Hybrid Entrepreneurship – 5 Reasons to Build a Working Enterprise

The odds are stacked against you as an entrepreneur just by considering getting into this business. It can spell the difference between success and failure if you can erase any edge or edge. Therefore, here are five reasons why resorting to hybrid entrepreneurship is a viable option for you.

Let's look at the five reasons why resorting to hybrid entrepreneurship is a viable option

Let’s look at the five reasons why resorting to hybrid entrepreneurship is a viable option

By India Today Web Desk: The idea of ​​quitting a steady job before establishing a self-sustaining venture has been a debatable topic for eternity. Leaving your full-time job to pursue your passion and building a start-up can seem like a daunting move. While a majority of the population knows the benefits of entrepreneurship, a significant number of them are hesitant to leave their day jobs which are indisputably considered as income anchors.

Entrepreneurs boost the economy, foster innovation and generate employment. People with an entrepreneurial bent of mind cultivate in their skills and mindset along with leveraging professional networks in the hope to significantly improve their financial resources as well.

So far, so good, right? However, to take something remotely innovative also hints at the likelihood of the idea was bad. The world is incredibly complex, and the majority of ideas (and the assumptions they include) are often erroneous. According to the latest research, up to 90% of startups fail. The typical year-one failure rate in almost all industries is 10%. However, a staggering 70% of new businesses will fail within years two to five.

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An important piece of research by Dr. Joe Raffey (Assistant Professor of Strategy, University of Southern California’s Marshall School of Business) revealed that hybrid entrepreneurs – those who work while launching a business – have a 33.3% lower risk of a Catastrophic exit.

The odds are stacked against you as an entrepreneur just by considering getting into this business. It can spell the difference between success and failure if you can erase any edge or edge. Consider the similarities between Steve Wozniak, Sarah Blakely and Henry Ford – all three had 9-5 jobs while simultaneously building some of the most profitable business empires of all time (Apple, Spanx and Ford).

Let’s look at the five reasons why resorting to hybrid entrepreneurship is a viable option:

Freedom from cultivating skills that are implausible in a day job

Hybrid entrepreneurship gives people the freedom to build something they believe in without having to worry about financial orders and get unmatched levels of fulfillment. Also, with monetary problems at bay, one can be empowered to take more risky decisions for the start-up.

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Considering the dynamic nature of employment, job security may soon be a thing of the past as a recession approaches. A side business can give you the extra cash you need to enrich your lifestyle, pay off debt, strengthen your financial security or all of the above.

Retention of a valuable network

This is probably one of the most underrated aspects of a startup. When you leave your job to re-establish, you inevitably lose access to many resources in your network, which makes it more difficult to get the necessary help, support, investors and clients.

Better equipped a deal with failure

This crushing strain of failing startups is incomprehensible unless you become part of the space. When something goes wrong, or you experience failure in hybrid entrepreneurship, you will not see it as the end of the world because it would be relatively easier to land a solution since there will be something to fall back on.

More time before the runway clock ticks off

Runway refers to the time a startup can operate while making a loss before going bankrupt. This is the time frame after which your company will not be able to survive the market if the income and expenses remain the same.

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With the help of more funding and revenue, you try to extend your runaway, but what if all this happens in a flash? The probability of failure is huge. Additionally, steady employment will ensure that the business proceeds at a moderate pace, allowing plenty of time and opportunity to get the job done.

Freedom to experiment and explore

Having a steady source of income can be a great driving force to broaden the horizons of experimentation and exploration without worrying about finances.

Having said that, hybrid entrepreneurship always brings with it a lot of hardships that you need to deal with in order to make the most of your venture. From handling time constraints to making sure there are no dips in productivity levels on the job, the road to nailing hybrid entrepreneurial goals is hard to tread. Furthermore, there is always the subjectivity factor that comes into play.

The decision to take the leap or not depends on a lot of factors and should be reached after an intricate analysis of the market that one wants to penetrate.

This article is authored by Delphin Varghese, Co-Founder and Chief Business Officer, Adcounty India

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