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Yeah, having a bunch of extra time is helpful, but running out of money can be very motivating. Why? Let's say I have a full time job that covers all my expens
by raunometsa 5y ago
Yeah, having a bunch of extra time is helpful, but running out of money can be very motivating.
Why? Let's say I have a full time job that covers all my expenses. I work on my side project after work, some weekends. But will I focus on making money if I don't need it to live? I continue adding some features, tweaking css here and there, postponing marketing etc, because where's the hurry?
But when I see that I have a personal runway of, let's say, 6 months, then I focus on making money almost every day. Because I know that when I have 3 months left, I have to start applying for jobs.
And this is why I call this "a felt urgency of running out of money." It's something that you feel deeply in your experience: I have to make money with my startup, or I have to go to work, and then I don't have that much time to focus on my startup and it fails.
Actually, this is maybe on of the TOP reasons why so many side projects are not going anywhere. You work on something on your evenings/weekends and you don't focus on making money, because you actually don't need the money to live right now (your salary covers your life).
Running of out money is a reason why I think some of these startups (like HostiFi and Bannerbear I mentioned in the blog post) succeed. Yongook's Bannerbear is a great example – he had many projects before that, but he had money to live and he knew that at one point he can get a job when he wants to. But then COVID happened and many companies went on a hiring freeze and the world looked uncertain. He says this himself very nicely:
"I think that mental switch was important. Getting a job was no longer an option, it was Bannerbear or bust."
But it's true that when we don't have to put ourselves into this position or wait when that happens to succeed. I think just to realize this is important.
- withinboredom 5y agoIf money running out were the only reason, I’m sure we’d be seeing a ton of successful projects all over the place. I think in your analysis you neglected the fact that these side projects were already successful, just without a growth engine. They were fired because they were already making a decent chunk from the side project. When they suddenly had free time, they were able to turn on the growth engine.