There's a pretty high correlation between parental wealth and success as a startup founder. I assume it's because of the safety net.
My friends who have been successful (and who had blue-collar upbringings like me, and all in mid-40's now) all worked full time jobs until their side projects were self-sustaining. None of them hit unicorn status, but I think all of them have lived healthy, fruitful lives.
Also note by "sustainable" I mean they had contracts worth substantially more than their salaried job. Because to transition to that completely, you've got to set aside time and money for so many things: insurance, legal, hardware, whatever corp infra, recruiting, etc, as well as offset the risk. So I'd not jump ship too soon, until you have a real plan on how to get your company from A to B. Especially these days when tech salaries are so high, it'd be a mistake to opt out of it too soon.
Given the research on adverse childhood experiences, there's likely a subtler advantage too, for founders who were raised in more stable and secure environments. Growing up under greater pressure (violence, abuse, trauma) leaves you less resilient, more risk averse, more at risk. I'm not saying wealthy families don't have this, or that poor families can't be stable and secure. But on average it probably makes a difference. Call it an emotional safety net.
As a startup founder with wealthy parents, this seems likely. Not only can parental wealth serve as a safety net, but you might also get direct investment from your family, have a safety net if things don’t work out (enabling you to take more risks), not have to exert as much effort taking care of sick, old, etc. family members because you can hire people, get access to powerful family connections, and learn from highly educated parents.
What’s weird to me is that I don’t see more successful founders mentioning that having economically well-off parents being a factor in their success. I’ve long since accepted that any success I’ve had or will have will be, at least partially, a result of my privileged upbringing. I used to be a bit bothered by that, but now I’m happy to give tons of credit for any of my own successes to my parents. And anytime I hear about startup founders achieving success despite coming from poorer families or even hostile environments, I’m super impressed.
I wonder networking has to do with any of it. If you're poor you'd be very lucky to have connections that matter, whereas if you're born into a wealthy family there's likely to be somebody of value either of themselves or somebody they know and can introduce you to.
I wonder how much of the correlation is dollars, how much is attitude toward wealth and money, and how much is entrepreneurial exposure.
If you come from a “the pie is fixed size; gotta fight for your share” mentality, you might have different propensity to succeed as an entrepreneur. Likewise if you never saw the real good, bad, and ugly under the covers.
> high correlation between parental wealth and success as a startup founder. I assume it's because of the safety net.
Supporting a few sibling commenters here. I believe it is more nuanced than a safety net provided by parental wealth.
I definitely come from a background of privilege. My grandfathers were both high status professionals. My parents were a combination of high-performing professional and Ph.D. I have pursued several ventures. I have no major success to report from a startup perspective, but plenty of professional success. I have certainly taken risks in my career.
I have never consciously planned risks around the thought that my parents could provide a safety net. I have always had backup plans several layers deep and my parents have never factored into those plans. I cannot rule subconsciously banking on their support. Luckily I've never had to fall through all my backup plans.
Like I said, I certainly come from privilege. I'm not trying to say I did it all on my own. I am not trying to say my parents had nothing to do with it. Just that my safety net has not been planned around any parental largesse. I built it on a foundation provided by them.
I like to put it this way: I am a self made man. I made myself and achieved what I have on my own. I have achieved it with skills and a mindset that I learned from my parents. That I learned from the high quality education that they directly gave me and that they made sure I got in my schooling. I have achieved it with a confidence borne of an upbringing that tells me I deserve success and should expect it if I work well. I have achieved it in an economy that is supportive of professional development. I have achieved it by working hard - and being lucky enough that my work got to start at 0 instead of in a socioeconomic hole. I have achieved it by being lucky enough to live in a society where I am not discriminated against. I have achieved it by being lucky enough to be born in a time and place, and to parents, that were conducive to my hard work and to my success. I am a self-made man, but I don't think that's too much to brag about given the privilege I was born to.
So, there was never any direct safety net from my parents, but the safety net was there d/t the circumstances of my birth and life and luck. These things enabled hard work to pay off. Unfortunately hard work is not enough on its own. Luckily for me, I did hard work in the right time and place.
I know someone who fits this bill. They grew up in a well-to-do household and quit their high-paying job to travel and build a startup. They had enough money to quit, but even if they didn't they'd still live comfortably.
They're also at a big advantage because they used to work in Silicon Valley and have a lot of connections in the industry.
I wonder if there’s a concentration of poor founders and rich? In my small high school, the people who were poor and succeeded all started businesses (not startups).
The “smart” kids, myself included mostly had middle class backgrounds and all became professionals, there’s only one that I know of who is a business owner.
In addition, there is a ton of knowledge and social capital that you get from your family. Case in point, Bill Gates mom when he was a young man negotiating contracts with giant IBM.
Worth noting that working on the side writes you out of most possibilities to get investment from VCs. (not discouraging it, in fact I'm doing the same)
"A day job gives you money, a connection to the world, and a routine. Freedom from financial stress also means freedom in your art. As photographer Bill Cunningham says, 'If you don’t take money, they cant tell you what to do.' Because the real truth is, once you start making money doing what you love, it BECOMES A JOB. And with it comes all the hassle of a job."
It's why I've personally decided to work for someone else full time and then use any time I can get outside my day job to do the things I really enjoy (which are very profitable). The full time job enables me to be more "creatively reckless" in my side projects, which in turn allows me to learn a lot and stretch creative muscles I might not otherwise get "working for the man."
I would like to try that approach but I just don't have the energy after working all day to come home and start investing time chasing wildly creative projects.
"It becomes a job" doesn't really satisfy me as a description for what occurs when you strike out on your own. Running your own business is much more intense and engaging than having a job. Now, it's important that you see it as multiple jobs, and not just one job. Whatever your day job is you're going to have to wear multiple hats in a startup and it's going to challenge you in different ways than a corporate job will. In a corporate engineering job, it's likely that you're working on a small subset of features of a broader product and of a broader organization. As a founder of a company, you'll be coding, promoting, designing, innovating, QA, customer service, sales, and more.
Not to be dismissive, but this post feels a bit like rambling without a clear thesis or main argument. It's also rife with dubious claims:
> I’ve been working remotely for four years now, and I know that working alone can make you lonely..
I also work full-time remotely. I built a community around myself, made new friends and regularly hang out with people I met at coffee shops, at startup meetups, old classmates, ex-coworkers (that may also be fully remote), etc. I hear it a lot, but this argument honestly falls flat on its face as long as you're not a weird hermit that only works from your house. In fact, that main reason I wanted to work remotely is because I get to meet people (particularly women, as I'm getting to an age where marriage is starting to become a priority) that I'm more interested in than in the myopic circles that are commonplace at large tech companies.
> I like the idea that you can earn money while you sleep, but are those businesses fun?
Yes. Because it gives you the freedom to do whatever you want. And freedom is fun. I mean, passive income is basically free money -- I'm not sure I'm getting what author is saying here.
> I imagine working on your own thing full time and on the side are definitely not the same; it’s scary, to be frank. If my side-project became my full-time work, might my passion for my project dwindle and become yet another job? How would it differ from my current job?
I don't see how working for your own business could ever become "just another job" -- you're acutely invested in the venture, your strategic decisions guide it's success (or failure). Working for a corporation is the definition of "autopilot" for most above-average employees (engineers or otherwise). This could not be more different when doing your own thing.
>Not to be dismissive, but this post feels a bit like rambling without a clear thesis or main argument.
The post opens with:
>This is more of a brain dump or an internal monologue. I don’t intend to prove any point or convince you to start your own thing. Neither do I want to reassure you that working for someone else is the best option for most people. My goal here is simply to get my thoughts out so I can think clearly again and rationalize this thing that’s been nagging me.
When I told people I took a full-time remote job at my previous company, they all asked me if I was going to miss seeing people.
And that just confused me - I do sports so I hang out with people, I take language classes outside of work, and on top of that I am married and we have a pretty active social life.
If you only see people at work - I think that's a red flag. Get a hobby where you see people, it's good for you. :P
I hear it a lot, but this argument honestly falls flat on its face as long as you're not a weird hermit that only works from your house.
Having worked remotely for close to five years now those who worked in coffee shops and not from the comfort of their own homes were usually the weirdos.
Well as for entrepreneurs, limited ability to meet people is a common complaint. There's even a TED talk about the issue. We had a successful founder speak to my class when I was in school, and this is one of the downsides they discussed. Most people meet friends through work, and meet significant others through friends.
I think his points are valid. Speaking as someone who has spent the past 18 months doing my own thing.
> I also work full-time remotely. I built a community around myself, made new friends and regularly hang out with people I met at coffee shops, at startup meetups, old classmates, ex-coworkers (that may also be fully remote), etc. I hear it a lot, but this argument honestly falls flat on its face as long as you're not a weird hermit that only works from your house. In fact, that main reason I wanted to work remotely is because I get to meet people (particularly women, as I'm getting to an age where marriage is starting to become a priority) that I'm more interested in than in the myopic circles that are commonplace at large tech companies.
It shouldn't be controversial that if you decide upon a path in life where 8 hours of it you spend by yourself, you're going to meet less people than if you were working in a team at a company. Also, some people do not live in the same place they went to school and/or university for example (unlike you).
> Yes. Because it gives you the freedom to do whatever you want. And freedom is fun. I mean, passive income is basically free money -- I'm not sure I'm getting what author is saying here.
If you want to make money, you cannot do whatever you want, you have to do what earns you money. And sometimes what makes money is not what is fun.
> I don't see how working for your own business could ever become "just another job" -- you're acutely invested in the venture, your strategic decisions guide it's success (or failure). Working for a corporation is the definition of "autopilot" for most above-average employees (engineers or otherwise). This could not be more different when doing your own thing.
Passion can dissipate. Doubts will set in as you question yourself whether it's all really worth it. If you want to make money you will inevitably have to start doing things which you would rather not do (because you would rather do something else), and that's when you start to question the whole project, because if success is in doubt then why spend your time doing stuff you don't enjoy if you have the freedom to do something else [which is fun]?
That all sounds quite negative, so let me balance it out by saying I really enjoyed working autonomously, but if trying to create a business with a product I would definitely aim to do it with a cofounder or two. Consulting by oneself is fine though.
> I also work full-time remotely. I built a community around myself, made new friends and regularly hang out with people I met at coffee shops, at startup meetups, old classmates, ex-coworkers (that may also be fully remote), etc.
This reads like “I have a social life.” I’m sure the author has a social life as well, but it’s way harder to casually chat to people throughout the day when you’re working on your own. (Source: also self-employed/solo for four years.)
Probably the biggest hurdle is dealing with healthcare on your own, it's just prohibitively expensive to deal with alone in the US. Multiple incomes is where it's at, at least until one of the projects takes off to cover cost of living and healthcare nonsense.
I graduated the same time as you & had a side project that I handled for about 2 years at bigger co before making the transition to running with it full time (now ~3 years)..
I can tell you the points that stick out the most for me:
- i've learned a HELL of a lot. I've learned so much running through the hustle life that comes with making these projects work & handling life around it etc there couldn't really be a price tag on that. At first I was more or less a hacker w some sales skills. Now I feel like I could handle ceo-coo-cmo-cto type things all because I had too.
These are lessons & knowledge for the rest of your life. Even a generalist will be thrown constant challenges, I guarantee it.
- I had to make big adjustments to my social life. It's good you have some remote experience because this one was a challenge. Deciding what to go to and trying to spend time w/ community is difficult when you are trying to get it all done. Spend energy and time in places you enjoy & appreciate. When I worked at big co I would go to things all the time on weeknights and throw it on the weekend but you cant really afford all those peaks as much when youre on call as the boss. It's too taxing.
- Self Care: Could really go a long way with this one but damn.. This is the most valuable lesson I have learned. You have to watch over yourself. Like Marshawn Lynch put it this past weekend.. "watch over your mentals, your emotions, your chicken (i think he was talking about the body." Take some time off to relax when needed, keep tabs on your body and mental well being & keep close community who can help and support you when needed. It will go a long way to have someone who can help you when you just need to vent or maybe have a glass of wine ~ ~
- I'm happier - I do a little bit of work just about every day but I'm also spending a bit more time in creative areas that really make me feel good that I coulnd't seem to get time for at a big co. I make less money but I can't really seem to put a price on that "hey i'm gonna go surf cos waves are crushing right now.. will do this when I get back" option. The ability to control my time in life is one of the most valuable assets I have.
There is something about humans and how we think about what it is like on the other side. Is the grass greener? Only one way to know ~ ~ good luck xX
Funny they compare working at a big tech company vs starting a business as dichotomies. I actually think there is a lot to be said about saving up a lot of liquid investments at big tech cos, then using that as personal runway/seed capital for your startup. That is my plan, anyway.
Having a project that already has ARR is a massive headstart over most people too. Especially if you are close to ramen-profitable, then quitting to run it full time only requires sacrificing relatively assured opportunity cost.
I don’t know how it works when you’re on a visa but since I’m not, I know I would probably just quit as soon as I had enough liquidity. You don’t have to be married to your first business for life. It’s an amazing opportunity, not only necessarily financially, but also in terms of learning potential.
> I know what most people’s heuristics is when they face this uncertainty: think about ten years from now and figure out where you want to be. And do the thing now that gives you more options to get there. I wish it was as simple as most people claim. Looking back to the twenty-year-old me and the person I’ve now become, I see almost no similarities, interests, or passion. I was a completely different person back then and the only thing that has stuck with me after all these years is my love of soccer. How do people predict the future? Clearly, I’m no good at it.
This is actually the primary focus of a book I just read [1]. The author's primary thesis in this book is that that there are some very interesting reasons why we completely suck at imagining what a future life will be like.
This isn't really a book recommendation - the author took a single idea and chewed it in 20 different ways to make a larger book. However, if this is something you are struggling with right now, you might benefit from it a little.
"and I know that working alone can make you lonely. ... If I work on my own business alone, I won’t have co-workers until I hire them."
In 1999ish I was approached by two chaps that I worked with and one of whom I worked for (he was my boss.) Would I fancy being the Managing Director of a new company thing they'd dreamed up? Nothing too grand, first customer was where we worked already etc etc. Times have changed a bit now and we have some customers that most people in the UK have heard of.
Our triumvirate has worked out really well over the years. We will never set the world on fire but our little business keeps us and our 20 odd staff pretty comfortable. Three directors has worked out very well for us. Two stops one being a twat for example!
My advice is that you might consider finding and attracting a few allies but you must position them carefully. Fill in the bits that you are shit at. For example, if you can't be arsed with accounts then get someone in who will and pay them properly with shares if they are an early appointment and you can't give them readies now.
>> If I work on my own business alone, I won’t have co-workers until I hire them.
There's another, more subtle issue. If you aren't sitting on a million-dollar seed round, there's a _huge_ energy gap between working alone and hiring someone, even for a consultancy, never mind some kind of product effort on which you work for a year before you get any revenue.
This is in part because of the additional taxes you have to pay if you're no longer flying solo, and in part because of demands on your own time. Say you're doing something solo and you're super strong technically and can do what you do very efficiently. It's pretty easy to generate a ton of revenue working in this way. It's also much easier to tolerate gaps or reductions in revenue - you could just work on your own stuff and continue to pay yourself from past revenues. Say, now, you want to grow, and hire people. But you can't just hire people. Now you have to pay for their benefits, pay unemployment insurance, etc etc. Moreover you have to manage them, which will reduce your own "technical" throughput to basically zero. I've done a back of the envelope, and for me it doesn't make sense to have fewer than 10 people in my employ, since I can't skim enough off the top to justify my own loss of productivity. And 1 person solo LLC vs a 10 person company are vastly different companies in terms of business operations (especially bizdev and sales), taxation, and regulation.
I'd theoretically like to grow at some point. But I don't know how to do it in a sustainable fashion as a consultancy.
Being (overly) fiscally conservative, I would not feel comfortable hiring for a more product-oriented business either unless it demonstrates traction and upward trajectory. $1k/mo is not what I'd call "traction".
A day job doesn't have to be your side project's enemy. If you do web dev at work you get paid to do something that makes you efficient at web dev. Then you go home and work on your side project and you don't need to spend hours struggling with webpack or why str=((num || fallback) + '') works, so your side project is done more productively too.
Wondering how many other people are beginning to consider their future in this way. It's interesting that he linked to the a16z post on Passion Economy. As opportunities for remote work where each individual charts their own course increases, the future of work could change significantly.
I have nothing to add that hasn't been said in other comments, so I'll comment on something that surprised me a bit:
> Looking back to the twenty-year-old me and the person I’ve now become, I see almost no similarities, interests, or passion.
Comparing the me of now with the me who graduated college almost seven years ago and I... am essentially still the same guy, only with a lot more money to spend.
Funny to read someone else's musings on this as I've been working through many of the same questions for a while. I started full-time in the tech industry before I was out of high school, then went corporate, then got out for a while, then back in, then had my own business for a while, sold that, got a job for a few years, and recently left that job and went traveling for a bit to think about things and consider going back to full-time employment or work on a project and hope it makes enough to survive on.
> Do I have to choose it now, or can I do what I’m doing now and decide later?
If you're thinking about it now, then you should start figuring it out, or you're postponing the inevitable and these questions will be on your mind every day.
> If so, why are these questions disturbing me now and not in the future?
Possibly because you are dissatisfied in some way with what you're doing now. A good chance that you're finding it comfortable but not stimulating.
> How do most people work out what’s the right path for them to take?
Most people don't, and don't believe the ones that say they knew in advance what the right decisions were. None of us can see clearly into our possible futures; we can't see in advance the successes we'll have or the mistakes we'll make. The best we can do is to understand our motivations when we do make a decision, and then at least be at peace with that decision no matter how it turns out.
> Does it have to be either or can you do both things together—have a full-time job and do your own thing?
If you want to live a balanced life -- i.e., without all of your waking hours behind computer screens -- you should choose either/or. Working full-time and trying to put real energy into a side project doesn't leave much time for anything else, and it will cause both your full-time work and your side project to suffer.
This isn't to say that people never manage to pull this off. Some people make it work out. They are the exceptions that prove the rule.
> Looking back to the twenty-year-old me and the person I’ve now become, I see almost no similarities, interests, or passion. I was a completely different person back then and the only thing that has stuck with me after all these years is my love of soccer. How do people predict the future? Clearly, I’m no good at it.
Congratulations, you're a normal, healthy person that's still growing and maturing. Keep doing that.
> I wonder whether, as we grow older, the rate of change in our interests slows down too?
It hasn't, for me, and I think I'm at least 10 years ahead of you. Nor has it for any of my more interesting older friends.
What does change is the gradual realization that you won't have time for all of your interests. Being a dilletante is a lot of fun while in your 20s and 30s. Some manage to have fun continuing to dabble in a bit of everything for many more years, even into very old age. Other folks start to feel like they might be missing out on something by just grazing the surface of their interests, and start to consider whether their time might be better spent focusing more intently on just a few.
> I imagine working on your own thing full time and on the side are definitely not the same; it’s scary, to be frank. If my side-project became my full-time work, might my passion for my project dwindle and become yet another job? How would it differ from my current job?
Your project should become your full time job. You should maintain the discipline you have in your current job and resist the urge to fritter time away here and there.
But it will be different, because you'll be investing in your interest, and despite it becoming your job, you'll still feel an ongoing sense of satisfaction at being solely responsible for your success or your failure. If you wake up one morning and have a great idea for your project, you won't have to convince middle or upper management, or enlist a sales team, or wait until the next company all-hands. You'll just do it.
And that can be really rewarding, and it can also be a great big trap you fall into, without anybody else holding you accountable or challenging whether your next idea is a good one or not.
I never use term "working for someone". I can work "with someone" as a part of the team. In my native language (Polish) "employer" could be literally translated as "workgiver", which is a complete bullshit, because "work" is not a social construct, but kind of relation between living organism and nature (and only because of that it is derivately social).
[+] [-] daxfohl|6 years ago|reply
My friends who have been successful (and who had blue-collar upbringings like me, and all in mid-40's now) all worked full time jobs until their side projects were self-sustaining. None of them hit unicorn status, but I think all of them have lived healthy, fruitful lives.
Also note by "sustainable" I mean they had contracts worth substantially more than their salaried job. Because to transition to that completely, you've got to set aside time and money for so many things: insurance, legal, hardware, whatever corp infra, recruiting, etc, as well as offset the risk. So I'd not jump ship too soon, until you have a real plan on how to get your company from A to B. Especially these days when tech salaries are so high, it'd be a mistake to opt out of it too soon.
[+] [-] neonate|6 years ago|reply
[+] [-] pinky1417|6 years ago|reply
What’s weird to me is that I don’t see more successful founders mentioning that having economically well-off parents being a factor in their success. I’ve long since accepted that any success I’ve had or will have will be, at least partially, a result of my privileged upbringing. I used to be a bit bothered by that, but now I’m happy to give tons of credit for any of my own successes to my parents. And anytime I hear about startup founders achieving success despite coming from poorer families or even hostile environments, I’m super impressed.
[+] [-] hanniabu|6 years ago|reply
[+] [-] sokoloff|6 years ago|reply
If you come from a “the pie is fixed size; gotta fight for your share” mentality, you might have different propensity to succeed as an entrepreneur. Likewise if you never saw the real good, bad, and ugly under the covers.
[+] [-] toasterlovin|6 years ago|reply
Could also be genetic. You'd have to design an experiment (or, more likely, find a natural experiment) that controls for genetics to know.
[+] [-] greggyb|6 years ago|reply
Supporting a few sibling commenters here. I believe it is more nuanced than a safety net provided by parental wealth.
I definitely come from a background of privilege. My grandfathers were both high status professionals. My parents were a combination of high-performing professional and Ph.D. I have pursued several ventures. I have no major success to report from a startup perspective, but plenty of professional success. I have certainly taken risks in my career.
I have never consciously planned risks around the thought that my parents could provide a safety net. I have always had backup plans several layers deep and my parents have never factored into those plans. I cannot rule subconsciously banking on their support. Luckily I've never had to fall through all my backup plans.
Like I said, I certainly come from privilege. I'm not trying to say I did it all on my own. I am not trying to say my parents had nothing to do with it. Just that my safety net has not been planned around any parental largesse. I built it on a foundation provided by them.
I like to put it this way: I am a self made man. I made myself and achieved what I have on my own. I have achieved it with skills and a mindset that I learned from my parents. That I learned from the high quality education that they directly gave me and that they made sure I got in my schooling. I have achieved it with a confidence borne of an upbringing that tells me I deserve success and should expect it if I work well. I have achieved it in an economy that is supportive of professional development. I have achieved it by working hard - and being lucky enough that my work got to start at 0 instead of in a socioeconomic hole. I have achieved it by being lucky enough to live in a society where I am not discriminated against. I have achieved it by being lucky enough to be born in a time and place, and to parents, that were conducive to my hard work and to my success. I am a self-made man, but I don't think that's too much to brag about given the privilege I was born to.
So, there was never any direct safety net from my parents, but the safety net was there d/t the circumstances of my birth and life and luck. These things enabled hard work to pay off. Unfortunately hard work is not enough on its own. Luckily for me, I did hard work in the right time and place.
[+] [-] BlameKaneda|6 years ago|reply
They're also at a big advantage because they used to work in Silicon Valley and have a lot of connections in the industry.
[+] [-] bpt3|6 years ago|reply
I'm not disagreeing, but is there any research to support this that you can share, or is it based on your personal experience?
[+] [-] Spooky23|6 years ago|reply
The “smart” kids, myself included mostly had middle class backgrounds and all became professionals, there’s only one that I know of who is a business owner.
[+] [-] ppeetteerr|6 years ago|reply
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[+] [-] tannerc|6 years ago|reply
"A day job gives you money, a connection to the world, and a routine. Freedom from financial stress also means freedom in your art. As photographer Bill Cunningham says, 'If you don’t take money, they cant tell you what to do.' Because the real truth is, once you start making money doing what you love, it BECOMES A JOB. And with it comes all the hassle of a job."
It's why I've personally decided to work for someone else full time and then use any time I can get outside my day job to do the things I really enjoy (which are very profitable). The full time job enables me to be more "creatively reckless" in my side projects, which in turn allows me to learn a lot and stretch creative muscles I might not otherwise get "working for the man."
1. From: https://tumblr.austinkleon.com/post/69005574484
[+] [-] kentrado|6 years ago|reply
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[+] [-] dvt|6 years ago|reply
> I’ve been working remotely for four years now, and I know that working alone can make you lonely..
I also work full-time remotely. I built a community around myself, made new friends and regularly hang out with people I met at coffee shops, at startup meetups, old classmates, ex-coworkers (that may also be fully remote), etc. I hear it a lot, but this argument honestly falls flat on its face as long as you're not a weird hermit that only works from your house. In fact, that main reason I wanted to work remotely is because I get to meet people (particularly women, as I'm getting to an age where marriage is starting to become a priority) that I'm more interested in than in the myopic circles that are commonplace at large tech companies.
> I like the idea that you can earn money while you sleep, but are those businesses fun?
Yes. Because it gives you the freedom to do whatever you want. And freedom is fun. I mean, passive income is basically free money -- I'm not sure I'm getting what author is saying here.
> I imagine working on your own thing full time and on the side are definitely not the same; it’s scary, to be frank. If my side-project became my full-time work, might my passion for my project dwindle and become yet another job? How would it differ from my current job?
I don't see how working for your own business could ever become "just another job" -- you're acutely invested in the venture, your strategic decisions guide it's success (or failure). Working for a corporation is the definition of "autopilot" for most above-average employees (engineers or otherwise). This could not be more different when doing your own thing.
[+] [-] iherbig|6 years ago|reply
The post opens with:
>This is more of a brain dump or an internal monologue. I don’t intend to prove any point or convince you to start your own thing. Neither do I want to reassure you that working for someone else is the best option for most people. My goal here is simply to get my thoughts out so I can think clearly again and rationalize this thing that’s been nagging me.
[+] [-] Insanity|6 years ago|reply
And that just confused me - I do sports so I hang out with people, I take language classes outside of work, and on top of that I am married and we have a pretty active social life.
If you only see people at work - I think that's a red flag. Get a hobby where you see people, it's good for you. :P
[+] [-] Tade0|6 years ago|reply
Having worked remotely for close to five years now those who worked in coffee shops and not from the comfort of their own homes were usually the weirdos.
[+] [-] daxfohl|6 years ago|reply
[+] [-] hunter-gatherer|6 years ago|reply
[+] [-] unishark|6 years ago|reply
[+] [-] Nimitz14|6 years ago|reply
> I also work full-time remotely. I built a community around myself, made new friends and regularly hang out with people I met at coffee shops, at startup meetups, old classmates, ex-coworkers (that may also be fully remote), etc. I hear it a lot, but this argument honestly falls flat on its face as long as you're not a weird hermit that only works from your house. In fact, that main reason I wanted to work remotely is because I get to meet people (particularly women, as I'm getting to an age where marriage is starting to become a priority) that I'm more interested in than in the myopic circles that are commonplace at large tech companies.
It shouldn't be controversial that if you decide upon a path in life where 8 hours of it you spend by yourself, you're going to meet less people than if you were working in a team at a company. Also, some people do not live in the same place they went to school and/or university for example (unlike you).
> Yes. Because it gives you the freedom to do whatever you want. And freedom is fun. I mean, passive income is basically free money -- I'm not sure I'm getting what author is saying here.
If you want to make money, you cannot do whatever you want, you have to do what earns you money. And sometimes what makes money is not what is fun.
> I don't see how working for your own business could ever become "just another job" -- you're acutely invested in the venture, your strategic decisions guide it's success (or failure). Working for a corporation is the definition of "autopilot" for most above-average employees (engineers or otherwise). This could not be more different when doing your own thing.
Passion can dissipate. Doubts will set in as you question yourself whether it's all really worth it. If you want to make money you will inevitably have to start doing things which you would rather not do (because you would rather do something else), and that's when you start to question the whole project, because if success is in doubt then why spend your time doing stuff you don't enjoy if you have the freedom to do something else [which is fun]?
That all sounds quite negative, so let me balance it out by saying I really enjoyed working autonomously, but if trying to create a business with a product I would definitely aim to do it with a cofounder or two. Consulting by oneself is fine though.
[+] [-] archagon|6 years ago|reply
This reads like “I have a social life.” I’m sure the author has a social life as well, but it’s way harder to casually chat to people throughout the day when you’re working on your own. (Source: also self-employed/solo for four years.)
[+] [-] bobobooey|6 years ago|reply
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[+] [-] overcast|6 years ago|reply
[+] [-] h00dui|6 years ago|reply
I can tell you the points that stick out the most for me:
- i've learned a HELL of a lot. I've learned so much running through the hustle life that comes with making these projects work & handling life around it etc there couldn't really be a price tag on that. At first I was more or less a hacker w some sales skills. Now I feel like I could handle ceo-coo-cmo-cto type things all because I had too. These are lessons & knowledge for the rest of your life. Even a generalist will be thrown constant challenges, I guarantee it.
- I had to make big adjustments to my social life. It's good you have some remote experience because this one was a challenge. Deciding what to go to and trying to spend time w/ community is difficult when you are trying to get it all done. Spend energy and time in places you enjoy & appreciate. When I worked at big co I would go to things all the time on weeknights and throw it on the weekend but you cant really afford all those peaks as much when youre on call as the boss. It's too taxing.
- Self Care: Could really go a long way with this one but damn.. This is the most valuable lesson I have learned. You have to watch over yourself. Like Marshawn Lynch put it this past weekend.. "watch over your mentals, your emotions, your chicken (i think he was talking about the body." Take some time off to relax when needed, keep tabs on your body and mental well being & keep close community who can help and support you when needed. It will go a long way to have someone who can help you when you just need to vent or maybe have a glass of wine ~ ~
- I'm happier - I do a little bit of work just about every day but I'm also spending a bit more time in creative areas that really make me feel good that I coulnd't seem to get time for at a big co. I make less money but I can't really seem to put a price on that "hey i'm gonna go surf cos waves are crushing right now.. will do this when I get back" option. The ability to control my time in life is one of the most valuable assets I have.
There is something about humans and how we think about what it is like on the other side. Is the grass greener? Only one way to know ~ ~ good luck xX
[+] [-] opportune|6 years ago|reply
Having a project that already has ARR is a massive headstart over most people too. Especially if you are close to ramen-profitable, then quitting to run it full time only requires sacrificing relatively assured opportunity cost.
I don’t know how it works when you’re on a visa but since I’m not, I know I would probably just quit as soon as I had enough liquidity. You don’t have to be married to your first business for life. It’s an amazing opportunity, not only necessarily financially, but also in terms of learning potential.
[+] [-] dilippkumar|6 years ago|reply
This is actually the primary focus of a book I just read [1]. The author's primary thesis in this book is that that there are some very interesting reasons why we completely suck at imagining what a future life will be like.
This isn't really a book recommendation - the author took a single idea and chewed it in 20 different ways to make a larger book. However, if this is something you are struggling with right now, you might benefit from it a little.
[1] Stumbling on happiness - https://www.amazon.com/Stumbling-Happiness-Daniel-Gilbert/dp...
[+] [-] gerdesj|6 years ago|reply
In 1999ish I was approached by two chaps that I worked with and one of whom I worked for (he was my boss.) Would I fancy being the Managing Director of a new company thing they'd dreamed up? Nothing too grand, first customer was where we worked already etc etc. Times have changed a bit now and we have some customers that most people in the UK have heard of.
Our triumvirate has worked out really well over the years. We will never set the world on fire but our little business keeps us and our 20 odd staff pretty comfortable. Three directors has worked out very well for us. Two stops one being a twat for example!
My advice is that you might consider finding and attracting a few allies but you must position them carefully. Fill in the bits that you are shit at. For example, if you can't be arsed with accounts then get someone in who will and pay them properly with shares if they are an early appointment and you can't give them readies now.
[+] [-] m0zg|6 years ago|reply
There's another, more subtle issue. If you aren't sitting on a million-dollar seed round, there's a _huge_ energy gap between working alone and hiring someone, even for a consultancy, never mind some kind of product effort on which you work for a year before you get any revenue.
This is in part because of the additional taxes you have to pay if you're no longer flying solo, and in part because of demands on your own time. Say you're doing something solo and you're super strong technically and can do what you do very efficiently. It's pretty easy to generate a ton of revenue working in this way. It's also much easier to tolerate gaps or reductions in revenue - you could just work on your own stuff and continue to pay yourself from past revenues. Say, now, you want to grow, and hire people. But you can't just hire people. Now you have to pay for their benefits, pay unemployment insurance, etc etc. Moreover you have to manage them, which will reduce your own "technical" throughput to basically zero. I've done a back of the envelope, and for me it doesn't make sense to have fewer than 10 people in my employ, since I can't skim enough off the top to justify my own loss of productivity. And 1 person solo LLC vs a 10 person company are vastly different companies in terms of business operations (especially bizdev and sales), taxation, and regulation.
I'd theoretically like to grow at some point. But I don't know how to do it in a sustainable fashion as a consultancy.
Being (overly) fiscally conservative, I would not feel comfortable hiring for a more product-oriented business either unless it demonstrates traction and upward trajectory. $1k/mo is not what I'd call "traction".
[+] [-] chrisweekly|6 years ago|reply
[+] [-] mc3|6 years ago|reply
[+] [-] tinyhouse|6 years ago|reply
[+] [-] Neil2893|6 years ago|reply
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[+] [-] JoeMayoBot|6 years ago|reply
[+] [-] luord|6 years ago|reply
> Looking back to the twenty-year-old me and the person I’ve now become, I see almost no similarities, interests, or passion.
Comparing the me of now with the me who graduated college almost seven years ago and I... am essentially still the same guy, only with a lot more money to spend.
[+] [-] thaumaturgy|6 years ago|reply
> Do I have to choose it now, or can I do what I’m doing now and decide later?
If you're thinking about it now, then you should start figuring it out, or you're postponing the inevitable and these questions will be on your mind every day.
> If so, why are these questions disturbing me now and not in the future?
Possibly because you are dissatisfied in some way with what you're doing now. A good chance that you're finding it comfortable but not stimulating.
> How do most people work out what’s the right path for them to take?
Most people don't, and don't believe the ones that say they knew in advance what the right decisions were. None of us can see clearly into our possible futures; we can't see in advance the successes we'll have or the mistakes we'll make. The best we can do is to understand our motivations when we do make a decision, and then at least be at peace with that decision no matter how it turns out.
> Does it have to be either or can you do both things together—have a full-time job and do your own thing?
If you want to live a balanced life -- i.e., without all of your waking hours behind computer screens -- you should choose either/or. Working full-time and trying to put real energy into a side project doesn't leave much time for anything else, and it will cause both your full-time work and your side project to suffer.
This isn't to say that people never manage to pull this off. Some people make it work out. They are the exceptions that prove the rule.
> Looking back to the twenty-year-old me and the person I’ve now become, I see almost no similarities, interests, or passion. I was a completely different person back then and the only thing that has stuck with me after all these years is my love of soccer. How do people predict the future? Clearly, I’m no good at it.
Congratulations, you're a normal, healthy person that's still growing and maturing. Keep doing that.
> I wonder whether, as we grow older, the rate of change in our interests slows down too?
It hasn't, for me, and I think I'm at least 10 years ahead of you. Nor has it for any of my more interesting older friends.
What does change is the gradual realization that you won't have time for all of your interests. Being a dilletante is a lot of fun while in your 20s and 30s. Some manage to have fun continuing to dabble in a bit of everything for many more years, even into very old age. Other folks start to feel like they might be missing out on something by just grazing the surface of their interests, and start to consider whether their time might be better spent focusing more intently on just a few.
> I imagine working on your own thing full time and on the side are definitely not the same; it’s scary, to be frank. If my side-project became my full-time work, might my passion for my project dwindle and become yet another job? How would it differ from my current job?
Your project should become your full time job. You should maintain the discipline you have in your current job and resist the urge to fritter time away here and there.
But it will be different, because you'll be investing in your interest, and despite it becoming your job, you'll still feel an ongoing sense of satisfaction at being solely responsible for your success or your failure. If you wake up one morning and have a great idea for your project, you won't have to convince middle or upper management, or enlist a sales team, or wait until the next company all-hands. You'll just do it.
And that can be really rewarding, and it can also be a great big trap you fall into, without anybody else holding you accountable or challenging whether your next idea is a good one or not.
[+] [-] j45|6 years ago|reply
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