Entrepreneurs pursue the dream for a thousand different reasons.
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No matter what vision drives the boat, there are few things that should be stable to keep that boat from sinking once the entrepreneur leaps from traditional employment to fulltime entrepreneur.
Craft a Safety Net
Building up a nest egg helps take the pressure off a new entrepreneurial endeavor. That means that becoming a fulltime entrepreneur may have to be put off until the savings can be accumulated.
Set aside half of all the profits from the part time entrepreneur endeavors into an account for the business. Put the other half into a personal savings account. Work towards a goal of building up six months of expenses in each account.
Give up extras around the home for a time (cable, eating out, going to movies and other treats) and put that money towards the safety net. Finding creative ways like this to save can be essential when working as a part time entrepreneur is not an option.
Take on a second job (when starting the entrepreneurial business part time is not an option). Use all of the money from the new job to begin weaving the net that will allow you to launch your business.
The moment to launch into being a fulltime entrepreneur will come when you have enough savings to sustain you if the business hits rough waters.
Work out the kinks in the entrepreneurial business of your choice before jumping in with both feet. Taking some time to build up business helps you find your own rhythm to success.
The moment to begin sailing into the sea of fulltime entrepreneur comes when the income from the business exceeds the amount needed to run the business and also pay your own salary.
Watch the Wind
Some entrepreneurial businesses will take on a life of their own. The increase in demand can end up toppling a ship instead of moving it faster through the waters. Keeping an eye on the amount of time you are spending to make your business as an entrepreneur a success will allow you to manage the wind.
The moment to loosen the sails and catch the wind comes when the business begins to demand more time than you can allot when working just part time.
Smooth sailing does not always follow the launching of a business as a fulltime entrepreneur. Understanding the rules of the sea and preparing for unexpected storms can help to make the journey more enjoyable.
Ultimately, only you can determine when it is the right time to launch into business as a fulltime entrepreneur. Following the tips and suggestions of those that have captained successful endeavors before you will help you in mapping your own path to success as a fulltime entrepreneur.