How do you mitigate the inherent risk of a one-person team?

How likely is it that there will be adverse consequences if I start an online business while still working at my day job? How can I mitigate this risk?

• I work at a Big 4 consulting/accounting firm in NY, and am thinking of starting an online business related to productivity / self-improvement through Ramit Sethi's Zero to Launch program. But I'm concerned that I'll either get fired or (less likely) my company will take whatever I develop. Any thoughts on the likelihood of this? How can I mitigate this risk, short of quitting my day job?

• Answer:

  American law is friendly to entrepreneurs. Unless you are taking proprietary information, processes, trade secrets, or clients from your current company and using it in your new venture, they have no legal right to come after your IP. Of course, they can still file a suit if they feel you have infringed any of the aforementioned criteria, but if you are confident you have not infringed, then the only legal consideration you need to weigh is the potential cost and time involved in a lawsuit. In my opinion, however, it's unlikely a Big 4 firm will focus their legal might on a start-up unless it becomes huge (and, again, they feel they have some claim to your IP). Now, regarding your job, your question insinuated that you understand the political risk of starting something on your own outside of your existing position. I recommend keeping your new idea close to your chest. Don't tell anyone besides close, trustworthy friends/colleagues what you are doing while you are employed by your existing employer. Unless "moonlighting" or working on outside projects is specifically stated as a term in an employment contract or non-compete agreement, you are free to work on whatever you want during non working hours, but if people learn that your time is being shared between two entities, the perception of your dedication to your current position can be put in question. I certainly wouldn't work on your second company while at work. Keeping your two work lives separate is the greatest way you can mitigate your risk. Good luck!