I am a juggler. I, like 99.99% of people, simultaneously maintain multiple balls in the air.
Ball 1: Continue work with consulting clients.
Ball 2: Help parents’ business out.
Ball 3: Look for a job.
Ball 4: Enjoy life.
Ball 5: Be an entrepreneur.
Like most others who have entrepreneurial ambitions, I cannot currently dedicate 100% of my time to my business ideas. So how much time is enough? Not so much that I have all my proverbial eggs in a risky basket. Not so little that the ideas never germinate or the window of opportunity vanishes. I don’t think there is one answer for all, but I do think one must commit some minimum amount of time each week to this endeavor. At this time, I have decided about 8 hours a week is appropriate. Why 8? Round #, good feng shui, but mostly an easy commitment to remember – about one work-day a week.
One other area of commitment I’ve pondered is money. Most business ideas take some capital. And given that I’m not ready to pitch my idea to venture capitalists quite yet, this capital investment will have to come from me. How much to invest? Again, there is no one right answer, but my friend Pete made the analogy to betting on a risky stock. The reward maybe great if all goes well, but bet what you’d feel comfortable losing if it doesn’t work out. At this stage, I have decided that I am willing to expend approximately $10,000 towards this stage of my “bet,” – turning my idea into a functioning entity.
