Spreading your time
Discussion
I'm currently employed full time and have a couple of days off per week. I've been approached by a business associate (in a completely different market to my main job- no conflict of interest in that respect), to sit on the board of a new venture.
The expectation is to spend 5 or 6 hours per week on this venture, overseeing the marketing function, but realise these things soon spread.
Does anybody else here balance similar commitments and, is there any advice in keeping the things from interfering with each other too much, from a time perspective?
The expectation is to spend 5 or 6 hours per week on this venture, overseeing the marketing function, but realise these things soon spread.
Does anybody else here balance similar commitments and, is there any advice in keeping the things from interfering with each other too much, from a time perspective?
Yep - full time 3 days per week "job", also was a non exec director of a company operating in two completly seperate time zones (UK & China)but recently been parachuted in to take over day to day running (couple of days per week) after MD was caught with his hand in the till, NED to a fuel business which takes up another day per week.
1yr old daughter to add to the mix as well.
Bloody dificult to juggle. You'll find your days will be long and at some point one will take over the other.
Thankfully my "employers" are happy enough with the situation, make sure you tell them though or you could find yourself in breach of contracts possibly.
1yr old daughter to add to the mix as well.
Bloody dificult to juggle. You'll find your days will be long and at some point one will take over the other.
Thankfully my "employers" are happy enough with the situation, make sure you tell them though or you could find yourself in breach of contracts possibly.
Yep. Work 5 days/70 hours incl. commute per week and "do stuff" for the pub at the weekends. Two young kids too... with the wife working weekends and evenings.
It's a right f
king ball-ache to be honest and knackering.
However, the major contributing factors are the two young kids and the wife working when I'm not. If you don't have this, then I don't think it'll be much of a problem.
Oh and "pub stuff" doesn't exclusively happen at the weekend so you're dead right about creaping responsibility/time demands.
It's a right f
king ball-ache to be honest and knackering.However, the major contributing factors are the two young kids and the wife working when I'm not. If you don't have this, then I don't think it'll be much of a problem.
Oh and "pub stuff" doesn't exclusively happen at the weekend so you're dead right about creaping responsibility/time demands.
I've managed multiple business commitments and have done for a number of years now.
The important things to think about are:
1) Whether you can "ring fence" time for certain tasks - i.e. will you devote a given day to the new activity?
2) How will you manage ad hoc requests for time - the odd email here and there soon mounts up.
3) What will you do when you have used up the "allocation" for a week?
4) Is it practical to carry forward unused allocation?
5) Does a few hours a week give you enough access/insight to be able to discharge your duties as a Director (assuming you'll formally be one, given you mentioned board membership)? If not, consider the possibility of not being a formal (CH reg'd) Director (but still perhaps with equity).
6) If the new venture takes off, can you manage a transition to it (assuming you'd want to) from your full-time job.
7) Can you be sufficiently organised (emails/documents etc)?
8) Can you CLEARLY avoid conflict? - little things like using employer's phone for making business calls for other venture could trip you up (FWIW, I've always borne the cost of my own mobile - keeps it simple).
9) Can you compartmentalise your thinking enough that new venture doesn't accidentally encroach into employed time?
10) Does variety/uncertainty stimulate you? I don't think the latter (in particular) is a linear relationship.
I'd also query, in your case, whether the "overseeing" could trigger a need for an immediate response and whether that could impact your main employment.
Personally though, I love having fingers in a number of different pies and find that it allows me to bring a unique perspective to all of the businesses I'm involved with. Although the downside is that even when I'm relaxing with the family the crackberry is usually less than a couple of feet away and that damned flashing light is just too seductive...
ETA: And have an exit strategy for if it doesn't work out!
The important things to think about are:
1) Whether you can "ring fence" time for certain tasks - i.e. will you devote a given day to the new activity?
2) How will you manage ad hoc requests for time - the odd email here and there soon mounts up.
3) What will you do when you have used up the "allocation" for a week?
4) Is it practical to carry forward unused allocation?
5) Does a few hours a week give you enough access/insight to be able to discharge your duties as a Director (assuming you'll formally be one, given you mentioned board membership)? If not, consider the possibility of not being a formal (CH reg'd) Director (but still perhaps with equity).
6) If the new venture takes off, can you manage a transition to it (assuming you'd want to) from your full-time job.
7) Can you be sufficiently organised (emails/documents etc)?
8) Can you CLEARLY avoid conflict? - little things like using employer's phone for making business calls for other venture could trip you up (FWIW, I've always borne the cost of my own mobile - keeps it simple).
9) Can you compartmentalise your thinking enough that new venture doesn't accidentally encroach into employed time?
10) Does variety/uncertainty stimulate you? I don't think the latter (in particular) is a linear relationship.
I'd also query, in your case, whether the "overseeing" could trigger a need for an immediate response and whether that could impact your main employment.
Personally though, I love having fingers in a number of different pies and find that it allows me to bring a unique perspective to all of the businesses I'm involved with. Although the downside is that even when I'm relaxing with the family the crackberry is usually less than a couple of feet away and that damned flashing light is just too seductive...
ETA: And have an exit strategy for if it doesn't work out!
Edited by LooneyTunes on Wednesday 23 February 13:01
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