorable slogan using keywords related to your brand. Just go through the list and of results and see which ones stand out. You could even pick your top two or three and let your social media followers vote as to which one you should select.

If you find yourself at a dead end and unable to come up with a memorable slogan, or if you lack the creativity or the time, you can also hire a marketing firm to help. Give them a little insight about your company and see what slogans they create. It may cost you some money to take this route but, as companies like Nike, Carlsberg, and Apple have taught us, a good slogan can really propel your brand.

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Start-up Advice

Dear Family And Friends Of Entrepreneurs…

Young entrepreneurs often struggle to establish their businesses as they are not getting the support they need. Sometimes it is not only the obvious support of financiers and supply change developers which is lacking –but also not having that critical “home-ground support” can negatively affect the success of your venture. How can family and friends support entrepreneurs?

Lusanele Mahlutshana

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dear-family-and-friends-of-entrepreneurs_support-system

Entering the market as a newbie entrepreneur is a brave step, and having your family and friends share in your vision for success is critical.  Once you have convinced them that being an entrepreneur is in fact “a real job” – one that requires a lot more sacrifices and hard work than a salaried worker – you can continue to encourage them to support your journey, to ultimately share in your success.

Get a job

In some communities, being an entrepreneur is not recognised as a profession. Therefore, those who pursue enterprise development are seen as irresponsible or lazy as it is not regarded as ‘real’ employment. Societal pressure to attain certain material possessions thus prevents them from pursuing their true passion.

This kind of resistance discourages a lot of entrepreneurs, making their pursuit for success even more difficult.

Related: How To Deal With Unsupportive Friends And Family

Finding out who your real friends are

Financial support is the most obvious support needed by entrepreneurs due to a lack of capital and start-up funding, as well as irregular payments and long periods of being cashless due to procurement holdups and fluctuation in the market for your product or service. Not everyone will stick with you in these times – and that’s OK. You may end up finding out who your real friends are, and these are the people who will give you emotional and social support to keep you focused and motivated.

“I know a guy….”

Another issue is friends and family looking for discounted prices as they know the owner. This means that they don’t see the value of the product or service, nor do they respect the owner. By asking for products and services for free, or at a reduced price, they end up taking advantage of their relationship with the entrepreneur and do not financially support his/her the business.

Related: How To Immigrate With Your Family By Starting A Business In The UK

So, if you have friends or family who are business owners, set an example by supporting them in the following ways:

  • Be willing to pay the full price of the product or service offered.
  • Be kind when giving negative feedback – make sure it is constructive.
  • Compliment them on good products or service. Share positive reviews on your social media pages.
  • Share and promote their business among other people.
  • Be patient and willing to help them establish their businesses.

Be prepared to listen to their dreams, hopes and frustrations. Sometimes, they just need an ear to vent about a bad day. Support them with a word of encouragement to keep going.

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Start-up Advice

Why Embrace The Struggle?

Entrepreneurial success hinges on your ability to approach challenges with the right mindset.

Gil Sperling

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business-difficulties

Self-help and business coaching advice is littered with platitudes, which makes it difficult for entrepreneurs to know what they should take to heart. However, one universal truism that most successful entrepreneurs attribute to their success is their willingness and ability to endure the struggle.

It’s a lesson I learnt first-hand when building our ad-tech and Facebook Marketing Partner business, Popimedia. One of our sternest tests came when we moved into new premises and took on more staff to accommodate our exponential growth. Then, amid new and significant financial commitments, some of our pipeline never materialised.

It was at this time that my son was born, and our family had just moved into a new house. To preserve the business, we were forced into retrenchments and directors didn’t take a salary for a while. And, with a lower head count it became difficult to deliver on client deadlines. Needless to say, my personal and professional level of discomfort was at an all-time high.

We reviewed our operations and streamlined where we could. More importantly, though, the experience taught us a number of invaluable lessons.

Lesson #1: Reframe your context

Our leadership approach, our business mindset and our attitude needed to be drastically reframed.

There is a quote that has always stuck with me, which is: “The antithesis of comfort is struggle.”

Related: 6 Of The Most Profitable Small Businesses In South Africa

I believe a person is moulded by the way they deal with struggle. That’s why I’ve always been inclined to welcome a proverbial punch to the face, and use as a mantra the phrase, “comfortable being uncomfortable”.

Being “uncomfortable” forced Popimedia into rapid innovation – and it was this innovation that led to a sea-change in the business. We learned how to scale, how to improve service levels, how to do what we do better, faster, more efficiently.

As a result, and without increasing our staff complement, our year-on-year growth has topped 100%. What was, at the time, the business’s greatest challenge became its greatest ally, and our biggest lesson.

Lesson #2: Fail fast, and learn from it

Obviously, this approach is not about making life difficult for the sake of personal and professional growth. It’s about understanding what is: expecting it to be difficult and taking a constructive approach towards failure and struggle.

There is one guarantee in business: you will experience failures, and you will struggle.

Central to this is your ability to recognise your failures for what they are, and quickly. This allows for a rejigging of processes, attitudes, operations, and sometimes even objectives.

My personal attitude to failure was reframed by simple sales stats. I came to understand that rejection was inevitable – but when it does happen, it brings with it opportunities. I always ask: “Why don’t you want my product? How is it not meeting your needs?” This way, “failure” is transformed into an opportunity to better understand the market and my clients.

This feedback loop has proved crucial, and allowed us to become what we are.

As an entrepreneur, the pressure never ends and you’ll never ‘arrive’. At Popimedia, we’ve come to embrace every opportunity that takes us out of our comfort zone. Working through failure is the foundation on which the entrepreneurial spirit is forged. It is the willingness to try again following a rejection, or to keep grafting knowing that there’s no guarantee of a pay cheque at the end of the month.

And doing so with the ‘chutzpah’ – the sheer audacity – to endure the hardship through mental toughness and a passion for what you do, becomes your greatest asset, because when you get comfortable, you become complacent… and complacency will work you into irrelevance.

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