LO1: Know when and why part-time entrepreneurship makes sense.

• It makes sense when you need to gain basic experience.
• It makes sense when you lack the resources for a full-time business.
• It makes sense when you face a narrow window of opportunity.

LO2: Learn the five major paths to part-time entrepreneurship.

• Stand businesses include roadside stands, flea markets, farmers' markets, and fairs.
• Key issues for stands are location, where traffic is high, and having adequate inventory.
• Home businesses include shopping parties, door-to-door selling, and network marketing.
• Key issues for home businesses include having a good hostess for shopping parties, or a solid technique for closing sales in door-to-door selling.
• Key issues for consignment shops and auction-based businesses are location and traffic.
• Mail order and catalog sales vary widely in costs and markets covered.
• Key issues are writing ad copy that sells and placing it in the right publication.
• Online sales can be through e-commerce Web sites or online auctions.
• Key issues are optimizing visibility and managing the payment process.

LO3: Understand what it takes to be successful in part-time entrepreneurship.

• Use the BRIE model to help identify key boundary and exchange issues.
• Boundary—you need to manage your time carefully and keep business and home separate.
• Exchange—you will need to register with the government, pay your taxes, and comply with zoning regulations. You will also need to keep careful track of your costs including the cost of your own time.

LO4: Learn how to optimize your delegation within the firm.

• Delegation is getting others to do your work. It can help an entrepreneur to get more done.
• Managing the delegated work and the people performing it is a key challenge for the entrepreneur.
• Outsourcing is paying experts to take on the functional tasks of your business.
• You may outsource to experts anything but the tasks that make your firm unique.

LO5: Learn the benefits of bootstrapping.

• Bootstrapping means making do with little or no money.
• Keep your costs down, do without, borrow instead of buy, buy used or at a discount, and check out the other bootstrapping techniques listed.
• Bootstrap expertise by creating an advisory board.

LO6: Learn the ethical challenges of part-time entrepreneurship.

• The two ethical challenges of part-time businesses are moonlighting and aggrandizing.
• Moonlighting can result in cannibalizing sales from your employer or poisoning the well by making your employer's customers angry.
• Aggrandizing can happen when a part-time firm tries to present itself as a full-time one or a bigger one than they really are.

LO7: Find out about the challenges of moving from part-time to full-time entrepreneurship.

• The key challenges of moving to full-time self-employment are mainly financial.
• Do a business plan to assess your financial situation in the new business.
• When you make the move, do it when support from your family and previous employer are at their strongest.
• Consider increasing part-time work hours until you are working at two full-time jobs, and then quit to devote your full time to your firm.