Starting a company while keeping the current job
I have been working on a product for a while keeping my day job. With the help of a partner we are now ready to form a company and to launch the product. The issue is how to do it so that I won't risk my job. However, my partner would probably has option to work full time on new venture. Since I have responsibilities and can't quit the day job, are there any strategies that we can use. The product is an accounting application and I am working in a company that deals with web site development. Also I am under contract with my employer not to start or work for any business directly or indirectly. We also would be looking at raising money and working with investor. So in short I would like to know if there is any way I can start a company while playing safe till the new venture get some traction. Please help.
Thanks
-
And you're located where? – Littleadv 12 years ago
-
The best way would be to approach your employer and try to make a deal with him. Otherwise, you will be dishonest to him, and this is not the way is business, and it's terrible start. – Andrew Smith 12 years ago
-
If your product is not doing the same or supplying a service in the same region as the company your work for I don't see any problems. If you don't enquire customers from the existing company – Rubytastic 12 years ago
-
@Rubytastic, that might be dangerous advice. If he has a contract that says he's "not [allowed] to start or work for any business directly or indirectly," he'd be in violation of that. He may just be fired for the violation, or the company he works for may even be able to claim rights to the ideas and work he did on the startup or worse, depending on where he's located at. I think you'd want to either sort it out face-to-face with your current employer, or quit and find work at a different company that doesn't have that stipulation in the contract. – rbwhitaker 12 years ago
-
@littleadv I am located in MA – David Lema 12 years ago
1 Answer
If you are serious about this business and you have done enough research and due diligence to say - "this is going to be something huge" you should quit your day job.
If you haven't - you are wasting your time. It's nearly impossible to expect an investor to believe in something you don't believe in. Take the time, play the devil's advocate, find the loop holes in your story, identify the risks and start tackling them. If you need, get advice from other people (Will be happy to help).
There are many advantages to building a company. It's a rewarding experience like no other and it can teach you much more than an MBA degree will ever teach you. However, it requires your full attention and 100% of your time.
