Transition from tech to business owner - Learn Online

Transition from tech to business owner

Lesson Details:
February 28, 2020

Video Transcription – Now let's talk more about how to transition from technology to business guess what hello financial stress is really hard because as an engineer you make a solid good salary even a junior engineer makes a middle-class solid salary and you know depending where you are from and where you're located could be upper-class salary so it's really hard really hard to in the interim in the short term make your side business or your new business make you nearly as much money as your job and that's what everybody faces am i stupid to quit my job and start this whole new venture and moves a lot of money with that you know not getting salary and taking on maybe even more work and who knows right and that's the question so it's really important in the previous video to help you understand emotional intelligence and the importance of managing the stress because if you let financial stress get to you it's gonna destroy everything is gonna make your decisions worse everything like that so the first is importance - you have to look into and study how to manage your stress and master this now after that it's obviously hard to say goodbye to salary and but the flip side of it is that it's also bad to wait for your business to grow enough so that you can replace the salary from the business with the salary from your job because if you keep working at a regular job you're not gonna have enough time to devote to your business and the business won't grow so you're always gonna be in that stuckness right you you you it's like the transitions hard you either one or the other but the middle is bad and you don't want to be in the middle you want to shorten the middle to shorten the middle is you can take freelancing jobs short-term contract jobs decrease your lifestyle and maybe take classifications move to like you know cheaper apartment or whatever you know if family obviously it's much harder much harder and you have to get your family to support you emotionally not necessarily financially but at least they have to you know understand hey for a year or two it's gonna be hard for us or harder so you can Amish and online which you can do now is get freelancing gigs you can teach online just like you know on the teaching websites on your own website you can whatever your technology skill that you have you can teach others and the other really good way to support to sort of bridge that gap that necessary that that that exactly I guess the right word is gap between getting a salary from your business and getting a salary from your bit from your work is something called MVP and MVP is the Minimum Viable Product and most people in technology are familiar with it and it's a methodology for how to bring your idea to market faster and cheaper and improve it faster so that you're not wasting many many months on this idea but you're getting your answers back quickly so that the amount of stress the time deadlines and everything else I can't you know the necessary funds everything is smaller and shorter and so the it's that gap is shortened so in the next video let's just take a minute to talk about the MVP the Minimum Viable Product and how to use that to grow your business and if it's redundant just keep the next lecture if you're already familiar with Eric Ries and MVP skip the next lecture if you're not familiar with it this should be like you only follow this this is sort of industry standard today so in the next video let's talk about the MVP.

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