Earlier quoted context omitted.
though at that point it sounds no different than a hobby, really.
This is the promise of UBI. Everyone can work on their hobby.
I don't think mad_ned can afford all of us.
Working at a startup is overrated, both financially and emotionally
11–20 of 430 posts
Re: Working at a startup is overrated, both financially and emotionally
#12It's important for anyone joining a startup to understand that the odds of success are overwhelmingly against you. For every successful startup we see on here and elsewhere, there are thousands that fail in obscurity, sometimes leaving people in ruins. Treat options/shares as a literal lottery. Assume your odds of winning are zero when making life choices. Also unless you're a very very early employee, those options/…
I remember my CEO laughing at me buying my options when they vested. "Well Swader, you'll be able to wipe your as with those at least". Was a great guy, great company and a great bunch of people to work with. But facts are facts. We were successful but in a very competitive field so nothing was guaranteed.
Indeed! You can still have a very rewarding experience in a startup, it's just rarely the "retire young and rich" outcome that I think a lot of people imagine it will be.
As someone else also said, I wouldn't trade my startup years for anything, but it was just a job like any other, when take a macro view of my career.
Re: Working at a startup is overrated, both financially and emotionally
#13It's important for anyone joining a startup to understand that the odds of success are overwhelmingly against you. For every successful startup we see on here and elsewhere, there are thousands that fail in obscurity, sometimes leaving people in ruins. Treat options/shares as a literal lottery. Assume your odds of winning are zero when making life choices. Also unless you're a very very early employee, those options/…
I remember my CEO laughing at me buying my options when they vested. "Well Swader, you'll be able to wipe your as with those at least". Was a great guy, great company and a great bunch of people to work with. But facts are facts. We were successful but in a very competitive field so nothing was guaranteed.
I have always said I wish I had gotten toilet paper instead of options. Because at least I can wipe my ass with toilet paper, and at the start of the pandemic I’d have actually gotten rich.
Next time I’m offered options I’m going to request TP instead and see how they take it haha.
Re: Working at a startup is overrated, both financially and emotionally
#14Re: Working at a startup is overrated, both financially and emotionally
#15It's important for anyone joining a startup to understand that the odds of success are overwhelmingly against you. For every successful startup we see on here and elsewhere, there are thousands that fail in obscurity, sometimes leaving people in ruins. Treat options/shares as a literal lottery. Assume your odds of winning are zero when making life choices. Also unless you're a very very early employee, those options/…
I don't understand why people list their options value under 'stock' in levels.fyi . I see lots of pre ipo company people give specific value to their options.
Re: Working at a startup is overrated, both financially and emotionally
#16As much as I agree with everything said in this article I wouldn't trade my years at a start up for anything. Both financially and emotionally it was awesome. I didn't get rich, and I worked way too much, but it was awesome. I loved the constant change and chaos. I learned so much, way more than I would've in any other type or work place. I made great friends too. It was as bad as the article, but it was way waaaay b…
This is relatable. It's incredibly satisfying building new things rather than maintaining decades old cruft, regardless of the paycheck, hours and stability.
Also the joy of working in small nimble teams and the freedom to experiment with new technologies. Like everything in life these things are a tradeoff.
Re: Working at a startup is overrated, both financially and emotionally
#17What is success? The article assumes for the most part that success is mainly monetary, and further it makes the classic mistake of comparing success monetarily to companies like Facebook. Success is different depending on many factors. For example, if a person needs or likes guidance and structure, a startup is likely not a good fit, especially when they are inexperienced. There are some good points about the strong community in startups and how it can be used to encourage excessive work hours and lower pay. However, that same community feeling and sense of purpose is what I remember fondest from working at startups. In addition, startups give you access to other capable and driven people that you might create a startup of your own with … much less likely at a large company full of risk-averse employees who work on a small piece of the company’s “mission”.
What personality type are you? The author likely comes from a structured, religious background and prefers the “certainty” of a corporate environment. Some of us were raised by hippies with little or no religion and high structure. People like that are miserable in highly structured environments in which gaining a sense of the “mission” is impossible.
The main point here is that career decisions are highly personal and one person’s hell is another person’s heaven.
Re: Working at a startup is overrated, both financially and emotionally
#18It also makes a huge difference if the startup is your primary source of income or not. My wife worked for several startups, all of which failed. But since I had a more stable paycheck, it wasn't so bad, and we just treated the extra startup income as a bonus, and had very low expectations on cashing in on the equity.
though at that point it sounds no different than a hobby, really.
I mean she would've still been paid. What it means is that losing your job doesn't become a pressing financial concern right away.
Re: Working at a startup is overrated, both financially and emotionally
#19It's important for anyone joining a startup to understand that the odds of success are overwhelmingly against you. For every successful startup we see on here and elsewhere, there are thousands that fail in obscurity, sometimes leaving people in ruins. Treat options/shares as a literal lottery. Assume your odds of winning are zero when making life choices. Also unless you're a very very early employee, those options/…
I don't understand why people list their options value under 'stock' in levels.fyi . I see lots of pre ipo company people give specific value to their options.
I'm guessing because these companies are way past what any reasonable person would call a "startup" and are getting regular third party valuations.
Re: Working at a startup is overrated, both financially and emotionally
#20Earlier quoted context omitted.
I remember my CEO laughing at me buying my options when they vested. "Well Swader, you'll be able to wipe your as with those at least". Was a great guy, great company and a great bunch of people to work with. But facts are facts. We were successful but in a very competitive field so nothing was guaranteed.
I have always said I wish I had gotten toilet paper instead of options. Because at least I can wipe my ass with toilet paper, and at the start of the pandemic I’d have actually gotten rich. Next time I’m offered options I’m going to request TP instead and see how they take it haha.
Yeah the last startup I worked at, I declined options altogether and just said pay me more..
It was a difficult conversation but in the end they agreed, and it worked out in my favour.