11–20 of 39 posts
Definitely do the things that you're passionate about, because you will only end up regretting and coming up with those "what-if" questions everyday. Do it anyway. They WePay founders are right in a way. You do give up (or do not adapt) a certain lifestyle if you do choose the entrepreneurial path, but the long-term rewards are endless.
I'm 30 now and just getting going on this. My startup is just starting to get some nice sales traction. I've never really understood the assessment of risk that people apply to starting a company. If my company fails when I start full time on it then I'll get a job in a week tops unless I decide to take some time off. My family won't ever notice the difference except when I have to get the insurance information chang…
To do what you suggest you'd also need to have some savings, unless your startup is already earning you the equivalent of your regular salary. Most people have debts, not savings.
It can be done of course, but there is definitely an element of risk involved unless you have some form of safety net.
I'm 30 now and just getting going on this. My startup is just starting to get some nice sales traction. I've never really understood the assessment of risk that people apply to starting a company. If my company fails when I start full time on it then I'll get a job in a week tops unless I decide to take some time off. My family won't ever notice the difference except when I have to get the insurance information chang…
If you're worried about getting spoiled by the huge paychecks, I recommend being a Japanese salaryman. We would never dream of inconveniencing you in that fashion. grins Seriously though, if you put $4k a month towards your student loans (or a savings account you solemnly promise not to touch) your $80k salary will feel like, what, $20k or so after the tax differential?
I don't think it's responsible to advise people with negative cash to take big risks. Risk is for people with no debt and a year or two of living expenses in cash.
If you would truly be homeless if you went bankrupt, then yes, it's not prudent. But many of the people who would be in this position have a safety net if things go bad. They can default on their debt, move in with a friend or relative, and get a job and get back on their feet.
I don't think it's responsible to advise people with negative cash to take big risks. Risk is for people with no debt and a year or two of living expenses in cash.
Earlier quoted context omitted.
If you would truly be homeless if you went bankrupt, then yes, it's not prudent. But many of the people who would be in this position have a safety net if things go bad. They can default on their debt, move in with a friend or relative, and get a job and get back on their feet.
I'm kind of shocked at how casually you say 'They can default on their debt'. What a fcked up attitude.
Without this attitude, you'll have people that is a lot more hesitant to start a business.
Earlier quoted context omitted.
If you have a year or two of living expenses, a mortgage, and a family, it's a much bigger risk than if you have nothing...especially if "nothing" means very few big-ticket expenses. If you have nothing, you are risking the opportunity cost of having a "real job". As long as you can find a way to support yourself (food and shelter), it's a good time to gamble.
> As long as you can find a way to support yourself I'm not nearly so sanguine about most people's ability to make that happen. The kind of people who get into a seed funding program probably don't have to worry about living in mom's basement for three years before something comes together. I think that kind of penalty for failure would be way more common among most people than you're acknowledging.
The older you get, the more responsibilities you take on. When you have a mortgage, a wife, kids, and car loans, you have to make your startup pay really fast. When you have little debt, can crash on your parents couch (if needed), and drive a crappy old car that is paid for, you can take extreme risks, and the payback can be tiny for the first few months or even a couple of years.
There is nothing wrong with a year or three in industry. You'll be a much better coder, get exposed to problem domains outside the typical purview of twenty-something white and Asian males, build contacts, and improve your soft skills such as how to wear a suit and talk to people older than you outside of the teacher/student relationship. These things are enormously valuable. If you're worried about getting spoiled b…