The Money Blog Network is doing a group writing project this week on the best advice for new entrepreneurs. This is my contribution.
I've never been a "true" entrepreneur. Sure, I've had side businesses and hobbies that have made some decent money, but I've never fully committed to entrepreneurship by quitting my job and going out on my own. So my advice may be "tainted" a bit accordingly. Just wanted to state that upfront so you all know where I'm coming from.
Anyway, here's my best piece of advice for new entrepreneurs:
Don't quit your day job until you've got at least a decent start on your new business.
Just like I wouldn't quit my job until I had a new one, I wouldn't quit to go out on my own until I had at least a start (or hope of a start) at making some money from the new venture. To do otherwise would simply be too risky for me given that there are a lot of other ways to make more money without quitting your job. That said, I understand that this advice might be contrary to successful entrepreneurship -- it might slow you down or even keep you from ever going out on your own. Maybe that's why I'm not an entrepreneur -- I'm not willing to take on that much risk.
What do you think of this advice -- is it good or bad? And what is your best piece of advice for new entrepreneurs?
Here's more on this topic from other MBN sites:
- Create a Business Plan by Answering 4 Simple Questions
- Are you thinking of quitting the nine to five?
- Can You Be an Entrepreneur in Your Spare Time?
- My Best Thoughts For The New Entrepreneur
- 5 Tips for Starting a Small Business
- Advice for Entrepreneurs
- Encouraging your budding entrepreneur - Part One: Benefits