Expert Q&A: How Do I Know When to Move From a Side Hustle to Being a Full-time Entrepreneur? by Jeff Krasno
Q: "It's really hard to work fulltime and also try to grow my side business. How do I know if I'm ready to move from having a side hustle to becoming a full-time entrepreneur?"
A. You need to engage in an honest personal inventory. Put aside some time to reflect, and then write down the answers to these following questions:
- Most start-ups require constant attention in the early years. Your work hours may bleed into nights and weekends. Do you have the available time, energy and stamina to do this right now in your life?
- Do you have a high risk tolerance? If you’re going all in, then your risk tolerance should be pretty high. If other parts of your life are stable, that helps.
- Do you have enough money saved to maintain your lifestyle even if your new concern takes longer than experience to get its legs?
If you can answer these questions in the affirmative, then that’s a good indication that you’re ready to take the plunge.
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