My Job or my Start-Up? Do you have to choose?

You love the security of your job but you also have a great start-up idea that has got you gripped. You are not alone. Below are real-life examples, some riskier than others and some ideas of how you can enjoy your job and still pursue your start-up.

The CSR Fashionista

She manages the Corporate Social Responsibility (CSR) division of a global pharmaceutical. She ventures out to rural villages to increase health standards. She is passionate about her work, but in her free time, she’s all over Instagram reviewing the latest fashion in swimwear. She’s now also working on her own swimwear line.

The MD CafePreneur

She’s a consultant radiologist. She’s proud of her achievement but her nirvana is serving people a great cup of coffee from her own cafe. She’s now saved enough and invested in a café chain back in her home country, hoping to work on this full time very soon.

The People’s Banker

He thrived on the banking high life but also had an intimate understanding of the payment needs of the average person. So he chose to do something for people. His idea was to connect smartphones and even watches to payment tools to create real solutions for people. He is finally on his way to launch his FinTech start-up. But it did take 18 months of hustle and no income to get there.

And here are some ideas I have taken away on how they managed the inherent risk of pursuing their start-ups.

1. Your start-up idea defines you

In the words of Amazon Founder Jeff Bezos, “Your brand is what people say about you when you’re not in the room”. It’s got to thrill you, such that you are willing to make sacrifices. If you find you are losing interest in your idea, then it is not your adventure. But don’t stop there. Continue curating a great idea by constantly pushing your limits.

2. Define your limits of risk

The result of pursuing your start-up is highly uncertain. The truth is, you can fail. Ask yourself if you can handle losing the lifetime savings you will definitely make in your current career in pursuit of your start-up. Of course not. Instead, can you handle losing 5%? This sounds better, easier. What other life KPIs need stretching? How about time? Build a measurable framework that allows you to try again, should you fail the first time.

3. Enhance your ‘Start-Up CV’

Make a list of skills and people you need to achieve success in your start-up. The more equipped you are with the right network and the How Tos, the easier it will be to take that jump. The MD CafePreneur spent her free time studying coffee and customer service. And the CSR Fashionista burns the midnight oil learning about funding and social media for marketing. In the world of online learning, volunteering and communities, there is no better time to enhance your ‘start-up CV’. And don’t forget your existing transferable skills. At Y Combinator, a leading American accelerator, the median age of a company founder is 30 and the oldest is 66. Plan your Start-Up CV to peak at a point that works for you.

4. Develop your Intuition to balance your analytical skills

You will need to use your intuition to make decisions during times of high uncertainty. Research by Gerd Gigerenzer, a Director at the renowned Max Planck Institute for Human Development states in the HBR Ideacast for his book ‘Risk Savvy’, that 50% of all decisions in large companies are gut decisions. If you rarely use your intuition, now is the time to start. In a world where big data is being extracted to automate decisions, your intuition will always be unique. Even the most accurate optimization models are not able to predict a crisis. Start listening to yourself. When was the last time you followed your intuition, what happened, what did you learn, how can you improve?

5. Open up to Opportunities

There is more than one-way of doing things. The ‘people’s banker’ started out with one solution and it was enhanced to become a solid idea from talking to experts and investors from when he was still employed. The right opportunity might be sitting in the company you work for. Employers should consider encouraging employees to share their Start-up Idea. This grit, creativity and passion should be recognized and harnessed for something that is mutually beneficial for both parties. Maybe your current company needs a social media strategy? Now’s your chance to work with experts! Or maybe add the opportunity you need as a criteria for choosing your next employer.

If your start-up idea is worth it, consider allowing your job security to become some of the security you need to pursue it. You might be surprised at how far it takes you.