TBH, I think chasing your dream is a luxury and not a given, I couldn't just do it out of gut feeling, I had to build toward that. In my case, there have been two determining factors:
- a certain level of security for a few months ahead
- the right project (have done a couple of projects before, both eventually dropped, the third one was the charm!)
What about you?
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First things first, to be clear, my previous, "I-went-to-school-for-this" office job was practicing law, first criminal defense and then immigration defense. My side hustle, at first at least, was betting on sports.
Basically, immigration defense became a total kafkaesque joke when the government stopped following their own rules that they themselves made and interpreted. I had a lot of scattered skills but outside of writing a decent legal brief the only thing I had some serious dedication to was watching sports, especially baseball, and that included watching west coast games while living in New York and Boston for years, averaging out to 150 in the regular season. Also, almost my entire family lives in Nevada, as did the entire family of my partner, a sheer coincidence but it made the "where to next" question a lot easier. I got back to my mom's 3 days before spring training with 2 grand in the bank and a bunch of suits and 2 computers and that was pretty much it. 5 weeks later I had made 18% ROI just from spring training and enough to move out to a place that cost the same as my place in New York but did not share a wall with a subway station or have a slight grade to the floor that resulted in the slow shift of furniture. And this was before I had set up any models or use any analytics - it's no longer relevant today but when only the AL had the DH, bookies always over-valued their impact on offense when generally by the 5th inning no starters were left on the field anyway. This would be obvious to anyone who actually obsessively watched spring training games, but turns out, the bookies weren't, and gradually I found that the bookmakers really were only good at setting the spread and with the help of analytics, it's essentially passive income - and it would be entirely passive if only casinos opened up their APIs. About 5 years have passed and in conjunction with a long but generally ironic association with crypto until suddenly everyone FOMOed I'm in a position to actually give money to the public interest firms I was sending resumes to only a few years ago. Also, it turns out that math and statistics, at least as applied, is not as daunting as high school made it out to be, and without the terrible pedagogy I was able to teach myself a lot of programming and analytics mostly by looking at other people's Github.
Sadly, I lost a lot of faith in all of the institutions I worked with, even though always in an adversarial capacity I used to think that I could at least make a difference and now I'll settle for leaving the world with a little dignity left. Also, because I had zero formal training in anything not related to the humanities or law since the 11th grade, I'm never fully convinced that I'm not actually totally crap at what I do now and the results are all random luck. I had imposter syndrome before as well, who knew it never goes away whether you have all the qualifications or none of the qualifications. I'm also not entirely convinced that the world didn't end when David Bowie passed and all that we experience is just what happens when the space-time continuum breaks.
so tl;dr: it took the casinos becoming more trustworthy than the government to jump ship, and it took an unhealthy obsession with baseball to enable the whole thing. or blame david bowie.
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I've done that almost ten years ago. I'm originally from Brazil and had just received a promotion offer for my employee in Ireland, where I lived at the time, but I was already in conversation with two friends to start our company.
I though a lot, but in the end I left and moved back to Brazil to live in my friend's house. He had a spare room and it became my home and our office. I had some saving for a year living with bare expenses (nearly 10% of my previous expenses).
To be honest it was a lot easier than I expected. I didn't miss my previous lifestyle and was really excited creating our first product. Don't get me wrong, as the time pass and you don't get new income you start to get nervous, look at other options and so on. Our first product flopped completely and we were looking for consulting gigs to extend our time when we met some entrepreneurs in an event that loved our product and asked to invest on us. From there we still spend another year and half to get back to my previous income and the rest is history.
It's a completely different experience than being employed. I wouldn't change it for anything but I think it depends on your moment in life, your economic conditions and how many people depend on you. Today for example even after I've had a good exit (not life changing) and with a lot more saving I'm holding up on leaving my current position (CTO on an EdTech) to go full time on my personal projects. I'm pretty confident I'm going to do it again. But I'm starting as a side project to see if it works.
Thanks for sharing @david_tedaldi1! This one is one hell of a topic! In my case I never felt like doing it all alone, in my case it's been finding the right people to work with!
First of all, this is not an easy decision for anyone.
In my case there are 2 things which helped me jump the bandwagon:
- Financial security for at least an year (for me and my family)
- Amazing friends turned co-founders to start something with
So glad that I took that plunge back then. We have had hard times as well, but worth it.
Leaving something steady and stable to go all in is hard. To me, it has come down to that nagging feeling that I'll always wonder what if. No big corporate job has left me with that same feeling or pull.
Ideally, the hustle forces you to quit. So maybe the hustle starts blowing up, or you realize a bigger opportunity awaits, etc.
My story: I was a lawyer. My company Sleek got accepted into YC on a Monday night. I quit Tuesday. It happens quick
@david_tedaldi1 Thanks! Everyone has a different path into their startup - there's no 'right' way to do it
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Quitting your job to focus full time on a side hustle is not a good idea.
Was laid off several time in 70's due to a lot of different things. Oil embargo, then companies moving operations overseas.
Kept on working at a regular job. Started different side hustles. Learned first hand so to speak about business. Multi-level marketing was not successful by people I knew. Who were personally involved. Decided early own to get serious about how to start a business.
Started a Sub Chapter S Corporation. After speaking to a Certified Public Accountant. Verified knowledge received from CPA. With business oriented attorney. Who helped setup a Sub Chapter S Corporation. Started different side hustles. All were run under one business, company, as a Sub Chapter-S Corporation.
Make enough money from the side hustle to pay “life support”. Then build from there.
It’s hard to have two jobs but the sooner you get to MFP (Minimum Financial Position) the sooner you can quit.
oooh this is tough. I did not go back to work after my startup got rolling. just need to be in a good spot financially, a trade to lean on if it doesn't work so can get back into the workforce quick.
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