4 ms·
1. One day you are excited with the possible opportunities, then you are overwhelmed and then you are depressed. If you leave without a plan, it takes a few mon
by smdz 9y ago
1. One day you are excited with the possible opportunities, then you are overwhelmed and then you are depressed. If you leave without a plan, it takes a few months to just get the mind straight. If you do have a plan - it falls apart and you still end up spending a few months that feel unproductive.
I am not discouraging on having a plan - you must. But also note that you made a plan with an "employee mindset".
2. 6 month financial backup is usually not enough. I have heard many stories where people try going independent for 6 months, run out of money and start looking for a job. What happens is - entrepreneurship gets into you in that time and if one goes back to a job, I can bet they feel even more frustrated. You need 1.5 years of backup or 2-3 years of "frugal living backup". I struck positive cashflows in just about 5 months, but it wasn't good enough. I distinctly remember thinking "Maybe, I should have done this part time". Then I struck a mini-gold-mine at 8 months. Having a good backup will help you persist longer. I did not have a growth strategy that worked. But I focused on working and doing the right thing. Keep it rolling.
3. The biggest worry I had when starting was about providing "enough" for my family and any emergencies for next 1.5-3 years at any point in time. Unlike many stories, I promised myself not to wait until I go bankrupt or in a lot of debt - Nearing that is a huge red flag, where I would typically exit and take a regular job. However, taking a job is the last thing I want to do. That thing kept me money-oriented for a while and made me work on stuff that generated positive cashflow.
4. Would it have been possible to return to your old job? - Maybe, but I would not want to. I waited too long to jump ship. Infact, my experience on multiple "good" jobs is what is keeping me away from them. Once you taste entrepreneurship, its hard to go back
5. I do not consider myself successful. May be semi-successful, some people see it as success. But I have come a long way from fearing failures. Success may or may not last long. I enjoy the process and the tremendous personal growth it results into. I ensure my financial backup now gives me 5-6 years minimum to start afresh - if I have to. Do not undervalue the role of money - it definitely makes things easier.
6. This is my favorite quote about Karma. I heard it many years back (and thought it was impractical). Especially useful when I feel I did everything right but nothing works:
"Karm karo, fal ki chinta mat karo" (Do your duty without thinking about results)
P.S.: I don't know about others, but I have restricted myself into writing lesser HN comments because it takes quite a bit of time/energy. This one is an act of impulse. How do other entrepreneurs feel about this?