
Is it crazy to quit a 6+ figure salaried job to do a startup right now? - Skeletor
Is it crazy to quit a 6+ figure salaried job to do a startup right now?  Is my new year's resolution misguided?  Was thinking about pulling the trigger tomorrow.
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lunaru
It's always been crazy to quit your job for a startup. But craziness and
brilliance are only separated by success.

~~~
jacobbijani
That's pretty blind advice. There's a lot of factors that go into success. One
of them is timing.

~~~
johnswamps
I don't think that's what he's saying. I interpreted it as "If your startup
turns out to be a success, then it was a brilliant move. If it doesn't, it was
a crazy move"

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BigCanOfTuna
"We rarely regret the things we do in life, we almost always regret what we
don't do in life." - my next door neighbor...he said this to me when I told
him I was quiting my job to work on a personal project that was certain to
fail. It doesn't matter how the project turned out, but he was right.

~~~
delano
Wilson?

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sl956
Of course it is crazy. So what? I did it 7 months ago. Leaved what had become
a 350 people company to start a new project. Back to square one. Not a single
regret.

I for one like the timing: First, most blue chips are now completely focused
on their core business. Perfect times to try to quietly take the lead on wide
open niche or emerging markets. Moreover, lots of smart people are leaving
their employers (voluntarily or otherwise) or are just tired of seeing their
company going down the drain. Perfect times to hire bright people for cheap.

That's why I don't think your timing is wrong at all. That is, if your project
does not require massive initial funding, because I do have some doubts about
funding in the current environment. I usually don't bother to see VCs before
breaking even and being able to show 7 figures in sales or revenue. Just
arriving around there on the current project, so this month should be the
start of the VC pitching circus. We shall see...

All in all, there is no absolutely good or bad timing: it may be the layoff
business or the cost-cutting industry right now, but there is always some
growth sector worth exploring. It is always the right time to start something
whose time has come.

Go for it. Work hard. Have fun. ...and let us know how it turns out. :)

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adamt
I think it depends if you can fund it yourself.

If you're relying on external funding in the near future it might be hard.

If you've got the cash to fund it yourself, then there is a case that it's a
great time to start a business.

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Skeletor
Yes, me and my co-founder will be bootstrapping for at least the first year.
But our plans are to become cash flow positive in 6 months. I can probably
survive for 3-4 years with no job, my partner at least 1 year.

~~~
calambrac
You have 3-4 years socked away and you're wringing your hands over this
decision? I think the answer is no, you shouldn't. That kind of runway should
make the decision an absolute no-brainer if you really want to strike out on
your own.

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visdo
I don't agree with you because we don't know if he has kids. Kid is a big
factor. If he has no kid, I think he is over-thinking.

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calambrac
I would assume he's taking any obligations he has into account when he says
3-4 years. It's not like anyone would say "I have 3-4 years, except when you
take into account my mortgage, kids, student loans, eating, bills..."

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DaniFong
My cofounder did it. We shall see :-/

To be honest, the ideal would have been to keep the six figure job and use it
to fund us, but Midway games was/is going down like a sinking ship.

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markessien
It's only crazy if your startup is a web based todo list.

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marketer
I would advise on getting some traction before quitting your job. It can be
arbitrary - a few thousand users or uniques/month. If the idea is good you
should be able to manage that.

Although if you build something impressive enough it's worth it. Even if
things don't pan out, you can use the experience to find a better job.

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astrodust
The only thing crazy about quitting your job for a startup is if the startup
itself is too crazy to ever work.

Do your due diligence. Don't jump ship for a fleeting idea or some trend-
hopping weakling of a concept. Make sure you're fully aware of the risks and
have a realistic assessment of the potential rewards.

The difference between a crazy decision and a bold one is a matter of
reasoning. It could be the case that a startup offers you the best rewards,
not all of which might be financial.

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mattmaroon
The only possible answer one could give without much more information is "it
depends". Any response other than that is mere exposition of the responder's
natural bias.

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swombat
Is it possible to build a proof of concept in your spare time? If so, that
might be better than outright quitting. Then again, it depends on what kind of
person you are. For some, having the fear of failure makes them more
motivated...

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fallentimes
I quit my job to do a startup the day I was promoted. It was
awkward/hilarious. I haven't looked back since.

The most important question to ask yourself is: what do I have to lose? I
didn't own a house or a car. I didn't have a wife and/or kids to support. So
the answer for me was very little. Honestly assess what could go wrong and who
will be impacted. But I have a feeling you've already done that.

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inovica
Hi there

I think it depends what you're doing. I had a quick look at your bio and if
what you are planning is the air-compressed scooter then I think this could be
a very interesting project and you'd probably regret not doing it. I'm sure
you've already done your market research! :) From your bio I don't think you'd
have any problems in getting another job if it came down to it.

~~~
Skeletor
Who is working on a compressed air scooter?

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oscardelben
If you have the market, the money (to survive and pay your bills) and
something that people needs, you should go with it. Maybe you could start
doing it part time.

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koraybalci
I would ask my self, if my startup fails, can I find a similar job again? If
so, why think about it?..

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jaspertheghost
I believe in what Peter Thiel said:

He's even more bullish on the Valley. "We have this leverage finance bubble
like we had in the '20s, and there's an argument that we're headed to
something comparable to the '30s," he says. "Where was the best place to be in
the '30s? Probably Los Angeles. It was the hub of new media and technology,
with the radio and the airplane. Silicon Valley is the L.A. of the 1930s.

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rms
6 figure: no.

7 figure: yes.

~~~
mattmaroon
What about 6.5 figure?

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david927
I would definitely consider outsourcing. You have to be prepared to spend some
time finding the right people, giving test projects, etc. But if you do it
right, you can find amazing people for very good rates. I've done it for my
own projects and it worked out really well.

If I could go back and make one change over the last 10 years, it would be to
have stayed where I was and outsourced more. Once, for example, I was sure
that I had enough for a couple years with staff. I went through it much faster
than I thought. Remember that it will not go at all like you're imagining, no
matter how good your business plan is, and that no company ever went under
with money in the bank.

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CalmQuiet
Lots of costs, risks, benefits... to be weighed. And certainly a lot of them
are NOT about salary and security. It's worth taking a look at Scott Shane's
January 2008 “Illusions of Entrepreneurship: The Costly Myths that
Entrepreneurs, Investors, and Policy Makers Live By” - or at least the
discussions at Amazon reviews: <http://www.amazon.com/isbn/dp/0300113315> It
is a huge leap, and this will help you ask a lot of questions about whether
you are suited for the startup world, temperamentally as well as otherwise.

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Skeletor
The startup would be a two person company me and a friend are co-founding.

~~~
otoburb
You're lucky that: a) You have enough runway to do this; b) You have a co-
founder.

I'm struggling with the same choice, but I have neither a nor b.

~~~
rogercosseboom
Ugh I'm in the same boat- come up with any ideas on finding a co-founder?

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otoburb
Patience, and actively seeking people out. I have no problem now asking people
what their entrepreneurial dreams or ideas are. More often than not, people
are willing to share ideas, but stall on commitment of any kind (even part-
time).

The hunt continues.

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utsmokingaces
Take some vacation time to work on the startup and see how it goes.

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icey
If someone came to you with this idea and asked you to invest your entire
annual salary into it, would you do it?

If you can answer that, then your course of action should be clear.

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mhartl
A lot depends on your level of savings and your spending habits. How long can
you live on your savings at your current spending level? If the answer is "not
long", are you in a position to cut back on spending to give yourself a longer
runway? If you can't count on your saving for at least six months to a year,
staying at your job is probably the wiser course of action.

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natch
Yes, because your severance pay might be worth waiting for. Find out what
they've given others. Two weeks? Not worth it. Two months? Maybe.

~~~
anotherjesse
I don't think you get severance if you quit.

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natch
Well his question was "is it crazy to quit" and my answer was (conditionally)
"yes" so I think you missed something.

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umjames
Is it possible to keep the 6+ figure job and fund your business with your
salary? Then, if it doesn't work you haven't really lost anything. If it does,
then you can quit. You'll also be able to start now instead of saving up cash
and going through it as slow as possible.

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hedgehog
If the business is right go for it. I recommend a minimum of two years of
personal runway.

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ynd
If your current job makes you happy, then I think it's crazy, given the 6
figure salary.

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Skeletor
Current job definitely doesn't do that.

~~~
reyu
That's all you need to know.

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cabalamat
Only you can answer that question, depending on: What do you want out of life?
How much savings do you have? Can you work on the startup in the evenings
while keeping your job? How risk-adverse are you?

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Skeletor
I gave my two weeks notice and am staying on one last week before I resign. I
hope to start posting incredibly arrogant startup advice based on my
successful venture a few months from now.

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zitterbewegung
Is it madness? No, prices for everything are down because of the recession.
Now might be a good time to do a startup. The other side is that it will be
difficult getting VC funding.

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gcheong
Do let us know what happens. Either way - good luck!

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daniel-cussen
You might be asking the wrong crowd. I think it's a bad idea. I'd invest in a
couple startups and/or work with them part-time.

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schoudha
Interestingly, Kevin Rose recommends keeping your job. He also recommends
outsourcing development though :/

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ntoll
I'm doing exactly that right now. Fortes fortuna adiuvat (fortune favours the
brave)! Best of luck... :-)

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staunch
If you're going to be a competitor of mine I really think the best choice is
to keep your day job.

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noodle
it depends on the state of your startup. can you get it to cash flow positive
before you have to quit your job? etc..

either way, its not crazy. its just a question of what your personal situation
and values.

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reyu
It's so easy to rationalize not doing it but actually, sooner is always better
than later when it comes to making yourself happier - life is short and
unpredictable and what we think of as security is often a big joke at our own
expense.

~~~
Skeletor
My thoughts exactly, this is what I truly believe. It is only Fear Uncertainty
and Doubt that make me worry about it.

~~~
reyu
I was in your position two years ago but in my case I had a serious health
problem. I was scared shitless. I didn't want to give up my job because I
needed the health insurance. But my job was making my health worse. I quit and
second guessed myself for a long time afterwards. But two years later I am
fighting fit again. Thinking back, my only question is, why did I wait so long
to do what was in my best interest? Most people who knew me thought I had the
best job in the world. But I was miserable. For several years (!) I listened
to them instead of myself and made my health even worse. Complete and utter
irrationality combined with a lack of self-confidence. In the end I only did
it because I had to, not because I am a shining example of courage. I really
thought I was throwing everything away and yet I was so wrong. Let my
stupidity be your guide. Oh, and the company went under after I quit. So much
for throwing away my security. The question is really much simpler than you
think.

~~~
shiranaihito
If it's not too personal, would you mind telling us how the job made your
health worse?

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Devilboy
Do the startup but keep your dayjob. Work 80 hours per week. It's the American
way!

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alnayyir
Depends on your savings.

