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"I've already maxed out all my credit cards, cashed out my 401k, and sold almost all my assets." Take the 400K salary job for a year or two. Pay off your debt
by codegeek 9y ago
"I've already maxed out all my credit cards, cashed out my 401k, and sold almost all my assets."
Take the 400K salary job for a year or two. Pay off your debt and keep working on your business on the side. Of course, you may need to be transparent with your friend about it.
I am all for risk taking but it should be "calculated". It seems like you are in serious risk of going off the cliff because lets face it, an AWS mistake wiped off your runway so it means you don't have a lot of it to play with.
So yea, take the 400K job, keep working on your stuff on the side and once you have some breathing room, get back to it fulltime in a year or so.
- whichdan 9y ago+1 for this. And if you can sock away $200k in the bank each year, consider how much equity you would have had to give up for equivalent funding.
- mfrye0 9y agoYeah, that's true too. That would help a lot to keep more equity. I'm nervous to fund raise now, as I know investors would try to take advantage of the situation.
- mfrye0 9y agoYeah, that's a good point. The mantra for startups is never give up, but I'm close to pushing it as far as I can go... I'm starting to get into risky territory. The thing that holds me up though is all the stories we hear, like Travis Kalanick with Red Swoosh and Elon Musk with Tesla and SpaceX. Down to a few days of payroll and figured out a way to make it work...
- codegeek 9y agoGiving up doesn't mean not trying again. Remember that you may fail multiple times but it only takes one time to succeed. Sometimes it is good to give up and reset things. And I say this as someone who is running a bootstrapped business and will fight hard before I give up but my business is already relatively profitable so a different situation.