What Are the Advantages And Disadvantages of Hybrid Entrepreneurship
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Well, to be practical you must be bored of hearing such posts which suggests you to leave your job, follow your dream, leave it all behind, etc. All such posts are good for motivation but do they actually work, like after leaving job, starting something of your own would be this much easy? or you will be confused between the actual dilemma of what you are doing and what you should do?
Entrepreneurship is not an easy task and everyone is aware of this fact. It comes with its own merits and demerits but the journey of being an entrepreneur is full of hurdles and sacrifices.
The idea of leaving the job and starting startup looks fascinating but have you ever thought that how much would this cost to you. According to a study, it is clear that those who work while starting a startup have a 33.3% lower chance of a hazardous exit. As an entrepreneur, you will not be sure about the success and there are several odds when it comes to entering in this field. If you get any advantage or edge then it would relate to the difference between success and failure.
When you leave your job or leave the life of a hybrid entrepreneur and start running a venture for full-time, then a few things will take place. Here are some positive and negative things related to this path:-
The Positives Of Hybrid Entrepreneurship
• Runway doesn't start- A startup runway is basically the amount that you have in your accounts before you run out of money and you face failures in the venture. You try to extend your runaway with the help of raised capital and increased revenue, but what in case if you jump too early, the chances of failure will be high. Moreover, if you keep doing what you are doing, the clock will not run fast and you must be having some valuable time to make things work.
• Retain your network- This refers to be the most undervalued aspects when it comes to startup. By walking away from your career for a new beginning, you eventually lose the access over many resources out of your network which make it quite difficult to get the needful support, assistance, investors and a lot of potential customers also.
Helps to recover from failure easier- Until you become the part of the crazy startup, you won't be able to understand the crushing pressure that startup brings along with it. In hybrid entrepreneurship when something stuck or you face failure then you will not take it as the end of the world as you must be have something to do.
Hybrid Entrepreneurship - Cons
• Your IP could be at risk- Well you may have heard that there are no free lunches. What you have to worry about during your journey of being a startup is making sure your company do not have a have a right to lay claim to the venture you are creating. Nowadays, there are many universities that run a technology commercialization department that finds technology built at the university and licenses it out. If they come out in your venture and if you haven't followed the proper rules, they might have a claim to it. And the same rules applied when you are working for a corporation but you should make sure that your venture and your job’s IP do not cross paths.
• Work may not align- The trouble that most startup face is that difficulty in work alignment. The challenge with the same is that you can't execute on either side. You may face difficulties in networking with people and gaining good results for both sides. It is not fair to your employer or your own venture if you are faltering at both. You have to work hard for both.
Major decisions to make- There may be some situations when you have to choose between your work and venture. But if you are leaving your place of employment then it is important for you to have the strong backup or customers who are ready to pay for service and even investors to invest in your firm.
There is no doubt in saying that hybrid entrepreneurship is not for everyone. It can be a crazy idea but it works for most of the people. Before starting your own venture, you should consider about hybrid entrepreneurship once.