#109. Become a “Chicken Entrepreneur”Posted on
Become a “Chicken Entrepreneur”
When I saw this title recently on a CNNMoney.com article, I just had to read it.
“No, you won’t have to work on a farm or do a funny dance. It just means starting your own business on the side while keeping your day job.”
Michael Masterson, author of “Automatic Wealth for Grads … And Anyone Else Just Starting Out”, states, “Although it’s tempting to devote yourself full time to building a business, working as an employee for someone else means that you have a steady paycheck to rely on if things don’t go as planned.”
According to the Small Business Administration, over 50 percent of small businesses fail in the first year and 95 percent fail within the first five years. The SBA also found that the total number of firms with no employees grew by 26% from 1997 to 2004, to 19 million. A little more than half of those companies are run by workers with another primary source of income. Therefore this may be the best approach to becoming a successful entrepreneur.
If your “day job” happens to be in the same industry in which you are planning to start your business, or if you are just out of school, being a chicken entrepreneur may give you advantages you wouldn’t have if you were on your own. For example, you can use your day job to gain experience, make contacts and build a network in your field.
“I favor this approach because it allows you to extend your wealth and business experience, while working under a safety net in case things don’t work out,” said Masterson.
In addition, having a steady income makes you more attractive to lenders.
Non-traditional entrepreneurs are on our Top 10 Trends for 2007. Chicken entrepreneurs certainly fit that category. Do you have chicken entrepreneurs in our community? What can you do to help them succeed?