Thanks HN: Goodbye, Golden Handcuffs
I quit today, bought the supportive girlfriend a ring, and will start January 2011 as my own boss. I'm giving myself six months to bootstrap. Thought you should be the first to know.
Let the fun begin.
I quit today, bought the supportive girlfriend a ring, and will start January 2011 as my own boss. I'm giving myself six months to bootstrap. Thought you should be the first to know.
Let the fun begin.
If you have nothing to show for it, you haven't actually started a startup. You may not get a 7 figure bank balance to show for it, but you'll get something out it. Be it a website you can show off, better anecdotes for job interviews & parties or a network of new friends.
That's kinda how I feel about corporate gigs. You have stuff to show for it, but there comes a time when you realize most stuff doesn't really have lasting value.
And to those who suffer a bad gig to have money to do the things they really love: well, it's funny how little money most of those things really require.
Is it only people in US who think that? I don't think so, US is not particularly known for social security and such -- maybe this comes from people who either are already wealthy or they live with their parents :)
I have worked for 2 years plus to earn and set aside the money that will allow me 6-7 months of freedom to start something up (well, and then I screwed my hard-earned freedom, but that's another story); with this tempo you'd (I'd) need to slave away 8 years to earn 2 years of freedom, the amount I'd deem necessary to start up something serious and see money coming back to you.
So please, always mention how you have your basic needs covered and for how long before preaching bootstrapping to others :)
Of course the whole time you must be prepared to sacrifice bits of your quality of life, before and during the bootstrapping period (hopefully not after).
I really depends on your goals in life.
Are you tracking your monthly expenses? I assume rent is the highest, can you take in a room mate? Move into a smaller place? Sell your car and buy a beater?
I took 3 months off (not for a startup, I went skiing the whole time) for <$4,000. I can save that up in 3 months of working, but I drive a 10 year old car and rent a small apartment while most of the guys I work with are driving $30,000 cars and living in big places. But the car doesn't matter to me nearly as much as the freedom to take time off.
From there, I moved to Atlanta and into the house of a business partner of mine. Initially, he was working fulltime at a day job while I worked on our product. This lasted for about a year and a half before he left that job.
The last year and a half were spent surviving off savings, stocks, about two months of contracting, etc. In the end, the runway ran out, and the house was foreclosed on (kinda happens when you don't pay the mortgage for a few months). We launched our product the day we moved out of there.
It was the most stressful time of my life, the most work I've ever done, and I feel like I aged a decade in that 3.5 years. But it was easily the most amazing time of my life.
I'm now living in Manhattan and working for an awesome company, but I still miss the startup life. I figure I'll end up doing it all over again in a few years, once I come across the right idea and strategy.
When I was finishing college I could not WAIT to get outta there -- what between homework, regular work, and just being plain TIRED of school. The day after I got my degree, I said "man I already miss school!"
How did you feel right after you left your "startup life?"
So even though it was years before I hit on the first product that generated significant income on its own, there was still a net benefit from having put out my shingle right from the start.
So indirectly it's only good if it's making you money...
:)
Nice product by the way.
Good and good luck. Now please tell your fiancée!
1. Pick up some contract work - you can easily turn 6 mths into 12 mths, and then 2 years, then 3...no matter how many projects fail to get off the ground, if you have a bit of side income, it'll help in the long run.
2. Don't ever forget why you quit - if that is to "pursue your dreams, not an income". Write it on a wall above your monitors and don't ever forget it.
EDIT: Oh, and good luck! :)
Contract work can be worse golden handcuffs than a job in corporate
Once you have mastered time, you will understand how
true it is that most people overestimate what they can
accomplish in a year - and underestimate what they can
achieve in a decade.
-Tony RobbinsFTFY I hope you're prepared to work at least five times harder than you did at your safe job, and for little to no guaranteed reward. Actually, if you're only giving yourself six months, make that ten times harder. I would say good luck, but considering around 90% of startups fail, work hard, be persistent and expect difficulty, seems more helpful to say. The success stories appearing on HN can give a skewed impression on how hard it is to succeed. Congratulations, though, for bucking a potential path of regrets.
Edit: A bit more advice is release early, and often. The trick is finding the balance between minimum viability and having enough value for traction. Iterating on an idea is almost always necessary, so be on the lookout for how that can help and possibly even save your endeavor. A six month deadline to succeed means you're really going to be up against it.
You need to be mentality prepared for the difficulties inherent in starting a business all by yourself. It is a different set of challenges then corporate life and the more you understand that ahead of time the better off you'll be.
I appreciate advice like that over a superfluous "good luck", "you made the right choice"< etc.
Here's some positive thoughts for you!
- Running your own business is quite simply the most rewarding thing you can ever do (professionally at least). - Succeed or fail, you'll come out of it better off than you started. - Don't measure your success by whether TechCrunch writes about you. Measure it by being proud of what you achieve. - Even your biggest failures are at worst just one learning step to your first success. - If nobody has heard of you in 10 years time, but you're happy, enjoying your work, have a happy and healthy family and you're still your own boss...then you've succeeded. Congratulations.
Most importantly - Ignore "minimum viability", "traction", "iteration", "deadline" and all the other things a dozen different "5 steps to success" books might tell you.... if you have the confidence to go it alone, then do what works for you, YOUR product and YOUR dream.
About half of the comments I read so far have said something to this effect so far, there's only so much a man can take before he needs to speak up ;) : this is bullshit. I know many (as in, 10+) people who started a company and got utterly fucked for the next decade, maybe two, because of its failure; and all they have to show for it is a period on their CV that they have to make excuses for at any interview they go to.
Sometimes, failing can bring you valuable experiences that you can apply afterward, and only if you go into a specific direction as an employee after your business has failed. This hippy bullshit 'all is great, even if your wife leaves you, you're 100k in debt and you've spend the best decade of your life not even in an office but in a spare bedroom hunched over a desk made of an old door' needs to go and be replaced with realism: spending 5 to 10 years in abject poverty, rebuilding a life at an age where most of your peers are living a happy life with their families sucks.
The potential upside is huge, and yes if you just manage to sustain your company you've been successful, but don't make it sound like it's going to be great no matter what the outcome, because it's not.
This type of life is definitely not for everybody.
The fact that you know people who have failed also doesn't mean anything. I know a lot of people who haven't even tried and that, to me, is a lot worse.
"The fact that you know people who have failed also doesn't mean anything."
Of course not, it's just anecdotal. But it does disprove the notion (your notion even, maybe) that no matter what happens, if you start your own business you're always going to be better off.
"I know a lot of people who haven't even tried and that, to me, is a lot worse."
Depends. If whatever they'd like to try (assuming they'd even like to) is not going to work, they're better off not doing it. Obviously there's no way to knowing up front if something is going to work or not. Still, being realistic about your prospects and deciding that objectively and realistically you're better off not trying, then that's a valid and honorable decision.
I know many (as in, 10+) people who started a company and
got utterly fucked for the next decade, maybe two,
because of its failure; and all they have to show for it
is a period on their CV that they have to make excuses
for at any interview they go to.
Why make excuses? Talking about that experience opens the door to discussing just how well suited you are for the job you're interviewing for.Q: I see on your resume you spent ten years at example.com which does not seem to exist any more. Tell me about that.
A: Starting up example.com was an amazing experience. After ___ years at ______ company I decided that I really wanted to try starting and running my own company. [Overview of the main ideas and pivots of the various things he tried].
Unfortunately I learned that I just not strong at some critical business skills like ______ and _____ though I did hone my ______ and _____ skillset [where these two are relevant to the job you're interviewing for].
The point was to counter the negativity of the GP with some positive thoughts.
Being positive doesn't mean to ignore risks, or to turn a blind eye to consequences, it means starting off with the belief that you can succeed.
Really? That's odd.
Sounds like they didn't know what they were doing.
Did they by any chance spend a lot of money in a field they didn't know anything about and just hoped somehow it will magically work?
Yea, if you're non-technical and you think you can build a product by hiring 10 developers and 4 product managers at 100k/year each, of course you will get utterly fucked.
When you start for example a plumbing company or whatever and you buy 25k worth of tools and a lease contract on a van, and it fails and you need to take a job afterwards, on a employee plumber's salary that 25k is huge, enough to make your and your families life miserable.
I agree that for tech companies, the situation is usually not as precarious - if you have the skills to start a company like this, or even if you don't but almost do, you can get a fairly well-paying job and not be as affected. In those cases you would presumably get proper legal and accounting advise and shield personal money from the business liabilities but many businesses start as sole proprietorships and are very vulnerable to even small setbacks.
I work 40 hour weeks sometimes, 20 hour weeks other times, and often go entire months not doing much at all on the startup. The ball is always moving forward though, and things are always getting better.
It really doesn't take a huge amount of effort to get your first version out the door. And it doesn't take much effort beyond that to get to the point where money is coming in. Once that happens, there's no particular reason I can think of to work 60 hour weeks, unless that is something you want to do.
Naturally, it depends on what you're building. If you're a single founder though, it pays to build something straightforward that solves problems for people with money. There's lots of things like that that need building. Build one and you'll (hopefully) find it doesn't monopolize your life.
Rumor is that the "boss" was actually David E. Shaw himself.
I got lots of A's (and B's), mind you, and I did work on projects of my own and everything, but I really saw it as just a hobby. I was always on windows, mostly dependent an IDEs, and I always thought I gotta be doing something more serious, like gasp oil and gas.
Good thing I'm still 25.
But I really feel like I should've started thinking about doing a startup when I was 18 or 20.
I'm not experienced in it, but I imagine that one can fail as an entrepreneur because you didn't quit.
Flogging dead horses and all.
This is to help you when you visit this page again in a difficult time...
Shit happens... thats completely normal. Awesome things will definitely come your way. You only gotta do one simple thing...
Keep swinging!.. Don't ever give up!
Tattoo this on the back of your hand if you want... it's totally worth the trouble.
With the very best of luck,
SeeJay
PS: And thank me on that day when you read this post again with joy... Oh just for the record, No! I don't have it tattooed on the back of my hand... I make sure I have it on my mind instead. ;-)
If I have ambition after that I've got a few quick ideas (a short e-book on an area I've developed expertise, an obscure niche how-to site, fixing up my rental property, etc).
Do not necessarily do one project at a time though. Keep a list of things you want to work on. Whenever you find yourself needing to take a break from the main project, chip away at one of the secondary projects.
You might be surprised to find the idea you deem least important actually giving you the biggest payoff.
If you're in SF, let me know
We have a sweet co-working space for hackers with all of the three C's: coffee, camaraderie, and a fast connection
ps, wasn't there a new incubator recently announced in Austin?
Also, I'm not sure if you're looking for a workspace with a lot of people in the same position, but we've really benefited from participation in the Austin Technology Incubator.
Edit: why do I say folks so much?
Email me! It's in my profile...
Where/what is your coworking space in SF?
(Take this opinion with a grain of salt, I haven't done my own startup, yet.)
http://www.chicagomag.com/Chicago-Magazine/August-2010/On-Gr...
That's very different from dreaming up an idea and then forgetting about it for 30 years while you work on your day job.
It was focused more on supporting/eliciting action regarding "causes" than selling local services at a significant discount to msrp.
6 months is plenty of time to accomplish a lot. It's enough time to build a product and get non-trivial revenue. It's certainly enough time to prove to himself that he made the right decision.
I suggest that you do a few consulting gigs on the side to keep you afloat...
Congrats on your big move!
Secondly, brilliant that you made sure to lock in the girlfriend at the beginning of the journey, not after you started when she realizes what a crazy person you are - and how crappy the emotional roller coaster will be. :)
Thirdly, I wish you all the best. I would recommend that you quickly setup a landing page to ride the support you are getting from the community - collecting emails from people interested in what you are doing. You have to take advantage of all of these opportunities right now, because you officially have a clock strapped to your back (i.e. before you run out of money). So leverage every opportunity to the most you can. On the landing page, put something about the project that people can figure out if they would be interested or not.
Fourthly, definitely keep us posted - even those that might not be interested in your product, will be inspired by your story.
My father did this, in several ways, and failed massively at all of them, and yet for reasons I can't really articulate I 100% agree with this.
I'm enthusiastic about the future, especially the next month, when I'll release my Wordpress Premium plugin (and estimate $1K in sales in one month).
Even if you have a nice job, make sure you always have an alternative, in case of... you don't get sucked, by anyone.
You will look back at this moment and realize it is the defining moment in your life.
i left my job with no savings and intending to do the same thing, because i was just not happy with my position at my new employer.
within three months i was completely broke, but with a github account with hundreds of commits.. and then my old boss from my second-to-last job called, and offered me job back, at a huge raise, and allowing me to work remotely, and pursue my own codebase/startup dream on the side.
quitting for the right reasons can have wonderful side benefits. :)
>>underwhelmed by my safe, boring corporate gig
I know how it feels! :( And am yet to break those handcuffs.Do you have a blog?
Best of luck.