Self employment is incredible when the money's rolling in, and terrible when it's not. I can't speak for a full fledged startup with funding though because then you just work for investors.
Ask HN: What was it like to quit your job and focus on your successful startup?
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Re: Ask HN: What was it like to quit your job and focus on your successful startup?
#12I had my financial ducks in a row before I did my first startup -- I knew how much "fun money" I could expend getting the startup to work. Most of the horror stories I hear revolve around people who didn't do this.
Re: "fun money" - how much was that figure for you? (range is fine if you don't want to give an exact number)
Re: Ask HN: What was it like to quit your job and focus on your successful startup?
#13I never returned to my old job... Why would you go back? I did return to working as a contractor for a while. A lot of failed startup engineers become contractors.
I'm back working for a startup again now so I guess I'm just going back and forth.
I've worked for a few startups and none of them has had an exit yet but one of those I have shares in is doing relatively well.
Doing contracting work is a smarter decision in general. You can actually plan to make a sizeable amount of money and then watch it happen without taking any risks - It's all within your control. With startups, you might often feel that it's outside of your control, especially if you're not a co-founder.
Re: Ask HN: What was it like to quit your job and focus on your successful startup?
#14I am 2 months into doing this, it feels a lot like when I moved to SF, lot of things up in the air but very promising. I had a 6 month financial plan but it was hard to adapt to the lack of income and seeing my savings decrease month by month, so I'm doing contracting and TaskRabbit. I'm not really a ramen noodles person, so I make due with what I can get at the grocer.
I have a previous coworker who'd love to help me, but I don't want to babysit his work and I feel he's not valuable enough to the business. I would like another cofounder, but it doesn't bother me that I'm doing it all on my own, I have spent the last 10 years getting ready for this, so I'm more than ready. I am doing more than okay on my business alone, but I wish I had some expertise for a second opinion. I am really really thinking about going into an accelerator program or seeking angel investment, but I'm apprehensive about taking cash at this (or any stage). My biggest fear is actually having to get a real job again, I will do anything to prevent that from happening since that means my startup is dead.
Re: Ask HN: What was it like to quit your job and focus on your successful startup?
#15Only asking for opinions from people who were successful is literally asking for survivor bias perspectives. I dream of working for myself but I've never taken the plunge. My income from side projects is about 1/3 of the way to my minimum number to quit and go full time. I do a lot of thinking about this, my number is the same as my financial independence / early retirement number. One of the biggest things that hold…
Oh that is very tough! I'm only in my early 20s, but I worry so much about retirement, probably one of my most deep fears! I figure the only way for me to get ahead is to be financially successful, either my startup makes it or I go to get my PhD in a cutting edge, lucrative compsci field.
Re: Ask HN: What was it like to quit your job and focus on your successful startup?
#16Just a reminder that life is pretty short, and worst case, you can probably just get another job and only be 6 months to 1 year behind your friends in terms of savings.
Yes that is the worst case for me, but also I really really do not want to kill my dream. I like work but I will live in the park with my laptop if it comes down to keep going (no joke).
Re: Ask HN: What was it like to quit your job and focus on your successful startup?
#17I had my financial ducks in a row before I did my first startup -- I knew how much "fun money" I could expend getting the startup to work. Most of the horror stories I hear revolve around people who didn't do this.
Re: "fun money" - how much was that figure for you? (range is fine if you don't want to give an exact number)
Well, I'm single. So it was several years of living expenses at the time of my first startup, and it's FU money now.
Re: Ask HN: What was it like to quit your job and focus on your successful startup?
#18I started up twice. First was a e-commerce market place and the second one was into mobile app development. Both failed. I was running them for around 4 years. Now I am back to a full time Job. I never regretted my failures since I learnt a lot from them and now I am working on my 3rd side project hoping to succeed.
Re: Ask HN: What was it like to quit your job and focus on your successful startup?
#191. One day you are excited with the possible opportunities, then you are overwhelmed and then you are depressed. If you leave without a plan, it takes a few months to just get the mind straight. If you do have a plan - it falls apart and you still end up spending a few months that feel unproductive.
I am not discouraging on having a plan - you must. But also note that you made a plan with an "employee mindset".
2. 6 month financial backup is usually not enough. I have heard many stories where people try going independent for 6 months, run out of money and start looking for a job. What happens is - entrepreneurship gets into you in that time and if one goes back to a job, I can bet they feel even more frustrated. You need 1.5 years of backup or 2-3 years of "frugal living backup". I struck positive cashflows in just about 5 months, but it wasn't good enough. I distinctly remember thinking "Maybe, I should have done this part time". Then I struck a mini-gold-mine at 8 months. Having a good backup will help you persist longer. I did not have a growth strategy that worked. But I focused on working and doing the right thing. Keep it rolling.
3. The biggest worry I had when starting was about providing "enough" for my family and any emergencies for next 1.5-3 years at any point in time. Unlike many stories, I promised myself not to wait until I go bankrupt or in a lot of debt - Nearing that is a huge red flag, where I would typically exit and take a regular job. However, taking a job is the last thing I want to do. That thing kept me money-oriented for a while and made me work on stuff that generated positive cashflow.
4. Would it have been possible to return to your old job? - Maybe, but I would not want to. I waited too long to jump ship. Infact, my experience on multiple "good" jobs is what is keeping me away from them. Once you taste entrepreneurship, its hard to go back
5. I do not consider myself successful. May be semi-successful, some people see it as success. But I have come a long way from fearing failures. Success may or may not last long. I enjoy the process and the tremendous personal growth it results into. I ensure my financial backup now gives me 5-6 years minimum to start afresh - if I have to. Do not undervalue the role of money - it definitely makes things easier.
6. This is my favorite quote about Karma. I heard it many years back (and thought it was impractical). Especially useful when I feel I did everything right but nothing works: "Karm karo, fal ki chinta mat karo" (Do your duty without thinking about results)
P.S.: I don't know about others, but I have restricted myself into writing lesser HN comments because it takes quite a bit of time/energy. This one is an act of impulse. How do other entrepreneurs feel about this?
Re: Ask HN: What was it like to quit your job and focus on your successful startup?
#20Well I ran a solo startup so my experience might be different from others but for me, it was like living a dream. While working full-time somewhere, I started this SaaS business and soon after, the monthly income kept doubling to the point I was able to quit my job knowing my living expenses are cared for. When I quit, it was like wow, the feeling of liberation just hits you so hard. I worked for 7 years prior to doi…
Are you still doing that or back at a job?