I'd like to start a business sometime during the coming year. I have a couple of ideas kicking around in my head -- however I'm unsure about how to begin, and how much of myself I need to commit to the project. In the past, I have toyed around with various arbitrage/reselling schemes of my own, but I don't have much information or guidance about what it actually takes to start a business providing a good/service that people want to buy.
As for my own situation, I'm in my late 20's with a decent remote-work IT job that pays ~$4k/month while working 25 hours a week. I have some, but not much, money saved (~$10k). I am mainly curious if I am likely to succeed in building a business by keeping my part-time job and using the freedom+finances it provides, or if my chances are better if I quit my job in the near future so I can dedicate all of my energy towards my own endeavor.
So, I'd like to ask the men of the forum if they could share any personal experience they have in this area or recommend books that could provide examples to direct my thinking. Some of the questions I have are:
1) How much money/capital did you start out with when beginning to build your business?
2) What % of your time/energy did you direct towards growing your busineses at the beginning stage? What about after 1-2 years?
3) How long did it take for your work to translate to a reasonable living wage for the time and energy you invested?
4) How much about the relevant field did you know before beginning the business? How much did you learn as you went?
5) Is there anything you wish you knew then about being an entrepenuer that you know now?
Much thanks.
As for my own situation, I'm in my late 20's with a decent remote-work IT job that pays ~$4k/month while working 25 hours a week. I have some, but not much, money saved (~$10k). I am mainly curious if I am likely to succeed in building a business by keeping my part-time job and using the freedom+finances it provides, or if my chances are better if I quit my job in the near future so I can dedicate all of my energy towards my own endeavor.
So, I'd like to ask the men of the forum if they could share any personal experience they have in this area or recommend books that could provide examples to direct my thinking. Some of the questions I have are:
1) How much money/capital did you start out with when beginning to build your business?
2) What % of your time/energy did you direct towards growing your busineses at the beginning stage? What about after 1-2 years?
3) How long did it take for your work to translate to a reasonable living wage for the time and energy you invested?
4) How much about the relevant field did you know before beginning the business? How much did you learn as you went?
5) Is there anything you wish you knew then about being an entrepenuer that you know now?
Much thanks.