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This is a bit of a trap. It's easier to take big risks if you have little to lose. Once you're established at McKinsey, Goldman Sachs or Google you have a com
by philk 17y ago
This is a bit of a trap. It's easier to take big risks if you have little to lose. Once you're established at McKinsey, Goldman Sachs or Google you have a comfortable standard of living and a job that gives you both challenges and social status. Letting go of all that to be the guy slaving away at a crazy idea is often harder than trying the crazy idea because you have little else.
Also when you're busy at work time can just fly by. It's easy to look up from working and find a few years have gone past.
- ALee 17y agoSame with startups. One moment you're in college starting a startup, the next you're 3 years older still doing the same thing. Startups are a more difficult path because they don't always have forward momentum because of the high risk.
- nfnaaron 17y ago"This is a bit of a trap." Yes, it can be. The truth is, some of those brilliant kids going into BigCorp are lost startups, some are future startups, and most won't be startups regardless, because most people aren't founders. "Also when you're busy at work time can just fly by. It's easy to look up from working and find a few years have gone past." Roger that.
- EricBurnett 17y agoThe truth is, some of those brilliant kids going into BigCorp are lost startups, some are future startups, and most won't be startups regardless, because most people aren't founders. Exactly. I will be starting at Google in June, but I am not a "startup lost". I have thought about it, and eventually came to the conclusion that I am not startup material for a number of reasons. This may change in the future after I have worked for Google, and if so, I can always join a startup then.
- huherto 17y agoYou probably know this already, but it if you dream of eventually doing a start up make sure to keep your expenses under control now. Your expenses tend to grow along your paycheck. It can be really hard to downsize if you decide to go the start up route.
- mikepurvis 17y agoI agree with this. Even if your paycheque is $5k a month, practice living on half of that or less—maybe a lot less. It won't hurt to save the rest anyway.
- sailormoon 17y agoAgree, agree, 100x agree! You do not need a BMW, buy a corolla. You do not need the loft, live in the cheapest decent unit you can find. Don't get into the showy lifestyle trap.
- ojbyrne 17y agoOne of the rules of thumb I heard somewhere and try to do (though it's pretty damn hard) is to save 1/3 of your gross salary.
- huherto 17y agoThat is exactly right. I wish to start up a company. Or devote more time to the companies that I already started. But mostly because I don't feel I fit any more in the corporate bureaucracy and politics that drains my energy every day. Yet it is hard to trade the security of a good paying job for the risk of starting up a company.
- gridspy 17y agoThen the only other option is to go hell for leather on your start-up in your free time, even if that means you don't have a life. If it doesn't get you that fired up, perhaps you need to brainstorm a better opportunity. I can't leave my cushy job yet either.
- tetha 17y agoPlus if it is a goodcrazy idea, chances are that it might be built as a google application.
- jasonkester 17y agoAh, but if you have managed to make yourself ridiculously employable by proving yourself at a few high-profile companies, then you suddenly have "little to lose" again. One of the reasons I feel like I can safely Entrepreneur myself down to a few grand in the bank before looking for a contract to top up the finances is that I know I'm pretty much a single Twitter post away from a good job offer. Had I not first established a bit of a reputation before taking off on the startup track, I wouldn't have that safety net, and might be a bit more quick to grab any contract job that came along.
- gridspy 17y agoThat is a pretty good safety net right there. Though in some ways it is great to "burn the boats", because having your back to the wall and being forced to make it work (even if that involves a week of cold calling) can be the difference between success and giving up.
- gaius 17y agoExactly. And having a "name brand" on your CV helps more than having been to a top college. 3 years at McK or GS and you will never have trouble getting anyone to take you seriously in business. It doesn't excuse you from anything important, but it does mean you don't need to waste time establishing your credentials to everyone you speak to.