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Why you shouldn't start a startup

laurentk.posterous.com

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Re: Why you shouldn't start a startup

#61

Post by int3rnaut »

patrickod wrote: post #54
nkassis wrote: post #43

Earlier quoted context omitted.

That's because I don't think older entrepreneur usually would go for a YC like program. A lot of them have worked long enough to have savings to bootstrap and connections. At least that's my hypothesis.

That may be so. I see the real value of YC as being mentorship from the team and the connections that follow rather than just funding and a stamp of approval for connections. Then again I haven't been in the business as long as most older entrepreneurs so I'll withhold judgement.

This is my big interest in YC and why I'll try applying this Winter--There are plenty of resources for doing all of this yourself, and many people have but given my background and experience I have, I probably can't get my idea off the ground without proper guidance and I think many people are like me who genuinely need that little bit of help more than they need large sums of money, a stamp of approval or what have you--that guidance will carry you to all of that stuff in the end.

Re: Why you shouldn't start a startup

#63

Post by smilliken »

rgarcia wrote: post #16

Kind of a linkbait title since less than half of the presentation is caveats and the remainder is advice for starting a startup. Nevertheless I thought it was well done--definitely lays out the risks very nicely. One thing I'd like to hear more about are people who took "secure" jobs for a period of time out of college and then jumped ship for a startup once they had some money saved up. I feel like most people comin…

I did exactly that; I had a "secure" engineering job through college and for a short period after, but have since quit to co-found a tech company.

For the same reason one might go to school, you'll rarely be disappointed if you invest in yourself. My advice to graduates interested in startups is to work in their field of interest until their learning slows down, then to move on to bigger and better things. By starting a tech business, your skills in business and technology will grow tremendously, and will continue to pay dividends.

Obviously not the only way, though.

Re: Why you shouldn't start a startup

#64

Post by WildUtah »

mattbrewsbytes wrote: post #60
nkassis wrote: post #42

Earlier quoted context omitted.

I know how you feel man, almost the same situation (no kid yet). My wife is finishing her Masters, I figure once she's done with that and has a secure job, it might be time for me to try something. It's risky but right now we make it with one salary. We've talked about it and she currently says that since I helped her with her dream she can help with mine. I think it's a fair trade. But I'd be stupid enough to go for…

Technically (per Suze Orman) the two things declaring bankruptcy will not clear are Student Loan debt and debt determined by Criminal/Civil courts, in the USA. I found it shocking that those two debt types are on the same level. The student loan one is probably limited to Federal/State funded loans. I imagine if you pay your College bill with a MasterCard then you could get around this.

Student loans, child support/alimony, tax debts, criminal penalties, civil penalties, and tax witholding for other people will all follow you even past bankruptcy.

Pretty much all you can get rid of is unsecured consumer debt. A modern bankruptcy is just a way to get out from under your credit cards (or health care debts).

Re: Why you shouldn't start a startup

#65

Post by sgrove »

patrickod wrote: post #10

This rings true with the TEDx video posted last week about what skateboarding can teach us about learning methods. http://www.youtube.com/watch?v=lHfo17ikSpY&feature=playe... We learn from mistakes, so failure is to be as embraced as success. The startup community should be just the same. Take the lessons you learn and try again and again.

The goal should be to have frequent, small failures that you have enough time to learn from, rather than a few catastrophic failures which end your startup and saddle you with baggage afterwards.

Failure is a part of success, but only when taken in the right quantities.

Re: Why you shouldn't start a startup

#66

Post by mleonhard »

rgarcia wrote: post #16

Kind of a linkbait title since less than half of the presentation is caveats and the remainder is advice for starting a startup. Nevertheless I thought it was well done--definitely lays out the risks very nicely. One thing I'd like to hear more about are people who took "secure" jobs for a period of time out of college and then jumped ship for a startup once they had some money saved up. I feel like most people comin…

I worked as a developer at Amazon after college to get experience. I paid off my loans, saved up enough to support myself for 2 years, and then quit to start my business: http://www.restbackup.com/
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