If you're considering the path of entrepreneurship, you're likely drawn to the idea of being an innovator, a change agent, or a risk taker. But it's important to remember that taking calculated risks, rather than just any risk, is key to success.
One way to minimize personal financial risk is to maintain an outside income while working on your venture on the side.
The concept of a lifestyle venture has gained popularity in recent years. This refers to a business where the founders' primary focus is the lifestyle they will attain through entrepreneurship, rather than financial rewards from selling the business.
Lifestyle ventures are often funded through family and friends and may be solo endeavors, rather than being supported by a team. They also offer greater freedom in terms of responsibilities and hours of work. An example of a startup lifestyle venture is The Wander Girls, a company that organizes trips and events for women traveling alone in India.
As you explore the world of entrepreneurship, it's important to identify the path that works best for your goals, unique situation, and vision. This may involve keeping your day job while working on your venture, or it may involve fully committing to your business.
Regardless of the path you choose, it's crucial to understand your exit strategy, or how you plan to "harvest" your venture and receive a return on your investment.
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