Start my own startup vs keep working at big companies
I have a few ideas that I want to persue. It feels that I will regret not starting something of my own and giving it all of my focus for a couple of years. I have been with startups before as an employee and have seen it grow from almost inception to a merger with another company. However, being at an L6 level with a young family (kid and spouse who works but not at faang), it does feel irresponsible to give up on the high tc and financial security for family. The opportunity cost of failure will be very high in monetary terms but regret of not pursuing my own idea will hurt a bit too. Tried working nights and weekends on my own but that is extremely hard with work, bay area commute and family. I wonder what the blind community thinks about this situation. I am pretty sure, I am not the first person who had these questions. Eager to hear thoughts especially of someone who made a choice like this. TC:$325K YOE:11
It depends, how long you can survive burning money without steady income ? I will not risk to much with family but everybody is different.
If your spouse is working, you can probably handle more risk and go for it, even if they're not at a FAANG. If you're more risk adverse, you can try to hit FI/RE ASAP and then try doing a startup.
Give it two years if you can. But donβt do it without a partner or if two years sounds intimidating to you.
First of all, don't have a few ideas. Have one idea. You need to double down, otherwise you won't last or succeed (unless you want to start a startup studio, not a product company). Option A: You should do a prototype or MVP while at Twitter and use it to validate the idea and acquire first customers. Once you see traction, go to Option B. If you can't afford developing a prototype or MVP time-/energy-wise, seek outsourcing. Lower quality won't matter that much at this early stage. Option B: Save up $$$ (for example, to secure living for a year without a source of income). Seek early investment or start generating a revenue to be able to pay yourself a low salary. Quit Twittter and work full-time on the startup. If you go with Option B right away, the risk of failure is higher. Male sure you believe in your skills and that you'll find a new job if things go sideways,
You can use Lean Canvas to soundboard and shortlist the idea which has the greatest ROI in terms of effort,skill & cost
Create POC and VC slide deck. Remember that most startups get seed with no sales. 3 options: - use deck to get seed and quit job giving yourself 6-9 months. Decide what to do at the end. Going back to tech is one of the options and do not treat it as failure - use deck to find cofounders who can commit more time than you. Also set timeline and expectations. - continue working and hire people from cheaper places to work on your project. Act as PM. Timezone difference is your friend as you can coordinate 1-2 hours after work. Once you create MVP start getting feedback from market and start sales. Once you get sales, reach out to VCs for funding to continue growth and 100% quit job. It's hard, but will have 0 regrets. Spending resources for own business is the best allocation of capital even if you fail.
I see your point. I noticed that you mentioned that you'd have regrets if you didn't pursue it. Clearly, you NEED to go startup route. Now the question is how? I'd recommend making progress as much as possible when you have the opportunity for an a year. Eg doing research, connecting with potential customers, asking them about their problems, learning the industry, creating prototype and creating a team. The last one should be most important as they will help you grow your idea. Remember that your top priority is you and your family. That's all. Then the dream. Test yourself for a year then see if you can launch the startup doing it full time. Don't pressure yourself. You have a family. πππΎ
Yeah so, similar situation as you, have cofounded some startups. Iβd say, wait until you have enough saved up to *easily* last 2-3 years. Then, do as the poster said above β find a good product-market fit, talk to potential customers about their problems and pain points. Show them mockups or even have them play around with a prototype. Basically all the product management work. Then, once you have a solid idea and interested potential customers, you quit your job and start building it out.
Test #1 What are your ideas?
Test fail
How about cutting down on your expenses, stop having more kids, saving more and actually retiring early. Then do whatever you want.
^Not an entrepreneur, don't listen to this guy
Indeed, don't listen to any of us. Consider the different options and live your own life.
NW?