Your blog post seems to focus on a dwelling feeling of hopelessness, uncertainty, financial insecurity, without a clear certainty of what to do next. With only a couple hundred bucks and a burn rate of $400 (or 3 months at the most), you're really playing against the odds. I mean, I'm sure there are a lot of people interested in getting $60,000 besides your group. On the bright side, you have a bunch of ideas, and seem to have a willingness to push your limits. These qualities don't go away quickly.
Here's some sage advice I got from one of my mentors: "A good opportunity != a good opportunity for you." Also, it's ok to not start a start up right away. Without knowing all the facts of your circumstance, I would suggest focusing on making your long-term situation better by getting your finances in order, and getting indispensable skills/experience by working at some job (depending on what skills you want to get) and hoarding your money. Spend your nights and weekends figuring out how to spot good opportunities for you, getting a team together, mentors, etc. Six months to a year from now, you should have $10k-15k and be ready to rock. Then you can quit and pursue a good opportunity, reduce unnecessary stress, and increase chances of success.
I think you need to go back to work, lick your wounds and start again. You can't start a startup on no money. Firstly because you need to be able to support yourself until both a) you've created version 1 or your product/service, and b) you've started to get some users. (No investor will take you seriously until then.) And secondly, because the stress and distraction of your finances will interfere with your ability to succeed.
Go back to work. Work on it on the side - eves and weekends. Save up some money - then leave the job and try again.
Sucks? I know it does. (And yes, I know it's hard to make a lot of progress in your spare time.) I'm going through this exact thing right now. (And I live in expensive NYC too!) But that's the way it's gotta be. You don't have a windfall in the bank from a previous startup - or a rich daddy. Neither do I. And unfortunately for people like us, trying to launch a startup means a race against time to build something before the money runs out. Well, you've lost this heat of the race. (As did I.) That doesn't mean the race is over. Keep the dream alive on the side, and in a year take it full-time again.
I generally think stepping back for a little bit is ok. After all, this is why I am not a banker like most of my friends around.
I just feel that I have decent chances this time around and I am willing to take the extra. Once those 2 things I am betting on unwind, I will have time to relax and rethink.
Don't listen to the quitters. Your money situation sucks but there are much more limiting, harder to recover from factors that you could be up against, possibly in the near future. Maybe what you should look at now is what you have to lose.
I've worked a day job before which gave me lots of time for a startup but that's not an easy find.
I love your music blog. The tracks are smartly chosen but it’s not MY music, so it has the new and exciting factor.
Are you guys looking for seed money, by any chance? I’d love to hear your business plan, although I understand your reluctance at spreading it around too much.
Sounds great. I’ll email you after work (they frown at using company email for outside business activities). I’ll even be in the area next week so we can meet if preliminary discussions go well.
Taking a long term perspective, it can only go uphill from here. If you do take a job, try to get one that's either brain-work and pays well (build up reserves) OR physical and not brain-work (work on your startup ideas at night). My company was started while I was working a minimum wage job as a movie theatre usher.
Try to stay physically active, that will help with depression.
Man, I wish I could get down to $400 per month. But you don't even get a room in the town here for that. Even cheap apartments are at $600 and as I'm living in germany it's also rather hard to get around some insurances - so make that another $600. Some other costs like water, electricity and internet will make another 150$ and then add the normal living costs (about 450$). Ok, part of the reason is the currently low rate for $, but I don't think it would even be possible for me to get down to 400 € in any way.
"So funding is planned through winning the the Merrill Lynch competition and if we don’t win it (which I feel we have decent chances) I will be totally lost."
Was this part a joke? I find it hard to believe that a back-of-a-napkin biz plan would have "win a contest" as the only bullet point under "financing".
You're right. All I wanted to say is that generally I am leaning towards making product rather than looking for financing, but I still decided to go for the competition first with this specific idea. Also it's not a "back-of-a-napkin" but it's 6-9mo thinking/research on brains, learning, market etc.I also have real chances since it's down from 41 teams to about 7 now and I have won other competitions, so I have a feeling of what judges are looking for, which is different than what investors are. So yeah, badly described there.
You'd get more calories and eat more nutritiously if you ate a diet based around rice or pasta and legumes. Canned vegetables are also quite cheap and will give you a good supply of nutrients and fiber. Get canned tuna and frozen chicken when you can afford it, and always be on the look out for "one day only" instant deals on expiring meat.
Here's some sage advice I got from one of my mentors: "A good opportunity != a good opportunity for you." Also, it's ok to not start a start up right away. Without knowing all the facts of your circumstance, I would suggest focusing on making your long-term situation better by getting your finances in order, and getting indispensable skills/experience by working at some job (depending on what skills you want to get) and hoarding your money. Spend your nights and weekends figuring out how to spot good opportunities for you, getting a team together, mentors, etc. Six months to a year from now, you should have $10k-15k and be ready to rock. Then you can quit and pursue a good opportunity, reduce unnecessary stress, and increase chances of success.