VC here. If you're building a bootstrapped business, then starting as a side project and building up revenue until you can go full time is probably the way to go. If you're going the venture-backed route, I think there's a misconception that there's no salary or minimal salary at early stages when you're funded, but this is not true. Most founders take a reasonable salary, where reasonably is defined more by your per…
yeah dude just "take" a salary from your seed round. lmao
Ask HN: How do you start a startup in your 30s when you have wife/kids/mortgage?
171–180 of 345 posts
Re: Ask HN: How do you start a startup in your 30s when you have wife/kids/mortgage?
#172Re: Ask HN: How do you start a startup in your 30s when you have wife/kids/mortgage?
#173Earlier quoted context omitted.
Are we even allowed to do side projects? What if our employer claims ownership or even conflicts of interest with what we are building? How will i even present it into hn or producthunt with my name and all my credentials while i am still working somewhere else? Any employer would fire us on the spot if they found out, wouldn’t they?
unless you have registered your invention with the employer during the hiring process, it belongs to them
At the one I am at now, you can get a written sign off from legal before you even start your side project, where they agree that all rights to the side project belong to you. You have to apply for each project individually, but the form is online, just a few fields, and is commonly approved (as long as it isnt a legitimate conflict of interest). I don't mind the process, because each time it nets me an official signed paper that explicitly states that my employer has no rights to my side project.
Re: Ask HN: How do you start a startup in your 30s when you have wife/kids/mortgage?
#174Earlier quoted context omitted.
Are we even allowed to do side projects? What if our employer claims ownership or even conflicts of interest with what we are building? How will i even present it into hn or producthunt with my name and all my credentials while i am still working somewhere else? Any employer would fire us on the spot if they found out, wouldn’t they?
unless you have registered your invention with the employer during the hiring process, it belongs to them
Rule #1: don't listen to sweeping statements about law on HN.
Re: Ask HN: How do you start a startup in your 30s when you have wife/kids/mortgage?
#175Re: Ask HN: How do you start a startup in your 30s when you have wife/kids/mortgage?
#176I ask because I know multiple talented people using this as an excuse to not use their abilities as they claim they want to.
My ignorant guess would be people these days think you need to spend a ton of time with your family because other people blame their problems on absent parents? That's why I'm asking to be educated so I can be less ignorant about the burden of parents. Naively, if I had a kid (not that I plan to, don't worry lol) I wouldn't care about spending time, just feed, clean and transport, not that much worse than pets burdenwise. I would expect kids and spouses to understand the nature of the real world (when they grow older for kids).
Re: Ask HN: How do you start a startup in your 30s when you have wife/kids/mortgage?
#177VC here. If you're building a bootstrapped business, then starting as a side project and building up revenue until you can go full time is probably the way to go. If you're going the venture-backed route, I think there's a misconception that there's no salary or minimal salary at early stages when you're funded, but this is not true. Most founders take a reasonable salary, where reasonably is defined more by your per…
I think I understand what you mean. Bootstrap = use your current salary. VC = use startup funds to pay yourself but it gets touchy real quick. I currently make 140k in MCOL, so to hear that taking a 140k salary isnt out of the question, eventually, is reassuring.
Re: Ask HN: How do you start a startup in your 30s when you have wife/kids/mortgage?
#178My very concrete feelings on this is that you probably don't. Asking folks how to do this is a bit like asking billionaires how to get rich. It's a fun story but it's overfitting. The individual narrative that made a billionaire is unlikely to be available for you. If you ask some millionaires they may be more likely to give you some useful advice around sound investment strategies, living within your means, and iden…
My perspective changed when I had kids. And I had kids close together, Matter than friends to boot.
Mostly I realized how’s much time I was wasting to that point in life and I stopped.
It’s perfectly possible to do a startup at any age. Know many people who do and have.
Kids were a perfect prioritization and decision aid in my case. It makes you perfectly serious about doing what needs to be done. Innovation can happen just fine with constraints.
Leading up to it if you don’t have good adult habits and skills you probably some be a lasting successful entrepreneur anyways.
Doing a startup is a lot like being responsible for a baby. Some things need to be done whether you like them or not. Status aren’t just about working on the fun parts.
Getting it right also means making sure you are the kind of example you want to be for them to take their own shots. Sacrificing parents can better a sense of sacrifice in kids and it might be a cycle someone is looking to break.
Would there be more time before kids? Sure. But hard to find people in their 20s a made the most of their time beyond chasing every shiny thing. Generally our standards for how we spend our time are lost in our 20s and improves as we become more well rounded.
You only start getting good and dangerous in your 30s and 40s. It’s why so many vcs are older, they buy the years of young people and are ok if it goes no where.
If you don’t want to be a statistic, you can look at bootstrapping smaller and then growing. There are funds like tinyseed and others that specialize in it.
In your CV 30s you probably have insight in an industry need that you could bang out and have making money per easily to transfer to the next thing. HN might not be the place for this kind of thought especially if it’s orthogonal to the vc echo chamber that attracts a following and needs a decade to see in balance with other options.
If success is freedom of time, attention and resources where you want to put them, the path of startups as you are implying (likely funded) might not be compatible with you.
Todays the youngest you’ll ever be. If not now, then when?
Re: Ask HN: How do you start a startup in your 30s when you have wife/kids/mortgage?
#179Earlier quoted context omitted.
I'm doing this by starting an all remote start up. I can hear my son playing downstairs or outside, while I get to dedicate myself for a while. I'm actually able to make it to more of the important times, now that I'm not commuting, even though I work long hours.
Yeah, the when of long hours can be much more important than the long hours themselves, especially depending on kid ages.
Re: Ask HN: How do you start a startup in your 30s when you have wife/kids/mortgage?
#180My friend and I started it as a side job, working nights and weekends. We also downsized and cut all our expenses to about $1,000/month (mortgages were smaller back in 2005). We quit our full-time jobs when 1Password revenues were close to $80,000/year.