1.)I have expenses that need to be paid. My current savings could get me through maybe 5 months? and then what?
2.) I like knowing I have a backup plan. I think its what, 5% of business launched that succeed? Despite working my way through the other 95% of fails already, having an incredibly solid business plan, and (for the first-time)a passion for the product; its still nice to know I can provide for myself and my family.
3.) This is the big one... I need money for my business!. II can hire faster, advertise easier. How's a little guy to compete with the big boys without a hefty budget applied to smart marketing!
With all that said, I have considered dropping my hours, or my job entirely, but why take the risk? there's nobody in my space. There's no rush! Why take a risk of losing everything, when there's no risk of losing your idea to someone else.
Thanks for sharing your experience.
I currently have ~4 month before I dry out, and am selling one of my cars in order to have a longer run way.
I really think that working full time on your ideas makes you X10(estimated) more productive, since not only do you have more time to work on it, your mind is also empty and totally focused on only one important thing.
Focus is something that people underestimate, but it's sometimes what makes the difference between success or failure.
If you are serious about entrepreneurship, and you can sustain a few month without working part time - my personal advice is that you do it.
I WOULD NOT quit my job to build something which hasn't been validated in some way. I have done that and it was a huge mistake.
Imagine the following:
1.) you have a product idea
2.) you have talked to potential clients and find out they need it and are willing to pay for
3.) a percentage of them will agree to pay you, specifically you, when it ships
4.) those potential clients know other people in their field who also need your product and are willing to give you a warm intro to them
Here we have imagined a circumstance where you have a business with an unprecedentedly high probability of success. Furthermore, it's a circumstance which didn't require you to build or really focus heavily on anything. If you're worried about how long it will take you to get off the ground with something like this, don't. Making the above a reality is so valuable, you can afford to spend a little time on it.
After quitting my job and jumping into an idea-phase business, I've raised my standards quite a bit. An idea won't cut it for me anymore. I need validation.