Why You Shouldn’t Quit Your Day Job to Start Making Money Online
“Becoming an entrepreneur? Don’t quit your day job, but fake the immediacy” – Glenn Carter, just now.
“Glenn, should I quit my day job?” This is a question I get a lot.
Want to know a secret? Being employed by “the man” and pursuing entrepreneurship are not mutually exclusive. Shhh…Don’t tell anyone. This seems to be the biggest kept secret in the online business world.
How many times have you heard “quit the rat race!” or “break the cubicle chains!”. Well, for me at least, I love my day job. Firstly, my work is super interesting, I get a steady stream of income, I get benefits, and I meet extremely interesting people. Why the heck would I throw that away for some vague notion of making it big in the startup or freelance world?
No thanks, I choose both. I can’t? Just watch me.
Should I Quit My Day Job? Not The Right Question
Stop spending brain power thinking of how you will save yourself from cubicle purgatory. Let’s do something more productive. Let’s discuss how to embrace both your day job and entrepreneurial passions.
Most entrepreneurs today fail to realize three important truths about day jobs. First, many people enjoy their careers. Second, day jobs provide a steady flow of income that help fuel entrepreneurial passions. This is a way of hedging your bets if something doesn’t work out.
And lastly, most day jobs provide you with a safety net of benefits in case something happens to you or your family. Why throw that away?
Take the question of basic survival off your shoulders by keeping your day job…for now.
Let’s be clear, we are not suggesting you never quit your job. Or, we do not mean to say that even if you hate your boss and job that you should suck it up. We believe that at the initial entrepreneurial stages of our lives, a day job is an asset.
There is science behind this. A study published in The Academy of Management Journal states that if you quit your job early, you are more likely to fail as an entrepreneur. This study found that what they call “hybrid” entrepreneurs (those who keep their day jobs) are 33% less likely to fail in the business world.
This is why the sharing economy space was chosen as the first Casual Capitalist playground. It allows for casualness and dabbling without requiring a significant time commitment. Oh yeah, and the money…the income is nice too!
How Much Money Can You Make
Consider that the sharing economy pays out millions of dollars every day to people just like you. According to recent survey by Stanford University, participants in the sharing economy make an average of $18 an hour. If you worked only 1 hour a day, you could bring home over $500 a month. Double that and you are looking at an extra $12,000 a year in your pocket.
For getting started as a Casual Capitalist in the new sharing economy, think hard before ditching your day job. You can do both. Trust me, I’ve done it. All we need is some time management and organization. Stay tuned for more on this.
“Glenn, should I quit my day job?”
“No, you don’t need too, and at first, a day job can be a huge benefit to aspiring entrepreneurs!”