Path of Entrepreneurship
I am 27, and I have a well paying job in Bangalore. I want to quit this job and try my hands on entrepreneurship. I feel like I can do much more than what I am currently doing and have a more fulfilling life this way. Unable to see a lot of risks I have a 2 yr runway with savings. Parents don't have financial dependency. If everything fails I can restart my life in the next 1-2 years. Looking for perspectives and things I should consider before taking this step.
MetalMan20
Stealth
a year ago
Having done the same with a year's worth of runway in hand, I would suggest either keep your role and experiment slowly to validate your approach and idea or to maybe work out a lesser workload model if your org allows to give you more time on building your project (can come with some pay cuts, but you're still in healthy position)
As entrepreneurs, there is a big tendency to get obsessed with the solution rather than the problem when you jump in without any back up or thoughtfulness.
This in turn leads to frustrations when your approach or say model doesn't really take up or shows the same promise. And when that happens, time surprisingly just flies out! Can say this with personal experience
A more plausible route should be to keep a steady income for sometime, despite the runway because you can't predict any future problems or issues that may arise ( faced health issues myself, which did tumble my runway)
Keeping a steady will give you the opportunity to pump in your income to your experiments, building your network and connections and also give you some breathing room to accommodate your lifestyle when you eventually take the plunge with some sort of market fitment.
Definitely time consuming but then again if you are serious, will lead to more long term benefit and will keep you better prepped when you decide to start-up full time.
Hope this helps
ShinyWave93
Stealth
a year ago
This is very helpful. The tendency to focus on solutions is definitely there.
Might still take a call to quit and go head on instead of taking the more rational decision, but your answer was very helpful
ShinyWave93
Stealth
a year ago
Btw how did your idea fare eventually?
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What ideas do you have for entrepreneurship? IMO, age doesn't matter however the mindset matters
ShinyWave93
Stealth
a year ago
Can't share the idea yet, as I definitely won't be anon then (Office folks would recognise me XD)
But I can share this. Current TAM is low, no company has scaled in the area I am trying (6 failed in the last 5 years). There is demand, but no proof of vitality and willingness to pay.
I think my idea and approach is different ( I guess every entrepreneur does XD) but I'm very passionate about this space, 1% chances of success excites me.
Be prepared it's gonna be a topsy turvey ride, speak to some of the entrepreneurs before you kick this off. Good luck đź‘Ť
Do it lol. What bad could happen if it all goes right you could be a multi-millionaire or billionaire
You can work on it side by side, once it's ready to be launched and then you can quit your job
ShinyWave93
Stealth
a year ago
Yeah have considered, not sure if I'll be able to give it all to my idea or the company I am currently working in.
Felt.like I was losing at both when I tried for a while. Low iteration speed at my end(startup), low energy in companies end
I think do it! You are fairly young to take these kind of Risks! If this is what you want and is gonna make you happy, why not?
ShinyWave93
Stealth
a year ago
Hahaha. I agree.
Just sense checking. Don't wanna be too impulsive.
Barbaadeshwar
Stealth
a year ago
60% lekar jao with the job on. That point leave it. Unless your idea is super compelling and your runway is kick-ass anyway.
ShinyWave93
Stealth
a year ago
Ha kar sakta hu. Par abhi bhi startup me hi hu, waha bhi time and energy commitment to kaafi hai.
But good suggestion.
MildMusic68
Stealth
a year ago
If you are in a well paying job, you'll anyway be inn well paying job again
Just that there will be a sense of loss of what I could have been if I just continued to work instead of trying on stupid ideas... its in the mind
Say fuck it and go all in
We need more people starting
ShinyWave93
Stealth
a year ago
The timing couldn't have been better.
I told my manager today. Insane efforts to retain idk why. I don't even do anything that important.
Started feeling a little guilty and selfish TBH.
But yes we need more people starting in India. Especially privileged folks who have not much to lose.
ShinyWave93
Stealth
a year ago
How to DM here XD
ShinyWave93
Stealth
a year ago
Done folks. Quit today.
Thanks everyone for responding, it really helped.
I would recommend:
- Start working on a few things while balancing your job for a few months
- Speak with other people who tried/speak with VCs; understand their thoughts and reservations, what didn’t work earlier
- If after early development and some of the above, if your heart is still in it, just go full time.
Everyone thinks they can hedge things, but keep it a timeline, ultimately you have to take the leap at some point
