📺 Stream EntrepreneurTV for Free 📺

How to Balance a Fulltime Job With Starting Up Startup expert Rebekah Iliff says digging in, making sacrifices and putting in the appropriate time is critical.

By Rebekah Iliff

entrepreneur daily
Shutterstock

Q: How can I manage a job that pays the bills along with the first stages of growing a business that won't show profits for at least six months?

- Brittany N. Bluford
Houston, Texas

A: Balancing a fulltime job with starting up can be a huge challenge, but it's often necessary to support yourself while you prepare to launch your business. It's important to know that entrepreneurship isn't for everyone, because everyone's not emotionally and financially equipped to handle the risks. But if you are willing to dig in, put in the work, time, effort, and sacrifice required to make something sing, listen up -- greatness may be yours for the taking.

Related: How to Know When It's Time to Quit Your Day Job

Here's a look at three separate paths to entrepreneurial greatness.

1. Some are born great. Truth be told, I have friends who were born into entrepreneur-friendly environments, and the road to entrepreneurship for them was never a question of "if," but rather, "what." Think Trump kids here. As nauseating and unfair as this may seem, these "born into greatness" types often have a much easier time getting a business started because they have the full support of families, both immediate and extended.

This support may come in the form of seed capital, business resources, and a built-in cheering squad. This system typically allows them to leisurely stroll out of college into their own business without having to think much about how they will pay their bills as they build a profitable business. The one caveat: born greats are often under an immense amount of pressure to perform as their dynasty and legacy depend on it.

Related: How to Decide if a Job or Entrepreneurship is Right for You

2. Some achieve greatness. The vast majority of entrepreneurs, myself included, fall into this category. We possess the entrepreneurial spirit to pursue a vision and dream, but we did not grow up in entrepreneurial environments and did not have the financial means to build something without having a job. In essence, we are "the hustler." We may spend decades honing our spirit without necessarily having the tools or resources to dump everything and relentlessly pour every waking hour into building our business.

However, with focus and dedication, slowly over time, we become masters of a specific skill and eventually find our place among the innovators. There is no shame in following this road. The only thing required is a continual evaluation of forward movement. Think of it as a three-year formula:

Year one: Conduct exploration and research. Develop your business plan and put aside money.
Year two: Test your idea. Read Eric Ries' book The Entrepreneur's Guide to Customer Development, and keep putting aside money.
Year three: Launch your business knowing it will take another two years to truly understand if your model is working. You may have to still work a "regular" job during this time.

This formula is similar to how any funded startups would approach a launch, although typically they don't take three years to complete the cycle -- more like about eighteen months. The key difference is you do not have the luxury of drawing a salary from the business and the ability to focus solely on the task at hand.

3. Some have greatness thrust upon them. Two words: Mark Zuckerberg. This is a prime example of a zit-faced college dropout who had enough computer science skills and quirky, somewhat off-putting, business savvy, to rapidly build one of the world's most watched companies. It's not that he didn't work hard, or that he didn't put vast amounts of time into pursing his vision while making sacrifices, but this level of entrepreneur royalty is reserved for a select few.

We read inspirational stories about kids like Zuck, but the truth is his story is rare and does not equip most aspiring entrepreneurs or business owners with the correct mentality. He is an outlier, an anomaly.

Have a question for YoungEntrepreneur's experts? Leave a comment below and tune in next week to hear from our new Ask the Expert contributor.

Rebekah Iliff

Chief Strategy Officer for AirPR

Rebekah Iliff is the chief strategy officer for AirPR, a technology platform to increase public-relations performance that serves Fortune 500 and fast growing technology companies. Previously, she was the CEO of talkTECH Communications, where she created an industry-first methodology for emerging technology companies which positioned talkTECH as one of the fastest growing, launch-only PR firms in the U.S. Iliff holds a B.A. in philosophy from Loyola University Chicago, and an M.A. in organizational management and applied community psychology from Antioch University at Los Angeles (AULA).

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Science & Technology

She Ditched Her Steady Job in Tech to Pursue Her Love of Food. Now She's a Food Network Champion and Celebrated Cookbook Author.

A self-taught vegan chef known for her sustainable cooking practices, Chef Priyanka Naik's journey from the tech world to the Food Network is a testament to the power of passion and perseverance. Hear her insights into how embracing your unique path can lead to entrepreneurial success.

Leadership

9 Productivity Tips That the 1% Know to Follow

Is your inner high-performer waiting to be unleashed? If so, here's what the 1% swear by for peak productivity.

Devices

Save More Than 70 Percent on This iPad Pro

This refurbished iPad Pro comes with 32GB of storage space.

Starting a Business

Ask Marc | Get Free Business Advice From the Co-Founder of Netflix

Get the answers to your most challenging business problems during our next Ask Marc, live Q&A, on 5/9/24 at 2 PM ET. You don't want to miss it—send in your questions now.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Franchise

Franchising Is Not For Everyone. Explore These Lucrative Alternatives to Expand Your Business.

Not every business can be franchised, nor should it. While franchising can be the right growth vehicle for someone with an established brand and proven concept that's ripe for growth, there are other options available for business owners.