If you're struggling to pay your bills, you've gone about things wrong.
The tough part is the travel bit. When I'm on the road, it makes it a lot tougher to collaborate with my cofounder, meet with potential customers, etc. But I'm not out all the time, and I manage to work around it all somehow, even though it's pretty stressful.
2. Don't pay for anything unless you absolutely cannot do without it.
3. Don't pay for things that you can acquire or make with some schlep. The equation of "I shouldn't be doing X because my time is worth Y" only works if your time is actually worth Y.
We've been doing this for 10 years and growing like gangbuseters.
I am in the process of spending the next few months trying to build a niche software product that can turn into a full time business. I don't have an exact idea yet but I'm thinking of using the methodology defined by Steve Blank to find a real niche market.
Would love to know your approach. I'm assuming you have done something related to software.
If you have got dependent family on you donot do it without some form of cash flow coming in.
If you do not have dependents and you are young take the leap with faith and from somewhere somehow things will just move along as long as you believe in it. Thats what I have seen in mine and my friend's case
2. Live with your parents if you can (I'm Indian, and that's totally ok for us) - it helps a lot not to have to pay rent & basic living costs.
3. Try and find alternate sources of money while you bootstrap. Ex: Selling stock photos/footage, selling code modules, stocks etc.
I can't possibly disagree more. I mean, yes, it would be nice to have a pre-saved warchest. But if you reach a point where you realize it's time to start the startup, you shouldn't not do it just because you don't have a warchest. Bootstrapping and self-funding while working a $DAYJOB is certainly possible. Is it easy? Hell not. But it's possible, which is what counts, IMO.
The worst thing you could do is start while working at $DAYJOB and find out after the fact that your employment contract stipulates that they own all associated IP. And yes, in many states people have those types of contracts.
I highly recommend quitting and sitting out a relevant noncompete first, because the worst thing that could happen is sacrificing, succeeding and ultimately having to hand everything over to an employer over employment agreement issues.
Assuming this scenarios ever played out in the history of IP and your dayjob is actively suing you to get their greedy hands on your awesome IP, this is gold for you. Your stuff is in extremely high demand. Throw it away, and go out and get version 2.0 funded.
That's why you negotiate that stuff before you start on the startup. And if you $DAYJOB won't accept a reasonable agreement, then you find a new $DAYJOB.
You raise a valid point, but in the grand scheme of things, it's just a detail, not a complete blocker to the idea of funding your startup through your own salary.
Just curious. Obviously risks are there.