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Ask HN: Advice on leaving corp for startup

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Ask HN: Advice on leaving corp for startup

#1

Post by zbush »

I'm sure you've seen this time and time again, but I need some advice. I'm currently a part-time MBA student at a prestigious university, and working a comfy corporate job. Our team won a local startup weekend, and we're applying to accelerators. Assuming we get in, I'm faced with the decision of quitting my job to pursue the startup full-time. Basically, taking a paycut of somewhere in the range of 45k to 81k (based on whether or not I can freelance during the time too). On the upside, I love the startup environment and this is what I want to do. However, if I work away for a few more years, I can be 100% free of debt from my student loans.

In either case, I have a comfy fallback when I graduate.

Any advice would be appreciated. Sorry again for posting something you've heard over 9000 times before.

Re: Ask HN: Advice on leaving corp for startup

#4

Post by zbush »

sharemywin wrote: post #3

if you get in, you only live once. For YC 2 of 3 need to be on site. See if you can work it out with co-founders to stay at your job until there's an investment.

Beyond the initial amount given by the accelerator? My other concern is time, since I'd be working almost two full time jobs + school. I feel that you're probably right though. It's just a big jump.

Re: Ask HN: Advice on leaving corp for startup

#6

Post by AtTheLast »

afaqurk wrote: post #5

You can get over money not made. It becomes harder and harder to get over lost opportunities for exciting ventures. Do what most don't: take the risk and start something.

I agree. Take your shot at this. When you look back in a few years you will be glad you took the chance on your start up. Plus it will be a really good learning experience no matter how things pan out. Plus you said it's what you want to do.

Re: Ask HN: Advice on leaving corp for startup

#7

Post by zbush »

AtTheLast wrote: post #6
afaqurk wrote: post #5

You can get over money not made. It becomes harder and harder to get over lost opportunities for exciting ventures. Do what most don't: take the risk and start something.

I agree. Take your shot at this. When you look back in a few years you will be glad you took the chance on your start up. Plus it will be a really good learning experience no matter how things pan out. Plus you said it's what you want to do.

Just because it's what I want to do, doesn't mean it's smart. :) Thanks for the support. I'm just nervous about making the jump I suppose.

Re: Ask HN: Advice on leaving corp for startup

#8

Post by sherm8n »

It sounds like you know what you want to do. All I can do is share with you my experience. I haven't had a "job" in 2 years. It's been the happiest time of my life physically, emotionally and financially.

I knew quickly after getting a job that I wanted to do a startup. I read TechCrunch every day so I thought I knew something. After a couple of jobs and 6 years later I was still super comfy at my corporate job. But I hated it. I came to realize one day that life is meant to be lived right freaking now. So I left, all of a sudden, one day.

Initially, doing a startup with no money really sucked. You just watch your savings go down and to the right. But it taught me an important lesson really early. How important cash flow is. It forced me to think about making money as soon as possible.

So, I wouldn't look at it in terms of taking a pay cut. In fact, you can decide for yourself how much you want to pay yourself. To supplement that income, assuming that you're now good at sales, you can do a consulting engagement when you want a nice bump in cash. It's great when you want to go work on your startup when you're in a different country for a little while.

To get to that step wasn't easy for me, however. It was a lot of god damn work. Before turning things around I drained my savings and built up credit card debt. I made many mistakes and lost lots of money before having any small amounts of success.

Re: Ask HN: Advice on leaving corp for startup

#9

Post by DividesByZero »

If you want to really do a start-up, quit your job. If you can't or won't quit your job, it is not yet time for you to do a start-up.

I quit my job with six months in savings to start my company. It took us almost 8 months to get somewhere - we filled the gap with just a little web design work on the side. I have never regretted leaving my job.

Re: Ask HN: Advice on leaving corp for startup

#10

Post by zbush »

sherm8n wrote: post #8

It sounds like you know what you want to do. All I can do is share with you my experience. I haven't had a "job" in 2 years. It's been the happiest time of my life physically, emotionally and financially. I knew quickly after getting a job that I wanted to do a startup. I read TechCrunch every day so I thought I knew something. After a couple of jobs and 6 years later I was still super comfy at my corporate job. But…

Where did you look for consulting? Just anywhere and everywhere that seemed relevant? We're just joining the accelerator now, so we aren't going to have much to pay out for living expenses for the team. Up front, it's probably going to be funded with my (minor) savings, and student loans if I can't get freelance work.
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