Are You Really Sure You’re Ready to Start a Startup?
wadefoster.net
wadefoster.net
But thank you for this post. I think so many people swimming around the fishbowl forget about the actual life that's happening, both on the inside and the outside.
And while I agree with MichaelMartin that hunting down the most severe scenarios that could happen in the coming years isn't the way to go, I think it's important to understand that shit will happen in the coming years, and we're fools if we think that because we're working on a startup, everything else in life will just work out.
- I was forced to vacate my apartment twice, once because of building damage and once because of owner move-in eviction.
- I was suddenly let go from my job.
- I suffered from chronic back problems for two years.
- Five of my family members died, including my brother and my father.
These things completely shook my self-confidence, and they were personal things that were beyond my control. I also have a wife and two children, and the wife recently decided to stay home full-time to take care of the kids. It wouldn't have been fair to my family to take on the risk of running a startup without guaranteed steady income and health insurance, and at the same time being a basket case around them from all the shit that was hitting the fan.
I'm not looking for pity or trying to get in some sort of victim contest. I really consider myself lucky as I'm healthy, I'm working at a fun startup (not running it), my family has been great and supportive, and I've grown a bit and learned a lot from my experiences.
In all fairness, I also never realistically had a startup opportunity or idea to pursue. But I was in no frame of mind to run a startup during those past few years, and if I did I would not have done so responsibly. You may be able to do so, in which case you and I are probably cut from a different cloth.
"So when you begin a startup, make sure to think long term. Will you still want to do this if a family member gets sick? Will you want to do this if you have kids? Will you want to do this when _____ happens?
If the answer is “no”, then you’ve saved yourself a lot of unnecessary heartache."
I think it's fine for the answer to be no to some of these, but still want to do a startup.
If your partner was hit by a bus, then in that instant almost everyone would prefer to be at some large company where you can hand off your responsibility in no time and the company will support your time off etc.
That just makes it easier to be a good person in those times. Everyone could do with a break in times like that, if it was an option.
I don't think hunting down the most severe scenarios that could happen to you in the next x years and trying to find one where you'd rather not be running a startup is a valid reason not to start one.
You may want to go to a cushy job at that point in time, but you need to be able to at least be comfortable enough to say "No, I'm going to do this."
If you're terrified of a crappy situation it's a good gut call for yourself to figure out if you're cut out for being a founder or not.
But I think too much attention is given to these go-for-broke-all-or-nothing kind of startup endeavors when, as software developers you're in a unique position to concentrate more on micropreneurship and/or bootstrapping ... a less taxing way of starting and running a business that focuses more on increasing your passive income while maintaining a job and living a healthier lifestyle.
The four hour work week is a bit of a myth. Everything is going to be hard work.
I'm thinking of writing a small book on how to do just that. I haven't done it (become successfully self-employed) yet myself (not completely, anyway) but I could interview others who have and glean learnings from them. Would that be of interest to y'all? :)
I'd also be interested in the converse -- people who tried it and decided to go back to a "real" job, and their reasoning.
Agreed. This has been my philosophy, and it has worked out well. I start in an area where I want to learn the skills required to create the product, allowing for a good ROI even if no revenue is achieved. I also require that it can scale without more work on my part. I end up with something mostly fun to build, more resume items, and possibly a decent passive income. Since I do have a career separate from the projects, I do not have a lot of pressure to stress myself to death in order to make it my sole income.
The hardest part is marketing. So, I try to start something where I have a reasonable 'in' right off the bat and try to grow organically. Every once in a while I will start a search ad campaign or find a place for a banner ad. The best success I have had so far is by banner ads and word of mouth. I only need a small piece of the pie!
That is to say, don't think it's all peaches and cream when you're making millions in profit and growing like a weed.
No one is ever ready to go to war. Yet they do.
This post perpetuates and glorifies the myth of startups as extreme sport. If we look at businesses (let's not call them "startups") around the world that have succeeded through the ages, I don't think most of them began with the all-or-nothing insanity that is implied here.
Stay focused. Work hard. Life goes on.
(And you're 100% spot on with kids. You're simply never ready, yet it's still amazing.)
I'll repeat what I said in another comment though:
> Agreed that not all startups need to be a go-for-it-all startup. But any business is going to a lot of work to get running. And then once you have customers it's going to be a lot of work to keep them happy. Even if it is micro business or a bootstrapped company.
> The four hour work week is a bit of a myth. Everything is going to be hard work.
Your quote "Stay focused. Work hard. Life goes on." is a good way to think about it.
"So if you don’t think any of this will happen to you, then you’re probably wrong. After all, a successful startup is likely going to be 7 to 10 years of your life minimum. And a lot of life happens in 7 to 10 years."
Don't agree with this at all. Total hyperbole (the "this will happen to you"[1]) I've been observing small business and entrepreneurship for probably longer than Wade has been around. There are countless people that are operating all sorts of businesses (say the local restaurant) that also have life events and you figure it out. I've had them all through my business years. I started young as well. My father got sick, employees had problems everything. Life goes on. You can't not do something because you might have a bunch of circumstances that might come together over the course of 10 years (or longer).
That said of course it's a bit safer to work for the government with a guaranteed job if that's what you want out of life. But the reasons that Wade is giving, at least the ones which he details are simply not reasons to be fearful of starting a business.
[1] Things happen of course but the question is will they happen to a degree that creates a situation that you can't handle.
In any seven to ten year period you likely will have a major life event. If you can handle it, then you can probably run a startup. If you can't, then don't.
The people you've worked with clearly can handle it.
Examples:
"Your aunt dies on Thursday, she will be buried on Sunday but you have a major trade show to go to and play an important role that could determine the future of your company. What will you do?"
"Your father has a heart attack and is in the hospital. You go to visit him but you have an important sales apointment that afternoon that took months to arrange. What do you do?" (with a bit more detail obviously).
"Your best friend from college (who you haven't seen in two years) wants to come and stay at your place for a few weeks because he was kicked out of his apartment and says he has no place to go. You know this will be disruptive and a pain but feel a sense of obligation because he helped you a few times over the years and let you stay at his place."
There are no right or wrong answers but the degree of dedication to ones family, existing values, commitments etc are good indicators of whether someone is willing to put their business life first. Which is, in short, what it takes.
Not the best example but I'm sure that Steve Jobs wouldn't miss a product launch when his Aunt died. Nor would Brian Williams (NBC) blow off a major story happening which he had to cover because a parent was in the hospital unless they were literally on their deathbed.
Some people just aren't cut out for that.
Will you want to do this when _____ happens? No doubt Yes, twice on Sundays.