Explain situations in which it would it be better to first undertake a part-time business.

Question

What will be an ideal response?

Answer 1

There are three situations in which it would be better to first undertake a part-time business. One of these is when someone is new to business and needs to gain basic experience. If one has not been involved in pricing, buying, and selling, learning how to do such things makes a lot of sense before launching the business. One might want to obtain other types of experience before starting a full-scale business or writing a business plan.
A second type of situation is one in which a person lacks resources to pursue a full-scale business or create a business plan. Time is probably the ultimate resource, and starting a business can tax it heavily. Starting a full-time business can absorb 70 hours a week or more in its early stages. One might not be able to commit the time to work that way, and pursuing a precursor makes a lot of sense. It also makes sense if one is missing other resources.
The third type of situation is a narrow window of opportunity. Part-time businesses can generally be created quickly, and they offer a concrete example of a business to customers, suppliers, and others. When there is not enough time to do a business plan or get the entire business going, pursuing a part-time business to capture the attention of others makes a lot of sense.