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Entrepreneurs anonymous

economist.com

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Re: Entrepreneurs anonymous

#31

Post by michaelchisari »

throwaway8137 wrote: post #27
acgourley wrote: post #8

Earlier quoted context omitted.

When people ask me if they should start a company, I do a short interview with them to understand their motivation. It's usually dissatisfaction with their job combined with a grass-is-greener view of entrepreneurship. I believe in many circumstances people have a higher chance of finding happiness by pouring deliberate energy into finding a great job rather than starting their own company.

I do a short interview with them to understand their motivation. Could you please try me? I have a good job as a software engineer at a successful start up. I am introvert and somewhat shy (although less then I used to be). I don't think many people could imagine me as a CEO. Nonetheless here are the reasons I want to start a company: - I want to do something meaningful. I don't mean curing cancer, but having small,…

> I dream about retirement in my 30ies.

If this is what you want, then pare your life down to the bare minimum (get roommates, don't buy gadgets, don't eat out, drive a sensible sub-$15k car, or no car at all if possible), and invest and save every penny you make as a highly paid software engineer. That's a much more surefire way to early retirement.

Re: Entrepreneurs anonymous

#32

Post by maaku »

michaelchisari wrote: post #31
throwaway8137 wrote: post #27

Earlier quoted context omitted.

I do a short interview with them to understand their motivation. Could you please try me? I have a good job as a software engineer at a successful start up. I am introvert and somewhat shy (although less then I used to be). I don't think many people could imagine me as a CEO. Nonetheless here are the reasons I want to start a company: - I want to do something meaningful. I don't mean curing cancer, but having small,…

> I dream about retirement in my 30ies. If this is what you want, then pare your life down to the bare minimum (get roommates, don't buy gadgets, don't eat out, drive a sensible sub-$15k car, or no car at all if possible), and invest and save every penny you make as a highly paid software engineer. That's a much more surefire way to early retirement.

And switch jobs or get external offers often, and use it to ratchet up your salary to the higher end of market rate. Work for big corporations (they pay better), or be employee #1 or #2 of startup (stock >= 5% or it ain't worth it). Only do projects that have a high probability of success and which will make your resume more valuable. Live frugally and put it all into savings and passive investments.

Not what I do, but it's the best course of action for most people who want to retire in their 30's.

EDIT: As for what I do, I'm co-founder at a well funded startup, although without a CxO title, after bootstrapping a different business nights and weekends for around 2-3 years and fulltime for 1 year. My motivations are similar to graeme -- a burning desire to not work for someone else, and a driving need to accomplish certain things in the course of my life which no one else is doing. Also a certain uncomfortableness with perceived stupidity in how things are organized, which miraculously went away when I was the one doing the organizing. For people like me, taking responsibility relieves stress.

Re: Entrepreneurs anonymous

#33

Post by iamshs »

I am also on the verge of starting a company, and it makes me afraid. More so, upon reading this thread. Looks like there are lot of entrepreneurs in this thread, so some advice maybe good for me. I have identified a pain point in a present system at my company, and since then got to know that this is a industry wide problem. My employer would not solve this issue, and would not give me permission to build it on my own time, as one of my colleague suggested the same six months back and they were not enthusiastic and would not release him from the specific clause in the job's terms and conditions. One of my Managers, who left the company, and is still on good terms with me proposed the idea to his company and the company wants to see the initial prototype. I have none at this point, so will need to develop it.

The problem is, I cannot forego my job income because of upcoming personal situation. Potential customer will not give me lump sum money, and wants to hire me as a consultant, but then I would not be able to sell it to other customers. If I build the product in my spare time, my employer owns it as it is directly in company's field of operation. Angel networking people I have talked to have also asked for a working prototype, but I have none and for building one a good developer will be needed.

So can somebody please give some suggestions on this? Or if someone from Edmonton or Alberta is reading this please get in touch with me @ msedm@outlook.com .

Re: Entrepreneurs anonymous

#34

Post by ChrisNorstrom »

thegenius wrote: post #23
beachstartup wrote: post #22

Earlier quoted context omitted.

crabs in a bucket.

It wasn't so simple for me to tell myself that and feel better as I wish it were. For example, one of the people who won't speak to me anymore is a family member who was my biggest hero growing up and the reason why I got into computer programming. I was very angry that he stopped talking to me, and he gave me all sorts of excuses as to why, but his criticisms told the truth of what was really bothering him. Over tim…

Please, please please write more of this. This is one of the most fascinating things I've read. I've never heard anyone talk about this aspect of success before.

Re: Entrepreneurs anonymous

#35

Post by paul9290 »

porter wrote: post #4

I used to encourage everyone I know to quit their job and start a company. Now, after having done just that, I no longer recommend this path. Not because I regret doing it. In fact, I think it was one of the best decisions I've ever made. But the road is, as the article says, about as romantic as "chewing glass." Sure, there are wonderful days when things are working even better than I had planned. But then there are…

Indeed this stuff is not easy.

Here are my personal highs and lows....

Pros & Highs... - My resume is nifty; neat/awesome jobs are easy to land - Been accredited for creating first of its kind idea - Alway receiving spontaneous applause when demoing due to concepts being novel/cool - Featured in many tech publications - Receiving seed money - Winning awards at tech events - Exciting things happen for weeks in a row

Lows... - Being pretty much broke & in debt - G/f of many years wants stability before kids - Doing this pretty much alone & at my age (late 30s) connecting w/local techies has been tough. Though I've tried. - Nothing going on for weeks in a row - Not able to keep cool job opportunities for more then a year. Those who hire me are cool with my start-ups then not - INSTABILITY!!!

Is it worth it, for me YES, as the highs I noted above can never be experienced at 9 to 5 desk job! Though I do long for stability as I want to have a family.

Re: Entrepreneurs anonymous

#36

Post by [deleted] »

thegenius wrote: post #21

The hardest thing about entrepreneurial success for me personally is the envy it has generated. I wasn't prepared for it. When I first started seeing results in my business, I quit my job and was able to spend a lot of time doing whatever I wanted. My wife would post pictures of us constantly going on day trips and vacations. It pissed some important people in my life off, and they became very passive aggressive towa…

[deleted]

Re: Entrepreneurs anonymous

#37

Post by throwaway8137 »

maaku wrote: post #32
michaelchisari wrote: post #31

Earlier quoted context omitted.

> I dream about retirement in my 30ies. If this is what you want, then pare your life down to the bare minimum (get roommates, don't buy gadgets, don't eat out, drive a sensible sub-$15k car, or no car at all if possible), and invest and save every penny you make as a highly paid software engineer. That's a much more surefire way to early retirement.

And switch jobs or get external offers often, and use it to ratchet up your salary to the higher end of market rate. Work for big corporations (they pay better), or be employee #1 or #2 of startup (stock >= 5% or it ain't worth it). Only do projects that have a high probability of success and which will make your resume more valuable. Live frugally and put it all into savings and passive investments. Not what I do, b…

I shouldn't have mentioned this. I was trying to be as honest as possible with myself, and that is one of the images that comes up. But what I really meant was financial independence (working only when I want to).

I have a family, so I can't save every penny, I am already payed at the higher end of market rate and I could never ever work in corporate job.

Re: Entrepreneurs anonymous

#39

Post by throwaway8137 »

graeme wrote: post #30
throwaway8137 wrote: post #27

Earlier quoted context omitted.

I do a short interview with them to understand their motivation. Could you please try me? I have a good job as a software engineer at a successful start up. I am introvert and somewhat shy (although less then I used to be). I don't think many people could imagine me as a CEO. Nonetheless here are the reasons I want to start a company: - I want to do something meaningful. I don't mean curing cancer, but having small,…

None of these sound like great reasons. I'm four years into starting a business. Here was my motivation: * A burning desire not to work for anyone else. * A desire, not to retire, but to free up time for all the other things I want to do. Chiefly learning. It is impossible to to convey, in writing, how badly I wanted these things. I had had a small taste of the working world, and couldn't bear the thought of it. I wa…

I think made a really wrong impression in that post. Somehow I can't really find the right words to express myself right now.

While I understand the appeal of passive income, I think I would rather work 24/7 on something really meaningful.

Your motives don't seem like mine.

That is not necessarily a bad thing. There are many types of entrepreneurs.

Re: Entrepreneurs anonymous

#40

Post by davemel37 »

porter wrote: post #4

I used to encourage everyone I know to quit their job and start a company. Now, after having done just that, I no longer recommend this path. Not because I regret doing it. In fact, I think it was one of the best decisions I've ever made. But the road is, as the article says, about as romantic as "chewing glass." Sure, there are wonderful days when things are working even better than I had planned. But then there are…

>"then you're probably not cut out to be an entrepreneur."

I don't know why, but comments like this rub me the wrong way. Not that I don't agree that entrepreneurship is extremely difficult, it is!... just that I think people have a way of surviving and developing coping mechanisms for whatever life throws at them.

The fact that you have sleepness nights and puke from the stress tells me that you are not cut out for it.. yet, you are doing it...and without regrets.

Humans have a way of being resilliant.There is only one measure that determines if you are cut out for it or not...and that's if you try and it ends up ruining your life.

This idea that entrepreneurs tell others - that they are not cut out for doing a startup is really just a classic case of putting others down to prop yourself up.

If you want to do a startup, DO IT! Don't let others talk you out of it by convincing you that you aren't cut out for it. Short of a therapist encouraging you to avoid it, I would discount that advice as an insecure founder trying to make himself feel better about coping so poorly.

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