October 1, 2010

There's a repeated myth in the world of entrepreneurs: they quit their job and then run off, tackle all these challenges, and become mighty successful. The myth part is the first part, quitting one's job. See, most entrepreneurs who are successful used their previous job to fund their jumping off point, and had a plan that included paying their bills on the way to success. Let's talk about that.

My Own Story

In 2006, I was working for a wireless telecom company. It was a great place, but it was starting to live off its fumes, so I decided I wanted out. I'd been getting more and more notice for my work on my blog and for my ideas in new media. So, I started a conference with Christopher S. Penn called PodCamp. That became the starting point of my launch into my own business, but I'll explain the steps.

An entrepreneur named Jeff Pulver hired me to run his Video on the Net conference, plus also to run community development for his Internet video startup. I quit my wireless job, and started a new job with Jeff. Note: I still had a salary, health benefits and the like.

From there, I started planning how I'd run my own business. But it wasn't immediate and forthcoming. I left my role with Jeff and started working with Stephen and Nick Saber at another company. I had a salary and benefits there, too. See how my family and my bank account are still safe? But in both moves, I gained a little bit more traction in my ideas on running my own company.

Where I ended up was where I am now: I run one company with the Sabers, and I have another new company, Human Business Works, starting up right now. It's in this move that the lessons start coming.

Escape Velocity

The way to keep your family and bank account somewhat safe in all these moves comes from building more than one stream of revenue. I started with building up a small side business as a professional speaker. I then added affiliate marketing (marketing and selling products that I felt applied to my target audience on my website). As those two streams grew, I had the escape velocity built up to decide I could do what I wanted with my business interests.

That's the goal. Think of your previous job as "gravity," as a planet you're no longer interested in hanging out on, and then think of what it'll take to get to your own goals as "escape velocity." From there, you can start plotting the course. It might be money. It might be a platform from where you can share your new ideas. Whatever it takes, that's what you need.

Keep Your Family Secure

One of the biggest repeat strains I hear about from people looking to do their own thing is that bit about protecting their family. You don't have to put your family at risk to grow your own business (though it sometimes happens due to planning and unforeseen risks). The more you can keep your family's comfort out of the picture, the better your chances are of having strong support at home, and that makes for great rocket fuel to get you to the next level in your own development.

Don't just quit and go it alone. Plan. Think. Acquire fuel for escape velocity. And make smart moves along the way. It'll be so much more fun when you hit your new destination.

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Chris Brogan, Article, entrepreneurs, startups, Human Business Works, New Marketing Labs, Jeff Pulver, Christopher Penn

Join the conversation ( 5 )

• Laura Bajkowski 1 year 7 months and 22 days ago

  

  Excellent perspective on entrepreneurship...for starters. Today's environment is very complex with "consultants" entering the marketplace as a temporary fix to job loss. I quit my job, twice, and successfully started a consultancy practice. And each time gained former employers as clients. I would add to your article that if someone wants to be self-employed and they're already out of work, you need to make the commitment to be an entrepreneur. Otherwise, you won't be taken seriously and can end up selling yourself short in negotiations for assignments.If this is a temporary gig until more permanent employment is obtained, consider working as an independent contractor to other consulting firms and start-ups.Good luck to all,Laura BajkowskiPrincipal of Bajkowski + Partners LLCwww.bajkowski-partners.com

• ABDUL KARMACH 1 year 7 months and 24 days ago

  

  What a great topic.. I've been a serial entrepreneur for 7 years. Chris gives great advice. Only once did I leave guaranteed income, and that was only because I was 23, had lots of reserves, and had next to zero expenses. The second time, it was definitely more calculated. Here's a greta tip: Try turning your current job into your first customer. I did it twice! You'll be surprised how open your employer might be. To your success,Abdul Karmachwww.VARChannelMarketing.com

• DONNA JOHNSON 1 year 7 months and 24 days ago

  

  Great insights, thanks for sharing. I quit my job twice to start a business. The first time, I went bust. I crawled back to my old boss, who actually hired me back. The second time, I planned and focused. I worked a full day at my job and returned home to plan and work on my own venture at night. When I knew it was right, I made the move. I took all of the experiences I learned from my failure with me. I failed forward in the purest sense of the word. Today, my husband runs the business with me and not only is it strong, but our marriage is strong, our children are strong and our future is strong. But it didn't just happen. I planned it, and that's what I recommend for everyone with stars in their eyes. It's a process and it makes life fun and challenging. Thanks for sharing!

• John Lessnau 1 year 7 months and 24 days ago

  

  I know a lot of people that started their own company. The common theme: Their new company might be smaller but is a lot like the company they worked at (Including a few clients they took with them). Being in the same business with a few favorite clients that go with you for the ride provides some nice security.Now if you *** what you do like I did, you don't really want to build your own company around something you ***. So you need to work on something you love on the side until it becomes a success.To do this, all you need to do is work 8 to 10 hours on the real job and 8 to 10 hours on your side business each day for a year or two. When the side business is making the same or more as real job, its time to quit and run your company full time. Not easy, but that is why most people work for someone else.

• Julie Rains 1 year 7 months and 24 days ago

  

  Thanks for shedding light on this approach of keeping your day job as you become an entrepreneur. Many people find it difficult to work all day at one job and still have the time and creative energy to begin another venture. But the peace of mind that comes with a steady bank account is worth building the velocity.