I have (imho) a good idea for a start up but I also have a steady corporate job that pays well. I've only shared this idea with a few family members and friends. All responses are either: 1) it's too risky or 2) you should definitely do that. Hoping to get the community's perspective. What was your experience?
Then do it on the side and work your ass off. Assuming you get out at 5-6pm you have hours everyday to start getting a decent roadmap and framework then if it seems feasible go for it.
Here's my advice : Do NOT leave your company unless your startup becomes profitable.
thx. profitable like I can cover my expenses w/o salary or profitable like I can cover my expenses and pay myself a small salary?
Like breaking even. Pay yourself a small salary until you can actually pay yourself a decent salary. For the first two years (and I hated this advice, like really hated it, but it's true) your startup will be nothing like your corporate job.... Unless you actually make the best plan out there, get some good employees that can do a job that they are already trained for and that you can actually go out there yourself and get there work right away. My mistake was to leave my job, start my company and then I found myself using all my money to start it... Then I was so worried about money that I was always worried even when being with my gf. So I went back, got a normal job, waited a year, asked to be transferred as a consultant and Started again and now I'm living completely out of my startup doing over 80K within a year. My best move was to move from a regular employee to a consultant.
When I started my first company I didn't leave my job until I had replaced most of my income through my startup.
From my readings most founders stay in their 9-5 until they are literally pulled out of their jobs by the demands of their new startup
That's what happened to me. Started a company in the US while working in Europe as a side project. Hired a dozen people, then sold it.
Seriously? Tell me more...that sounds like an adventure. What industry was it in? How did you manage it from Europe?
Read the book "Will It Fly" by Pat Flynn. It's all about how to take the right steps when you have a good idea, before diving in too deep. It sounds like you might benefit from it.
thank you, very helpful. will check it out-- ordering the ebook from Amazon now
Another good book to read 10% Entrepreneur. You can start with keeping your full time job and only spend 10% of your time. Once you start making money equal to or more than your job then either sell the company or leave the job. This is a good strategy especially if you have family / kids.
Wise man once said if you don't jump you will never learn to swim. Be smart about it you may want to do both if you can until you take off. I did then I left when I knew the new company could support me
but if you jump when you don't know how to swim you'll just drown
I have not failed. I've just found 10,000 ways that won't work. Edison
Here's the thing. It's either you have what it takes or you don't. According to statistics, 2/3 startups fail in the first 2-3 years. I wouldn't take advice from random people because most of them probably failed and will continue to fail. For example, my dad had what it takes and started a successful start up. He quit his job and just did it. He has friends that did the same and have a similar personality/smarts. It's all about whether you fit the mold or not. Can you talk a smooth game? Can you make quick business decisions, while considering all important outcomes? Etc. I would go ask some people that succeeded with their start up and go from there. I would not suggest asking a bunch of know it all son blind. Lol. Just my two cents.
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Do it what's the worst that happens...you go back to a corporate job... honestly I would like to do it to but I would be doing it because I just hate corporate work not because I have a good idea so for that reason I have not left
the worst that can happen = lose all my savings, and ending up in the exact same place I am today a year or two down the road. I know that's not catastrophic by any means but it will seriously impact my family's life so looking for other ppls perspective.
Don't forget the mental toll it can take on you / your family / your social life. Consider how you might deal with different situations so you're prepared (e.g. an illness/injury, crazy hours, constantly switching tasks, not getting funding or partnerships or talent as expected/hoped). (Speaking from experience)