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No. You must work full time on the business you set up and you are not permitted to be employed in any other capacity.
A key condition of STEP is that you actually establish the business described in your application and devote yourself to it on a full-time basis.
You are not permitted to take up other employment while on the programme. The permission is granted for you to build your own venture, so taking an outside job would breach your conditions and could put your permission at risk.
Get a personalised assessment from a licensed ACME advisor, or ask Acey.