A guide to implementing entrepreneur ideas while working full time.
Having entrepreneur ideas is one thing; knowing how to implement them especially if you are still working full time is another thing. This article will not only guide you on how to get entrepreneur ideas; it will throw lights on how such entrepreneur ideas can be implemented. If you are still working and you seem not to be enjoying the 9-5pm lifestyle, it may be a signal that you need to start seeking for entrepreneur ideas.
I can use myself as a case study here. I remember when I was still in a paid employment. Everybody around me seemed to like my job and the position I occupied in the organization where I worked. But personally I didn’t derive much pleasure in the job any longer. I kept saying within myself that one day, I would resign this appointment. Coincidentally, there was going to be a mass retrenchment in the organization. I was hopeful that possibly the retrenchment would affect me. And that would give me an opportunity to start my own business. While people were praying against the retrenchment, I was actually praying for it knowing fully well that I would be paid severance package which I could use as seed capital for my business. However, when the list was released, my name was not there. Then I started thinking how I could implement my entrepreneur idea while working as I did not have enough money to justify my resignation.
Before I continue on how to implement entrepreneur ideas, let’s briefly discuss how to get entrepreneur ideas. Getting entrepreneur ideas is the starting point. Without entrepreneur ideas, you will have nothing to implement.
How to get entrepreneur ideas
Taking the steps below will help you discover entrepreneur ideas you can implement.
How do you look inward? You need to carry out your self-assessment. Carry out what they call SWOT analysis. SWOT is the acronym for Strengths, Weaknesses, Opportunities and Threats. This time around, let’s focus on the first two, that is; your strengths and weaknesses. Ask yourself these questions:
- What skills do I possess?
- What can I do with ease?
- What are my hobbies?
- What are my past achievements?
- Do I have special talent(s)
- What qualifications do I possess?
Read Also: How to Evaluate Business Opportunities
Your answers to the above are pointers to entrepreneur ideas you can develop. Also, you need to be sincere with yourself. You need to identify your weaknesses. If you find it difficult to identify your weaknesses, the best approach is to ask your spouse or someone very close to you to help you identify your weaknesses. Why doing this? Knowing your weaknesses will help you know which entrepreneur ideas will be right for you. You cannot afford to develop entrepreneur ideas around your weaknesses. However, if you know that you can easily overcome such weaknesses, you need not give up such entrepreneur ideas.
This is more of environmental analysis. Here we can now talk about the last two words in the SWOT analysis mentioned above. What are the opportunities that you see around you? Opportunities are entrepreneur ideas. The problem here is that people find it difficult to locate business opportunities. Why? Opportunity will never announce itself as an opportunity. Opportunity comes in disguise in form of problems and challenges. Naturally, people tend to run away from problems and challenges. That is why they lack entrepreneur ideas. All the problems you see around you are actually entrepreneur ideas. Therefore, if you are actually seeking for entrepreneur ideas, I challenge you to start looking for problems you can solve. Nevertheless, the same way you need to identify opportunities (which are entrepreneur ideas), you need to identify the threats to such entrepreneur ideas. Threats are those external factors which can make your entrepreneur ideas not to succeed. For example, if your entrepreneur idea revolves around constant supply of electricity and you don’t have access to constant power, lack of constant power becomes a threat to your entrepreneur idea. It is either you device a solution to the threat. Otherwise, the entrepreneur idea would fail if implemented.
Align your strengths with opportunities
Having identified your strengths and opportunities, you are very close to the answer. Where your strengths meet opportunities is a place where entrepreneur ideas are birthed.
How to implement your entrepreneur idea while working full time?
Let’s get back to my story. After realised that I have entrepreneur ideas I can turn into business, I began taking steps towards actualizing them. At this point, I need to mention that not all entrepreneur ideas can be started while working on a full time employment. Some entrepreneur ideas can be easy to implement as a full time employee. Examples are internet entrepreneur ideas. In my own case, my type of entrepreneur ideas allowed me to start my business part time. If you want to start your entrepreneur ideas while working full time, I advise that you follow these steps: Comply with your employment agreement
You should understand that what is giving you money for now is your job and not your entrepreneur idea. No matter how promising your entrepreneur idea is, it still remains an idea. As long as you are still in the employment, necessity demands that you comply with your employment agreement. Going against this will be a breach of contract. If your employment agreement does not allow you to implement your entrepreneur idea, you may need to exercise patience till you are able to quit the job.
Use your own time
If your employment agreement does not stop you from implementing your entrepreneur ideas, you should therefore not encroach into your employer’s time. Some employers may allow their staff to work on personal projects during idle period. If your employer allows that, it is an opportunity for you to work on your entrepreneur ideas. But you should not take this advantage to the extreme. If it is only break time and weekends that you have, you can still do something tangible with your entrepreneur ideas.
Use your own resources
No employer will like to see his staff using his resources for their own business. You need to see your entrepreneur idea as potential business from day one. You should envisage that your entrepreneur idea would incur costs. The same way you cannot share the income from your entrepreneur idea with your employer, you are not expected to pass your costs to him.
Avoid competition with your employer
There is nothing bad if your entrepreneur idea complement the business of your employer. In a situation where you are offering the same services with your employer, you may not know when you start competing with him. If a customer comes to your company requesting for a quotation, it will be a bad practice to suggest to the customer that you offer the same service (possibly at a cheaper price)
Keep it secret
I don’t need to tell you about corporate polity. If you think that everybody will love your entrepreneur idea, you may be building castle in the air. It is better and safer to keep your entrepreneur ideas from your office colleagues. Letting them know about your entrepreneur idea may lead to envy. This can affect your job.
Know when to quit your current employment
Your entrepreneur idea may never grow to becoming a successful business if you don’t give it a push it deserves. Once you know that you have acquired enough skills and resources and your business can adequately cover its overheads; it is time to quit your employment. By the time you don’t have enough time to attend to your customers’ needs, it can be an indication that your entrepreneur idea have matured to be turned into a business.