By: Dvorah Graeser
What if we told you that having a day job can actually help your startup drive innovation? While the thought of quitting your full-time role to work on your side hustle may sound appealing, it may not be financially realistic — and we’re here to let you know that having a day job helps fuel innovation.
If you’re confused (or disappointed that you can’t run off to a tropical island tomorrow to launch your startup), hear us out: having a day job can benefit your side hustle’s innovation process. Here’s why:
There isn’t one recipe for startup success, but most entrepreneurs will tell you that the recipe includes a mix of drive, ambition, self-sacrifice, passion, and time-management skills. When you have a 9–5, it means that your time is limited — making you an amazing time manager. And after working 8 hours per day, we can guarantee that you’re passionate about your startup if you can come home after work and continue to grind — and venture capitalists/potential funders can see that too.
From a profitability perspective, who doesn’t want extra funds to launch their startup? By continuing to work, you’re continuing to do yourself a favor, and provide yourself with cash flow to put towards your startup. You’ll initially have the funds to innovate, and with low-stakes (at worst, you’ll continue working your 9–5 and create a new idea if your first one fails). A steady paycheck will also allow you to bootstrap your side hustle.
However, the benefits of working a day job don’t just extend to finances — it’s also a great sanity check to surround yourself with others who are experts in the same areas that your startup will eventually require: human resources, business development, marketing, sales and project management. When you go home to work on your side hustle, you’ll be able to ground yourself in the lessons you’ve learned during the day — which will guarantee that your ideas will be rooted in reality and not fantasy. When you are ready to launch your product, you’ll have a much better idea of how to market and sell your product, if you’re able to observe your company’s day-to-day operations.
When you have a day job, it means that time is limited and precious. It may be confusing to know what areas you should focus on first, when it may feel like there are a million items on your to-do list. If you only have weekends and post-work hours available, you should leverage your time to focus on the one area that matters most: your idea and your innovation.
First, focus on developing your idea — and solidifying that idea through trial and error. Once your idea is robust, you’ll want to protect your idea through patents, in order to mitigate risks of being blocked out by competitors. Your idea is the crux of your startup’s success — and with limited time, it should be your main area of focus. With a patent, you can confidently go to investors with an asset in-hand, and pitch your startup. However, it is impossible to have patent protection without an idea. Therefore, your startup journey should focus on: idea, patent, then funding/other experiments.
After securing your innovation and idea, you’ll be on the road to startup success with tangible assets to add to your balance sheet. And then you can confidently leave your day job to focus on bringing your idea to market. But, don’t forget to thank your day job for helping to fuel your innovation!
At KISSPatent, we help entrepreneurs and innovators to monetize their ideas. We put the power of patent protection for your unique idea in your hands. We help startups increase their valuation, keep from getting blocked, and protect their ideas and their communities. Contact us to get started here.
Visit our Learning Hub to learn more about how intellectual properties can contribute to your startup’s success.
Source >> https://medium.com/ideapro/how-to-drive-innovation-in-your-startup-if-you-have-a-day-job-982a7900cfe
