Is it crazy to quit a 6+ figure salaried job to do a startup right now? • Hacker News Board

Re: Is it crazy to quit a 6+ figure salaried job to do a startup right now?

#31

Post by bprater » Fri, Jan 02, 2009, 1:24 AM UTC

Skeletor wrote: post #7

adamt wrote: post #4

I think it depends if you can fund it yourself. If you're relying on external funding in the near future it might be hard. If you've got the cash to fund it yourself, then there is a case that it's a great time to start a business.

Yes, me and my co-founder will be bootstrapping for at least the first year. But our plans are to become cash flow positive in 6 months. I can probably survive for 3-4 years with no job, my partner at least 1 year.

Go for it. And work like you have 3-4 months of savings. Getting comfortable is a very bad thing.

Re: Is it crazy to quit a 6+ figure salaried job to do a startup right now?

#32

Post by cabalamat » Fri, Jan 02, 2009, 1:38 AM UTC

Only you can answer that question, depending on: What do you want out of life? How much savings do you have? Can you work on the startup in the evenings while keeping your job? How risk-adverse are you?

Re: Is it crazy to quit a 6+ figure salaried job to do a startup right now?

#33

Post by mhartl » Fri, Jan 02, 2009, 2:01 AM UTC

A lot depends on your level of savings and your spending habits. How long can you live on your savings at your current spending level? If the answer is "not long", are you in a position to cut back on spending to give yourself a longer runway? If you can't count on your saving for at least six months to a year, staying at your job is probably the wiser course of action.

Re: Is it crazy to quit a 6+ figure salaried job to do a startup right now?

#34

Post by rms » Fri, Jan 02, 2009, 2:14 AM UTC

6 figure: no.

7 figure: yes.

Re: Is it crazy to quit a 6+ figure salaried job to do a startup right now?

#35

Post by calambrac » Fri, Jan 02, 2009, 2:17 AM UTC

Skeletor wrote: post #7

adamt wrote: post #4

I think it depends if you can fund it yourself. If you're relying on external funding in the near future it might be hard. If you've got the cash to fund it yourself, then there is a case that it's a great time to start a business.

Yes, me and my co-founder will be bootstrapping for at least the first year. But our plans are to become cash flow positive in 6 months. I can probably survive for 3-4 years with no job, my partner at least 1 year.

You have 3-4 years socked away and you're wringing your hands over this decision? I think the answer is no, you shouldn't. That kind of runway should make the decision an absolute no-brainer if you really want to strike out on your own.

Re: Is it crazy to quit a 6+ figure salaried job to do a startup right now?

#36

Post by bigbang » Fri, Jan 02, 2009, 2:20 AM UTC

Skeletor wrote: post #7

adamt wrote: post #4

I think it depends if you can fund it yourself. If you're relying on external funding in the near future it might be hard. If you've got the cash to fund it yourself, then there is a case that it's a great time to start a business.

Yes, me and my co-founder will be bootstrapping for at least the first year. But our plans are to become cash flow positive in 6 months. I can probably survive for 3-4 years with no job, my partner at least 1 year.

If thats the case(sounds like a good runway), my opinion would be to go for it.

Re: Is it crazy to quit a 6+ figure salaried job to do a startup right now?

#37

Post by jacobbijani » Fri, Jan 02, 2009, 3:21 AM UTC

lunaru wrote: post #23

It's always been crazy to quit your job for a startup. But craziness and brilliance are only separated by success.

That's pretty blind advice. There's a lot of factors that go into success. One of them is timing.

Re: Is it crazy to quit a 6+ figure salaried job to do a startup right now?

#38

Post by rodmaz » Fri, Jan 02, 2009, 3:29 AM UTC

Skeletor wrote: post #2

The startup would be a two person company me and a friend are co-founding.

Make sure your founder is also really committed to it. I had one co-founder who kept his daily-job, was married and then, after some months, gave up when we had deadlines and much harder work was required. Talk to him now about vesting plan and make sure he is for the long haul. Good luck!

Re: Is it crazy to quit a 6+ figure salaried job to do a startup right now?

#39

Post by hs » Fri, Jan 02, 2009, 3:42 AM UTC

rms wrote: post #34

6 figure: no. 7 figure: yes.

golden handcuff

Re: Is it crazy to quit a 6+ figure salaried job to do a startup right now?

#40

Post by gommm » Fri, Jan 02, 2009, 3:49 AM UTC

reyu wrote: post #5

It's so easy to rationalize not doing it but actually, sooner is always better than later when it comes to making yourself happier - life is short and unpredictable and what we think of as security is often a big joke at our own expense.

Well that was my thoughts before I actually did it.. Now that I have the experience, I would say that planning a bit before quitting is important too (that was my failure), also make sure you have sufficiant reserve money to bounce back.

So go do it, but don't jump in with wide-eyed optimism without planning exactly what you want and need to do (but of course be prepared to change the plan)