I have a capability to build a full fledged website using MERN stack. I have various ideas that I want to pursue. Should I quit my job?
- My job pays me well
- The managers are not bad
- I like the founders
- I like the product these guys are building
Something inside me says that I should try and build my own app, build userbase and convert it to a startup. What's your advice?
Yes, quit and build your product
No, you don't have any reasons to quit😐
Yes, go fail and join another company
Read my comment below
Write your answer…
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Approach founding a startup as you would a marriage proposal. They are a lot more similar than you would initially assume.
Let's look at some basic questions I asked myself:
Why do you want to marry? Are you just lonely and looking for companionship? Or have you met someone you really want to spend the rest of your life with? Remember, a casual fling is perfectly acceptable.
What do you want out of this marriage? In this dystopian world, 99% marriages fail within 2 years. Unless you are a statistical anomaly, you will fail. Not once, not twice, repeatedly. Work with the assumption that you are going to fail. What's your plan for this scenario?
What are your financial obligations on a monthly basis? Do you have the wherewithal to support another partner (who's not earning)? If you have loans, ageing parents etc evaluate how much runway you have before you just can't make ends meet? If you reduce your spend and live frugally, what's the bare minimum that you both of you can survive on? Be very truthful to yourself about this. I know lots of people who believed that they could live frugally, but when push came to shove, they all caved in because they couldn't take being poor.
Are you ready to work your ass off (literally) to make this work? Remember, in this case, your partner will have incredible mood swings, hard to reason with and in general be an asshole to you (not because they hate you, but because that's who they are). If you do make it work, years later, you'll have a partner that everyone envies. Until that point, nobody will understand what you see in him/her.
If you need external funding to keep your partner alive, that's a whole other story altogether (for another time).
First of all, do you have an idea for a new product or startup? It would be foolish to leave your current position without one.
Now, if you do have an idea, you need to analyze its viability as a company. It would also be foolish to leave without doing some due diligence:
- Is there a market for your idea? How large is it?
- Has anyone else beat you to market? If not, can you reasonably beat others? (My entrepreneurship professor used to say that if you have an idea, assume a dozen other people have the same idea.)
- What is your business plan? Startups need a well-defined plan to profitability especially if you want to raise outside capital.
- Do you have the right people? Or would you be able to recruit them? Startups require more than just technical prowess. You also need someone who is business-minded, someone who can network, market, sell, champion your product and company. Those skills don't always come natural to engineers.
90% of startups will fail. You need to be prepared for that. Starting a company is a thrilling and worthwhile experience, but it is also an arduous one. It is not a guaranteed path to incredible wealth. Take account of the road that would be ahead and know all of the hardships that there will be before you quit what seems like a good thing.
It depends a lot on what type of life style you want as well as practical concerns.
- Do you have enough money saved to survive for substantial time while making your own product? For yourself and possibly your family?
- Do you have enough free time to start your own business in your spare time at first, if your contract allows? That'd be much safer, both business success and to see if it's your thing.
- Do you enjoy organizing the project, infrastructure, customer support, sales, financial administration etc?
- Do you like being alone a lot of the time?
- Do you prefer a stable sufficient income or do you like taking risks to earn much much, with the significant chance of not earning anything for months or even years?
Personally I feel confident I can build a product on my own, but I'm happy to work at a big enough company to deal with non-programming stuff (and even the hosting, testing, etc). But my partner likes the diversity and excitement, both are valid ways.
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