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s1300045
April 12th, 2012, 01:16 AM
Long story short, a project is calling me to give up a steady 9-5 job to do something crazy for three months. If you want more details, read on :-)


After college, I worked with a bunch people on a project, with a high hope that one day it would become a business/career. A year went by. Things didn't go as wished, and out of frustration, I decided to ditch and find a real job, away from everything to a different city.

Just yesterday, I got a text from the guy who I co-founded the project with. The project made to the final round of some start-up competition for seed money. Apparently our odds are very good, in fact we are basically in, he said.

This entails some $25,000 fund, a shared office, mentorship & network, and a deliverable after three month. Do I believe in the project? Yes. Do I like getting a paycheck very two weeks? Yes to that, too. I am torn. I am only 20 something, and I feel like I should give it a shot, but my overwhelming and ever increasing responsibility is making me feel old.

What would you do if you were me?

terrykiwi83
April 12th, 2012, 01:35 AM
You only live once, your young so I say take the risk while your young with no kids...etc

+1 Ditch the 9-5 Job

CharlesA
April 12th, 2012, 02:38 AM
You only live once, your young so I say take the risk while your young with no kids...etc

+1 Ditch the 9-5 Job
What he said.

blithen
April 12th, 2012, 02:42 AM
You only live once, your young so I say take the risk while your young with no kids...etc

+1 Ditch the 9-5 Job
This!
I'm 20 and I'd ditch the 9-5 job. Go for it!

forrestcupp
April 12th, 2012, 02:43 AM
Quit the job, take the $25,000, and go on a nice vacation. Then go into hiding and find another job.

Seriously, if you don't do it now, you'll never do it.

Bandit
April 12th, 2012, 03:34 AM
Where did you get a 9-5 Job?
I work 7am to 5:30pm.. hehe :lolflag:


Heck.. Ditch the 9 to 5 and take a chance. Your 20 and no children, thus no one expects you to keep a job at your age. So most people want hold it over your head anyway.. Good luck..

sffvba[e0rt
April 12th, 2012, 03:40 AM
... but just keep in mind where you got your advice from...


404

Warpnow
April 12th, 2012, 03:58 AM
If you believe in the project, I'd take the risk.

arpanaut
April 12th, 2012, 04:21 AM
After you are sure the funding is there, THEN quit your present job.

CharlesA
April 12th, 2012, 04:36 AM
... but just keep in mind where you got your advice from...


404
This too. +9000

Paqman
April 12th, 2012, 08:40 AM
The project made to the final round of some start-up competition for seed money. Apparently our odds are very good, in fact we are basically in, he said.


Personally I wouldn't jump unless he could show me the money. What do you do if his optimism is misplaced?

alexfish
April 12th, 2012, 10:55 AM
Just yesterday, I got a text from the guy who I co-founded the project withDo you trust him
This entails some $25,000 fundDo you get all of this , how and when is it to be paid
and a deliverable after three monthWhat does this mean , is there a job at the end of it.

Ask your present Employer if can take 3 months off, if not , could you walk into another job ?

s1300045
April 12th, 2012, 04:15 PM
Do you get all of this , how and when is it to be paid

Well, that 25k is not just for me, or any personal use. It's a fund to jump start the company and purchase/rent equipment, hire people, or pay for any development expense. That, in our case, would be server rental and make sure our team of five are adequately fed with food.

25k is really not a lot of money by itself, dividing that by 5 minus server cost and stuff, and whatever that's left is even less.


Quit the job, take the $25,000, and go on a nice vacation. Then go into hiding and find another job.

I do wish I can just take the money and go on a disney caribbean cruise.

A 9-5 job is not necessary a bad thing. A 9-5 job means you are responsible to be at your desk and get things done, and in return you can expect a check with numbers on it. It's stability. It's responsibility. It's what growing up means, at least that's what I've told. I like my job, but I do find the sitting at the desk thing annoying, especially when there is nothing to do. Meetings are always boring and required. The work is sometimes tedious and unchallenging, but you do get out at 5.

A start-up, on the contrary, means devotion and total commitment. You are not responsible to a set period of time at a particular desk, but you are responsible to find a solution at all cost. I worked for a start-up before. People showing up at noon is the norm, but it usually means they have to stay up 'till five in the morning to fix something. Occasionally, you will be on call when your project is going out, and you are expected to respond and fix anything that comes up, even that means you have not slept for the past 24hrs.


Just yesterday, I got a text from the guy who I co-founded the project with

Do I trust the guy? Not really, and I won't make a move until I see the money and sign some contract, of course.


... but just keep in mind where you got your advice from...

It is a exciting and maybe once in a lifetime opportunity, I am not going to lie. But because it's so big and so hyped up, I feel the need to make this private from my private life lol.


Ask your present Employer if can take 3 months off, if not , could you walk into another job ?
I haven't asked, but I don't think they will be very happy about it. I've been with them for only 5 month, and my project is going live in less than a week. Talk about worst timing for the best news.


What does this mean , is there a job at the end of it.

If the project takes off, that would be a definite yes. If it doesn't? Well, experience is what you get when you don't get what you want...

Simian Man
April 12th, 2012, 04:34 PM
You're so young that even if this fails, you will have plenty of time to get your **** back on track. Assuming you have no dependents, you should probably do it.

winh8r
April 12th, 2012, 04:46 PM
Take the chance now, it will be better to take it and try it than to sit there in five years at your desk regretting having passed up the opportunity.

You have nothing to lose, you are young and capable. Do it , if it works out as planned, great , if it doesn't then you just get another job, but with that extra experience under your belt, and the satisfaction of knowing that you gave it your best shot.

Good Luck with it .

forrestcupp
April 12th, 2012, 05:04 PM
Here is my serious answer.

If you were much older than 20, I'd honestly say it's a very stupid idea to give up your job for this. Since you're young and even giving this a thought, you probably don't have kids or many commitments or responsibilities. Do you live in your own place with bills and rent to pay? Do you have a fallback, like can you live with your parents if you need to?

Honestly, after you take costs out of $25,000 and divide the remainder 5 ways, that's not really very much money for 3 months. Then you have to plan on it taking time to land another 9-5 job afterward. But this is probably going to be your only chance for the rest of your life to do something this irresponsibly exciting. The older you get, the more responsibilities you rack up, and that makes it a lot harder to give up a good job, especially in an economy where there are a thousand people waiting in line to get the job that you already have.

If your parents don't mind if you live with them while you get back on your feet, I say do it. But if you don't have any fallback options, keep your job and stay away from it.

rg4w
April 12th, 2012, 06:45 PM
Take a good, sober look at the business plan and ask yourself if it has growth potential. Solicit and accept criticism from any experienced, trusted business people you may know.

If it looks solid, is there a way you can transition into the gig by changing your current job to part-time? That's how I started my company, running the first year at half-time with my day job until I was confident it would work. That was 18 years ago this month, so it's worked out rather well.

If you need to ditch the day job completely to do this new venture, be sure to account for benefits (health insurance, retirement, etc.) when reviewing the business plan to make sure it's going to provide for you.

If it all checks out, go for it. But make sure it checks out. Really scrutinize the revenue potential. If there's any common weakness I see in business plans its overly-optimistic revenue projections. Ask yourself worst-case questions about the minimum the business may produce for its first three years. If that minimum is acceptable, you may have a great opportunity.

mips
April 12th, 2012, 07:01 PM
This entails some $25,000 fund, a shared office, mentorship & network, and a deliverable after three month. Do I believe in the project? Yes. Do I like getting a paycheck very two weeks? Yes to that, too. I am torn. I am only 20 something, and I feel like I should give it a shot, but my overwhelming and ever increasing responsibility is making me feel old.

What would you do if you were me?

You are young, go for it.

You say the project has very good prospects so your chances of failing are low I assume and even if it does fail you have age on your side. Don't look back in regret one day while sitting in some crappy 9-5 job wondering what could have been.

At the end of the day the decision is your's to make as only you know your circumstances.

Good luck whatever you decide ;)

donkyhotay
April 12th, 2012, 07:07 PM
Here is my serious answer.

If you were much older than 20, I'd honestly say it's a very stupid idea to give up your job for this. Since you're young and even giving this a thought, you probably don't have kids or many commitments or responsibilities. Do you live in your own place with bills and rent to pay? Do you have a fallback, like can you live with your parents if you need to?

Honestly, after you take costs out of $25,000 and divide the remainder 5 ways, that's not really very much money for 3 months. Then you have to plan on it taking time to land another 9-5 job afterward. But this is probably going to be your only chance for the rest of your life to do something this irresponsibly exciting. The older you get, the more responsibilities you rack up, and that makes it a lot harder to give up a good job, especially in an economy where there are a thousand people waiting in line to get the job that you already have.

If your parents don't mind if you live with them while you get back on your feet, I say do it. But if you don't have any fallback options, keep your job and stay away from it.

+1
if you have kids or older I wouldn't recommend it but if you can recover if things go bad then definitely go for it.

alexfish
April 12th, 2012, 07:12 PM
Well, that 25k is not just for me, or any personal use. It's a fund to jump start the company and purchase/rent equipment, hire people, or pay for any development expense. That, in our case, would be server rental and make sure our team of five are adequately fed with food.

25k is really not a lot of money by itself, dividing that by 5 minus server cost and stuff, and whatever that's left is even less.

If the project takes off, that would be a definite yes. If it doesn't? Well, experience is what you get when you don't get what you want...

At your age , Nothing Ventured Nothing Gained , your only giving up 3 months , think of it as a vacation

you may regret , if the project outcome is successful.

and ask your parents for some support , They might understand.

M_Mynaardt
April 12th, 2012, 07:29 PM
Long story short, a project is calling me to give up a steady 9-5 job to do something crazy for three months. If you want more details, read on :-)


After college, I worked with a bunch people on a project, with a high hope that one day it would become a business/career. A year went by. Things didn't go as wished, and out of frustration, I decided to ditch and find a real job, away from everything to a different city.

Just yesterday, I got a text from the guy who I co-founded the project with. The project made to the final round of some start-up competition for seed money. Apparently our odds are very good, in fact we are basically in, he said.

This entails some $25,000 fund, a shared office, mentorship & network, and a deliverable after three month. Do I believe in the project? Yes. Do I like getting a paycheck very two weeks? Yes to that, too. I am torn. I am only 20 something, and I feel like I should give it a shot, but my overwhelming and ever increasing responsibility is making me feel old.

What would you do if you were me?

Give it a shot; you're still a kid!

It's better than driving taxis, as did I, for a few months until something better came along. Then, one day, a mere twenty YEARS later I said to myself; "... hang on!"
](*,)

That's not something you want to do!

kevdog
April 13th, 2012, 03:14 AM
As opposed to other people here I'm going to recommend you take option C -- find a different job that what you have. The way you describe your opportunity -- details are limited -- isn't in very good terms. You kind of already admitted you don't trust the guy. Option B provides stability, predictability, but it would seem even after 5 months, you are bored with it. Option C is search for something else. Find another startup or job. You can do Option C even when doing Option B.

KiwiNZ
April 13th, 2012, 04:18 AM
I would not make my decision based on ...." Apparently our odds are very good, in fact we are basically in, he said."

Get the full details of the proposal.
Have you seen the business plan?
What are the 5 year projections with regards to fiscal viability?
If this is for a new tech based product? do you have patents?
Are there competitors?
Is it able to be copied by other established organizations?

CharlesA
April 13th, 2012, 04:47 AM
I would not make my decision based on ...." Apparently our odds are very good, in fact we are basically in, he said."

Get the full details of the proposal.
Have you seen the business plan?
What are the 5 year projections with regards to fiscal viability?
If this is for a new tech based product? do you have patents?
Are there competitors?
Is it able to be copied by other established organizations?
Good advice as always Kiwi. :)

s1300045
April 14th, 2012, 03:00 AM
I don't want to pretend we already got that 25k yet, but the announcement will be made on Monday afternoon. They will select 6 of out of the final 9 candidates to join the "acceleration program". There will be some mentioning in the local news paper.

I have been in contact with the people handling our paperwork. They are studying our business model, profitability, and that kind of stuff. I guess I fail to mention this is like a real investment, and they will take 8% of our company in return.


Get the full details of the proposal...

I am not sure how much things have changed since I left, but I wrote the original business plan, SWOT analysis, and the first year project in 3 different scenarios. The technology itself is not something incredibly unique, and it could be built in 3 months if we had three developers working on it full time. Problem with that is the technology/idea is also something some other companies can easily build. Oddly enough, we have not seen any similar project upon a little googling. I don't thinks it's something ground breaking or patentable.


.... The older you get, the more responsibilities you rack up, and that makes it a lot harder to give up a good job ...

You basically nailed every concern and fear I have... I mean, I am in my twenties, but that doesn't mean I am invincible like I used to think just a couple years ago. I do have bills to pay, student loan payments, rent, and all the other adult stuff. A bad mistake CAN ruin my life and send me living on the streets... My parents will take me in, but I don't think I would be very happy living in the basement, especially after throwing away everything I have.

Best case scenario would be my current employer let me take an absence for three months, and if things don't work out I can always cry my way back. I don't think that's likely though. I probably have to resign since I am new to my position, and I am not that important.

We will all know on Monday :-)

QIII
April 14th, 2012, 03:23 AM
I hear the people saying you should know some details and that you can't just take it on faith that everything will work out fine. There is certainly wisdom in that. You have to make informed decisions.

Don't expect any endeavor to magically work out. It won't. Things will go wrong. Life's tough. There is no free lunch. You sweat mistakes. You curse your misfortune. You cry sometimes.

But letting the possibility of failure and disappointment keep you from taking a wild, stupid, crazy and possibly very enlightening adventure damns you to a dull, unfulfilled life.

A few of the gray hairs clinging for dear life on my balding pate have something to say:

You rarely get a second chance to ride the horse you regret having let get away. Get on the horse. If you get thrown it can be painful and humiliating. But you dust yourself off and decide if you want to ride another horse like that one or one a bit more docile. Maybe you decide you want an even wilder one, having learned a lesson or two.

I spent a lifetime doing crazy, wild and stupid things. I have fused vertebrae and steel holding some other parts together. I've gone to the top and back to the bottom and back to the top a few times when it comes to gold coins in my pocket.

When I decided it was time to, I settled down a bit. But I don't regret a damn bit of it. For one, I'd never have met my wife if I hadn't been hanging a little too far over the edge. The fun stuff in the world is just outside the edge of town and sometimes you have to leave the city limits.

You never have a second chance to be young.

Dang it! Now I can't remember where I left my OldFart(TM) male enhancement pills.

cprofitt
April 14th, 2012, 01:26 PM
Alright... first let me give you my perspective so you can understand where I am coming from...

I am 45... married... have three kids... a car payment... a mortgage...

I am, by nature, risk adverse.

-----

If you feel as though you can rebound from losing the steady job

and

You do not want to look back when you do not have the 'freedom' to take a risk w/o it affecting your family or causing you to default on loans

and

You believe in the project and the people involved

then go fo it.

-----

As you get older and 'accumulate' stuff you will find that you lose the ability to take risk and you will likely reflect back on parts of your life... make sure you do not leave anything that would cause you regret.

stalkingwolf
April 14th, 2012, 03:47 PM
well now that the logical routes have been explored and they all should be.
You must do the due diligence part, gather all your information etc.

Once that is done, find a place you find quiet , relaxing , and peaceful.
Clear your mind and just listen to your feelings and instincts . What do your gut instincts tell you?

Just a lesson i have learned over my life. If you ever find yourself facing a situation and you have no doubts RUN.

And remember in all you do in your entire life there is one law that will remain , that will always take precedence over all else.

Murphy's Law.

rickyhart91
April 14th, 2012, 11:16 PM
Depending on the project, I'd just say yolo and do it. If it doesn't work out, pick up your life where you left it off.

s1300045
April 17th, 2012, 04:04 PM
Just as a quick update, we are officially accepted by http://bizdom.com/ for their Detroit acceleration program.

I do want to work on the project, even if it's only for a while. I do like my current job, and I want to wrap up what I am working on as well. I guess it really depends on how I word my intention when I talk to my boss today... I will keep you guys posted :-)

Dry Lips
April 17th, 2012, 04:31 PM
Just as a quick update, we are officially accepted by http://bizdom.com/ for their Detroit acceleration program.

I do want to work on the project, even if it's only for a while. I do like my current job, and I want to wrap up what I am working on as well. I guess it really depends on how I word my intention when I talk to my boss today... I will keep you guys posted :-)

Good luck! :KS

samalex
April 17th, 2012, 05:46 PM
If I were single I'd jump at a start-up in a heartbeat, but having a wife and two kids to support I'd choose stability every time.

jshepherd
April 17th, 2012, 06:30 PM
At your age I'd say go for it. Even if it falls flat you're plenty young enough to find another job before you settle down with a family and responsibilities.
I'm in my forties with a wife and three kids and I'd still have to think long and hard before choosing a steady job!;)

Eddie Wilson
April 17th, 2012, 06:43 PM
Do whatever makes you feel comfortable. Not many people get a second chance to fulfill a dream.):P

23dornot23d
April 19th, 2012, 12:25 AM
Never loose your dream - it gives you a direction to head in ......

As someone said just recently - if you knew you could not fail what would you do ?

http://www.podcast.tv/video-episodes/ted-regina-dugan-from-mach-20-glider-to-humming-bird-drone-regina-dugan-2012-17608621.html

Positive people give off good vibes - and they do not fail - because they let nothing stand
in their way to getting to the place they want to be ......

Thats why they can ..... and often do get what they want .....

but make sure it is what you need .....

IWantFroyo
April 19th, 2012, 02:06 PM
Just as a quick update, we are officially accepted by http://bizdom.com/ for their Detroit acceleration program.

I do want to work on the project, even if it's only for a while. I do like my current job, and I want to wrap up what I am working on as well. I guess it really depends on how I word my intention when I talk to my boss today... I will keep you guys posted :-)

Good luck!

BrokenKingpin
April 20th, 2012, 04:22 PM
I say stay with the 9-5. The fact that you said you don't really trust the guy doesn't sound promising.

For me getting a good stable job at a young age set me up for a pretty decent job where I could move up and get experience to jump to new and better things. Also keep in mind that you can do exiting things in your life outside of your job... and having a stable job helps you achieve those things.

If you are truly unhappy with your current situation is the only time I would say go for it in this situation. Otherwise the numbers and the guy seem to shady to give up a full time job.

TeamRocket1233c
April 20th, 2012, 06:52 PM
How 'bout doing both? Sticking with the 9-5 job during the week and running your startup business during the weekends and during vacations?

YourSurrogateGod
April 24th, 2012, 06:45 PM
Long story short, a project is calling me to give up a steady 9-5 job to do something crazy for three months. If you want more details, read on :-)


After college, I worked with a bunch people on a project, with a high hope that one day it would become a business/career. A year went by. Things didn't go as wished, and out of frustration, I decided to ditch and find a real job, away from everything to a different city.

Just yesterday, I got a text from the guy who I co-founded the project with. The project made to the final round of some start-up competition for seed money. Apparently our odds are very good, in fact we are basically in, he said.

This entails some $25,000 fund, a shared office, mentorship & network, and a deliverable after three month. Do I believe in the project? Yes. Do I like getting a paycheck very two weeks? Yes to that, too. I am torn. I am only 20 something, and I feel like I should give it a shot, but my overwhelming and ever increasing responsibility is making me feel old.

What would you do if you were me?

You're young and odds are, healthy. You don't sound like you have too much to lose. Your liking of a steady check is what happens when you're a cog in the corporate machine (something I'm trying to escape). Mind-numbing garbage is something you rationalise at a sub-conscious level. "It's ok" you say "I get a check every 2 weeks!" You're getting too comfortable :-) .

Say you stick it out for 4 months and the whole thing falls through, how quickly can you get everything back up and running by finding another dull corporate America job? In this improving economy? Just to pay the bills? Not that difficult, easier when you're willing to leave your current surrounding.

Do the project. Worst case, you'll be back where you were. I went to Germany, got scared to death my first month there and had tons of fun for the rest of the 10 months, love it! Now, I know some German and it's kind of useless at where I'm in life, but at least I can say that with hindsight. And, if this thing explodes, you can always jump on a more successful project.

rich52x
April 25th, 2012, 12:46 AM
There's plenty of 9-5 jobs out there, but not many people get to do something they really love

Go for it man :D

s1300045
April 25th, 2012, 06:13 PM
It's being a while, I guess it's time for another update.

When we started out last year, we formed a LLC (limited liability company). We didn't have the money to hire a lawyer to do it professionally because we were just a bunch of broke college kids - it's about $400 to get a lawyer to hear your case, and $1,500 a session/hour to actually put the paperwork together in my area.

So, we did the best we could. It's a member managed LLC with all four of us as members. In other words, whenever there is a business decision needs to be made, all four of us have to vote and agree. We also made rules/bylaws on how money will be distributed, who has to be responsible for what, option to exit, and what happens when we add new member to the company. This is also known as the Operating Agreement, and we each keep a signed copy.

Now that we are going to sign with this incubator, and in exchange for their money, there are several changes to be made. First, we will have to change the LLC from member managed to manager managed. That means we have to point a management board to run the company. That board will consist of 5 legal entity. Why do I say legal entity instead of person? Because technically a company/corporation counts as a legal entity, and the incubator wants a seat. Note that they also own 8% of the company equity.

There will also be a board of advisors. I have no clue what they are supposed to do and what kind of "advise" they will be giving.

On top of all that fun, the people that have been working with us want to become a member of the company and take equity, since they have been doing a great job and we really didn't pay them anything (upon this point everyone has been working for free, including us). I am all for it, I think it's only fair, but that's a business decision and not for me to decide, obviously.

Because of all this that's be happening, we had a pre-meeting to go through all this business internally, and decide how the company is going to be run. It took us 4 hours to finally reach an agreement. We will be meeting with a lawyer next, the incubator after, and then finally everyone sits down and signs something. All this is still ongoing, and we have to get it done in a week.

The process has been exhausting, and frankly it's begin to make me doubt many things, now that the hype is starting to fade. Just how different is starting a tech company different from starting a traditional, mortar and brick business? It's true our product is only half baked at this point, but do we seriously need cash injection? More importantly, is it actually going to help?

As of now, I am a little more inclined to keep things the same...

forrestcupp
April 25th, 2012, 06:37 PM
That's a lot of work for a 3 month venture. Is there any chance that this company could become more permanent and ongoing?