In a developing country, a lot of employee aims at establishing a side business or while some are already managing one. Reason for this is not far-fetch; majority are earning what is not commensurate with the performed roles and duties. One of the renowned venture capitalists observed that employees are running a side business not only to augment their monthly pay but also avoid working for someone else and helping him or her in build the desired goals. It is quite good to have a side business once you have made up your mind not to work for an employer till retirement. It is actually a fit-for-purpose idea especially if such individual loses his job. Experience has shown that employers are not always happy especially when their employees engaged in side business with the possibility of affecting their (employers) corporate goals. The enmity becomes intense when employers discovered that the intrapreneurial spirits in their employees useful to their business growth is being geared toward his private business.
Here are the dos and don’ts of running a side business while working full-time.
What requires of you?
The first rule of starting a side business is the discovery of intrapreneurial spirits in yourself. Having done that, you should ensure effective and efficient applications of the spirits on the tasks assigned to you by your employer or the senior. Your ability and ingenuity in carrying out the duties will be of help while being on your own. Invariably, your employer will have profound interest in you. This has been described by venture capitalists and business formation strategists as key to successful exit when the need arises. In other words, don’t burn bridges.
Conflict of interest
No matter what, you shouldn’t create products or services that compete with your employers’. Doing that will definitely lead to a lot of conflicts between you and your employer. You will have reasons to divide your competence and skills towards the execution of your business activities and that of the employer.
Avoid using employer’s facilities
Use your own resources and tools. Under no circumstance should you use your employer’s equipment for your own business operations.
Whatever you want to do regarding running of the business keeps it in private. Receiving and initiating varied correspondence at your employer’s office is absolute unethical. The simple rule is that don’t allow your business interfere with the duties assigned to you. Your break period could be used for receiving and making necessary correspondence concerning your business. To some this rule may seem a bit extreme, but it allows you to keep things completely separate. Also, it ensures that your call remains private.
Enterprations Limited offers prospective employees, who intend to transit to employers necessary techniques and strategies for the movement.