Successfully setting up a sideline: Entrepreneurs after work

The fewest Founders are successful from the start. Often involves a lot of work and big Risks in addition. That can be minimized if you be Companys founds on a sideline alongside his main job.

Starting a sideline is like driving a car

You can set up your after-workStartups compare to driving a car. Do you remember your first driving lesson? Everything was new, and you probably first practiced handling the car on the practice area or on the country road. A novice driver would certainly not drive a racing car to the Nürburgring. The risk that one dies is too great Control loses about the car and causes an accident.

You can compare the Nürburgring to full-time employment, which you throw yourself into with no experience and limited financial means. The training ground would then be part-time self-employment. Here you can your Idea expose to the proof of concept without you being on a regular basis Income have to do without. The full foundation does not have to be that Objective be. Several studies show that few People switch from part-time to full-time.

Dropouts as successful entrepreneurs

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Many successful entrepreneurs either dropped out of their studies or did not complete any at all. Examples are Steve Jobs, Richard Branson, Henry Ford, Mark Zuckerberg, and me. No education is required to start a successful business.

"The question I ask myself almost every day is, 'Am I doing the most important thing I could do? When I don't feel like I'm on the most important thing Problem work that I can help with, then I don't feel comfortable doing it feelhow I spend my time.” (Mark Zuckerberg)

"You don't learn to walk by... Regulate follow You learn by falling." (Richard Branson)

Success as an entrepreneur: the result counts

It does not matter who you are or what else you have done: The focus is on the result your company has achieved and not on whether you have, for example, studied or not. The buyer of the products doesn't care where you are or what you can. It is important to him that the products work well and keep what they promise. This is the great opportunity, no matter who you are.

The second major advantage if you choose entrepreneurship decide, is the scalability. Let's say you produce software or sell products via an online shop. If you increase your sales from 100 products to 1.000 increase and the processes are running, no new input is required.

Realize yourself part-time!

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This should be an invitation to realize one's self on the side. It should Anxiety take on failure and provide the fundamentals needed to create an after-hours startup Success leads. I wish you lots of personal development experiences, financial success and above all the enjoyment of the freedom that building up a second source of income will bring.

Sometimes the second pillar also turns into a large company. It is important to me to be able to take care of myself. This wish has shaped my whole life. In my childhood and youth, my pocket money rarely lasted for a month, and I was constantly annoyed by my acute financial need. That's why I took my first job at the age of 15: I pulled weeds on an organic farm for 4 euros an hour. The work was extremely hard, but I was finally independent.

Independence as a driving motivation

At that time I met one in the blazing midday heat in the field decision: I vowed to improve with every new job. At the age of 16 I had to repeat the 10th grade because I simply couldn't come to terms with the school system. Think Mother sent me to a private school, but stressed that unfortunately they weren't for that Costs could arise.

That was the moment when I committed to raising around 150 euros every month on the first of the month. Luckily I was able to help out in the local health food store and thereby finance my schooling. Unfortunately, as a student, I had limited earning potential. So I had to get a new one Solution .

Business start-up while still at school

At the age of 19, I started my own business while I was still at school. I subsequently managed to reduce my income through training costs such as seminars, mentoring programs and coaching so that I was able to meet the earnings limit for the part-time job. At the same time, I was able to expand my entrepreneurial Background improve immensely. That's when I decided on the topic Financebecause it's me Fun made.

I already had countless books on topics such as real estate, Insurance, precious metals, raw materials, shares and read financing. I even devoured the thick tome The Secrets of Stock Analysis. Superior knowledge for your investment decisions by Benjamin Graham and David L. Dodd. Unfortunately, I was the only one who believed that, despite my young age, I could provide financial advice to anyone. I still remember statements like »You are 19 years old? Nobody believes you!«. Ironically, these are the same people who assure me today that they knew I could do it.

Getting to know the ups and downs of being an entrepreneur

From my idea at the time, one Company which has existed for ten years now. Founded as a sole proprietorship at the time, I have long since converted it into a GmbH & Co. KG. Looking back, I can say that starting my own business was the start of the greatest adventure of my life.

Since then I have got to know countless ups and downs of being an entrepreneur. I have successfully built up holdings in other companies and sold them at a profit, but I have also blown companies into the sand. Since 2014 I have been passing on my knowledge to founders who want to set up an after-work start-up, and I actively support them. The deeper I dealt with the subject, the more it became clear to me that many founders are tainted with old beliefs. Likewise, many try to use standard knowledge from the university for start-up practice.

Basic obstacles for after-work start-ups

Two obstacles emerge that can prevent the success of an after-work start-up: Either the high risks that weigh on the psyche as a founder lead to inflexibility, or the business idea is immature. From my point of view, both obstacles can be solved by being self-employed as a part-time job.

1. Point one is that your own existence is not endangered by the main occupation at any time. This alone allows you to reach your goal more relaxed.
2. The second point is that even an immature business model won't bring you down. An after-work startup doesn't have to work the first time. In contrast, the lack of short-term success is problematic for highly developed startups. The loans cannot be serviced, investors write off their stake, and the founders cannot make any private withdrawals. These and other costs can quickly bring down a startup.

The effort is not free

However, if the idea doesn't work, you can put it down. With this Strategy you have a maximum of a few months to invest. This mission is not in vain, as you are guaranteed to have learned a lot even in the worst case. This know-how acquired in practice does not exist in any other University still in college.

But what is the best thing about this school of life? You can create the timetable including all content yourself and are therefore completely flexible. And that's exactly what is important for successful entrepreneurs.

Do you need a business plan?

One more word about the business plan: When they asked me for a business plan back then, I fell into a huge trap. I have one at the IHK Vorlage downloaded and filled out. But a business plan is always something very individual and should not be made according to a formula.

But it is often the first piece of advice you get as the founder of an after-work startup: to create a business plan. However, this is not primarily important for the founders, but for others. Banks and investors, for example, ask for this document in order to be able to assess whether an investment or Financing your company calculates.

Large investment companies, on the other hand, usually only require a so-called pitch deck. This means the presentation of the most important key points on some slides. Whether you should really take advantage of bank financing is questionable at the beginning for small businesses anyway.

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