Entrepreneurship is not a new thing, at least in India. From past many years, India is known for producing many well-known Entrepreneurs. On looking closely, we will find that there are three kinds of manpower in India; Business Minded, Job Minded and Unemployed. We will not discuss unemployed as that is a job of government, big corporates and most importantly themselves. This is how we have seen the issue of unemployment so far. The discussion point will not be Business Minded people as well because they know what they are doing and most of them are backed up by their families. We will discuss Job Minded people who are confused between Job and Business.
Most of the Job minded people wish to live life like Business Minded people but fear of unemployment. Not all, but many Job minded people, look for an entrepreneurship opportunity. But they cannot take a risk on the salary crediting every month-end. Also, the life of a failed entrepreneur is very tough in India. Getting a job after entrepreneurship disaster isn’t easy. This creates fear in mind of such people.
This fear has created a new kind of silent entrepreneurs. They don’t leave the job but silently start their business. The business is registered in someone else’s name (like a wife, brother, father or completely in name of partner). They wait long until the business gets established and decent earning begins. It may take few months to many years. And during this period they silently do their Job as well without telling anyone at the workplace. If they fail, then they close down the business and wait for next opportunity. The business is termed as “Side Business.”
Even for a start-up, many have very good ideas, to begin with, but want the investor to fund them before they may leave the job. They never want to come out of the comfort zone. The concept of Side Business appears to be an Ideal way to start a business without any issue but is it the right approach? This highly unethical practice has many side effects as well.
Why should you not have such side business?
- It is unethical and illegal: You may put any logic, but it remains unethical and illegal unless your Job agreement allows you to do so. In almost all full-time job, you are not allowed to be part of any business or holding any position in any other organisation.
- The business you create doesn’t belong to you: You help in creating a Business entity while being in the job, but in most of the cases you end with giving all business to your partner. In many cases, you don’t know when to leave your job. Business comes with ups and downs, and when downs come you prefer to continue your job by surrendering your stake to your partner. In few cases, your partner forces you to do so.
- Work-family balance: It is tough to manage work-family balance while being in Job and the side business just makes it worse. You spend most of your time in working. Your family get ignored in this case. Never forget that your family is the most important part of your life.
- Low Performance: You cannot give your best in your job if your focus is shifted. Your performance will continue to fall. If you have not decided to leave job then this will damage your career. At the same time, you cannot focus on your business as well after a negative day at your workplace.
- Fear of getting caught: It is really tough to hide your side business completely. Knowingly or unknowingly you tell or indicate to your friends and colleagues about your business.
When to leave the job?
It all depends on your business plan, commitment level, cash back-ups, your market reach and your team. If you are not confident enough then don’t leave the job. Leaving job just to be called an entrepreneur is never a good idea. It should be a well-thought process. You need to trust yourself and your idea, then only other will trust you. So if you want to start your business then prepare yourself while being on the job. Preparation never means start your business while being in Job. But it means, arranging required money in your account, do proper research, make networks etc.
Should I invest in a business while being in a job?
This is a wise idea if done with the certain conditions. As an investor, you are just a financial partner and not an executive partner. It is similar to an investment in share market. But you must not be holding any position in the organisation. Also, you should not invest in an organisation where Conflict of Interest may happen as per your Job. You need to check your job agreement for non-violation of terms. You may consult your HR in this regard.
Just because few got success, never means it is okay to do. Give your 100% in what you are doing, be it your job or your business. And most importantly never forget your family time.