Whenever I read about founders who made the tough decision of ditching their regular jobs for business, the first thing I want to know is WHY? I am even more interested if they previously enjoyed the benefits of a stable and well-paying job.  Why would anybody want to leave their job to start a business knowing they might fail? At least with a job, you’re guaranteed the next paycheck. I bet I am not the only one asking these questions. 

A lot of people struggle with the fear of failure and I am willing to bet it has stopped many people from taking what would have been the worst decisions of their life. But sadly, it has also crippled those whose ideas could have changed the world, if only they dared to take that leap of faith. Okay, I digress. Back to our focus, the sisters Elise Whang and Emily Erkel co-founded LePrix, a luxury B2B company as a side hustle. 

In an interview with The Entrepreneur, Whang and Erkel shared the story of their journey from the light bulb moment to the many challenges they faced and overcame along the way. This article highlights the key moments of their journey and closes with practical lessons shared by the sisters for those brave enough to follow in their footsteps. 

Why they chose entrepreneurship over their regular high-paying jobs

In an interview with The Entrepreneur, Whang revealed her WHY, saying;

‍

I wanted to take a bet on this business; otherwise, I'd regret it on my deathbed

‍

Sounds a bit cliche I know, but there is a reason why this is one of the most common responses you would hear. Founders like Whang feel two contending forces. It is either they give in to the Fear of Failure or The Fear of Regret. For Whang it was the latter that won. Erkel was more practical in her approach. Although she quickly jumped at the idea of co-founding a side hustle with her sister, she wasn’t ready to quit her job just yet.

As she rightly pointed out, she is more risk averse compared to her sister. But the business was booming and Whang’s insistence made it impossible for Erkel to say no. Eventually, she decided to quit her job to become a full-time entrepreneur. According to her, the decision was clear after she found the answer to the question; 

Would I rather be a cog in a wheel or chart my own course and try something new and exciting that there was clearly a market demand for?

The origin of LePrix - an online B2B marketplace for pre-owned luxury items

Most founders would always remember when that light bulb moment occurred. It is like the beginning of a good love story and one everybody loves to hear. For Whang, it was in a coffee shop. While waiting to pick up her daily dose of the caffeinated drink, Whang had a short but displeasing recollection of having to work during the weekends. 

Of course, she loved her career as a lawyer, but who doesn’t have other plans for the weekend? For Whang, her other plan was to go for a shopping spree in her fave consignment store. Unfortunately, by the time she would close from work, the store would be closed for the day. 

When that first amazing business idea dawns on you, it is like a bright light bulb going off in your head

‍

Elise Whang, Co-founder of LePrix

It was this brief moment of disappointment that birthed what would later become a 100-million-dollar idea. Whatever they say about every disappointment being a blessing in disguise must be true. Whang’s idea was simple, bring the consignment stores online and make it accessible to the target customers any day, any time. 

That way, if there was another customer who had to work weekends, they wouldn't be worried about running late. She ran the idea through her sister who agreed to join her and together, they founded LePrix. 

Initially, LePrix was set up as a way for stores selling pre-owned luxury items to reach their target customers online. The sisters soon noticed that the stores were buying from each other and this gave them a new idea. Instead of selling to customers, why don’t they sell to businesses? It turns out that sourcing pre-owned luxury items for sale was an untapped market. 

To whom much is given, much is expected

Whang and Erkel might have made the first major decision of stepping out of the corporate world to establish a business of their own. But that was only the beginning of their journey. As daughters of immigrant parents who had worked hard to give them the life they enjoyed. Taking a chance at business was such a huge decision, especially with the uncertainties that come with entrepreneurship. But this was not enough to deter the can-do spirits of the sisters. 

But just when they thought they had scaled through, the business world bared its fangs. The sisters soon realized getting funded was not so easy. I will delve into the stereotype in a separate article. However, the headline is that women founders secure less VC funding compared to their male counterparts. Just when they thought they had a breakthrough in the way of an accelerator program, they were turned down because the program required full-time founders. At this time, Whang and her sister were still working full-time in their corporate jobs. 

Despite the hurdle, the sisters refused to give up and were soon able to secure funds from private investors and early-stage VCs. The second major challenge the sisters faced was scaling from B2C to B2B. All of these, coupled with the challenges of motherhood and juggling business and career proved more than a mouthful. 

Yet somehow, these women scaled through, defying stereotypes and overcoming the fear of failure, they forged ahead and soon reaped the reward of their effort as their side hustle made over 100 million dollars in sales. 

Some tips for those who want to quit their jobs for their side hustle

Whether you are thinking of getting a side hustle or you already have one and are trying to figure out if you should quit your job, here are some Do’s and Don’ts from the sisters and co-founders of LePrix. 

#1. Don't quit your day job until you have some data or traction

If you want to go from side hustle to full-time founder, then you must know when to make the jump. This can be tricky. Too early and you risk being out on the street looking for a job, too late and your business may have to pay the price of your indecision. Whang’s advice is to wait until you see some traction in your business. By looking at the business’s KPI (sales, turnover, customer conversion rate, etc). You would know when the time is right. 

#2. Do build out a business model with your data and make an informed decision to take the leap 

With the data you have gathered, you can decide if you still have to hold on to your job for a while. Or if it is time to send in your resignation letter. You have the privilege of playing around with different business models and choosing the best one for your business, while you still have a job.

#3. Don't obsess about hyper growth anymore, but DO build a profitable business — it's still a business

It is normal to want to see your business grow, but what you shouldn’t do is become obsessed about it. The idea of an overnight success is one most entrepreneurs relish. However, even overnight successes don’t happen over night. There is work to be done and it is likely going to take sometime before you see exceptional growth. This is why your focus should be on ensuring the business is profitable even if the growth is just incremental. 

#4. Don't kick yourself for failing

Treat failure as a guide and not a stop in your entrepreneurial journey. If every entrepreneur gave up once they encountered failure, then most businesses would not exist today. So you stumbled at some point, that is perfectly normal, learn from your mistake and move on. Don’t kick yourself or get discouraged. 

#5. Do learn from your mistakes and quickly pivot. 

If you want to succeed as a business owner, then you must make learning a priority. The plot twist is that some of these lessons will come from your own mistakes. Another advantage to making mistakes early on in your entrepreneurial journey is that you can quickly change the direction of your business. LePrix started out as a B2C company before changing focus to sourcing instead of selling, and serving businesses instead of customers. So make mistakes, learn and adapt as quickly as possible.

Remember

Don't be scared to take the leap. Let me leave you with this quote by Emily Erkel;

Life is short, and time is limited. If your side hustle shows traction and the only thing that is holding you back is fear, overcome it. Don't let fear dictate your life and stop you from moving forward. Life is more fulfilling if you're doing what you love.

Read all about how this woman started a business during her honeymoon that’s now worth 35 million dollars

‍