You are already familiar with the two groups of people who want to start a business.
Now, let me explain what the similarities between these two groups are. So…
What do Group I and Group II have in common?
Connections and marketing!
Yes, these are the typical benefits and opportunities you have from working at a company, while you are working on a side business, and that you should definitely be exploiting.
It is much easier to establish connections through your company’s network. I’m sure that there are some aspects of your business that will require additional information or the right person with the right expertise. To solve this, you can get in touch with the right people within your current company.
Sometimes all you need is to start asking your colleagues for information.
However, many of us are afraid of asking people for information, whether because we don’t want to reveal our business idea, or because we don’t want to create an image that we’re working on our personal project during the regular working hours.
And I get that.
But if you manage to overcome these two barriers by being very selective about the people with whom you talk, you can benefit immensely from your company’s network.
That colleague you’ve been working with for the past ten years can be the one who has a wife that knows somebody that has a company producing the exact raw materials that you need.
I always recommend that you openly share your business project with as many people as possible. Fearing that an idea might be stolen is, in my humble opinion, shortsighted.
It would mean that you believe a business can be done simply through a good idea, which is not the case.
Now, if you tell me you’re scared that your boss might fire you because you’re starting a business, that’s another issue. I don’t see it happening, but there are all sorts of unexpected behaviors around the world.
So, I would warn you to be selective when talking to your colleagues about your business. The current status of the company can also impact the freedom you have to talk about this subject.
For instance, I was at a corporation that was going through a really bad period that my colleagues encouraged me to find another job or start a side business.
But even then, I would proceed with caution as the corporate gossips might misinterpret your true intentions.
If the corporate climate is really unfavourable, I would recommend sharing your idea with as many people as possible, preferably with people from your target market, if it is possible.
I’d recommend you to read this post about why keeping your idea in secrecy might be a terrible mistake. It will help you understanding how you can highly benefit by getting people involved with your business.
ACTION POINT: WHERE DO YOU STAND?
At the end of the day, I want to reiterate the importance of clearly understanding if you belong to Group I or Group II.
There’s no right group to belong to
Both of them work perfectly fine to get your business on the rails. But as you can see, there are different approaches for each of these groups.
Clearly, if you feel there’s much at stake, you should be pursuing a more conservative, sustained and secretive approach. Perhaps spending some capital on outsourcing the development of your business. Because, after all, you cannot lose your job and who knows if this new project will ever be successful.
On the other hand, if you are younger, have no responsibilities or feel that you’re sick of the daily grinding of the corporate world, you can take more risks, and you can find ways to optimize your agenda to free up more time for your own business.
Now, the question is:
How far are you willing to go to start a business?
Remember to go through the reasoning we’ve mentioned above and talk with the ones that are important to you so you can decide which path to take.
As always, I’m happy to answer all your questions, just leave a comment or shoot me an email to email@example.com.