I'm finally doing it: bootstrapping my start up.
So finally deciding to go for it, I sat down and came up with a very engaging idea and roped my wife into co-founding with me and handling financial duties. We haven't incorporated yet, however I'm currently in the middle of a coding tear on 1.0 and I honestly couldn't be happier. Knowing that I'm potentially building my own destiny rather than defaulting to working for someone else the rest of my life is a big motivator.
Do I want to get rich? Well yeah, but even if I don't, being profitable will be just fine. In fact, I'm building my company in one of the worst areas for technology startups: DFW.
I have a day job that I'm very happy at, so this is just a nights/weekend thing until we can achieve critical mass. Despite my great job, I still feel the pull of the entrepreneur and am looking forward to launching a beta in a month or two.
It was either get a tattoo or start a business.
51 comments
[ 3.2 ms ] story [ 109 ms ] threadThank you for being.
http://en.wikipedia.org/wiki/Dallas_Fort_Worth
A startup in an airport? --Way Cool! ;)
Being in a 'bad' area is also an advantage, if you can make it there you will be virtually without competition.
Happy coding!
(And besides, it can't possibly be worse than the Japanese hinterlands, and this town can still pack a room once a week with software businesses which are successful for a broad range of "successful".)
Well yeah, but even if I don't, being profitable will be just fine. In fact, I'm building my company in one of the worst areas for technology startups: DFW.
True, but you're only a few-hour drive from one of the best, if that helps. ;)
I want to change that. Are you in FW, D or in the middle?
At the same time, you have a long road ahead. A startup is a major commitment and it's anything but easy. There will be many ups and downs and it can be emotionally draining.
The key is to press on when that enthusiasm (it really does feel great to get started) wears off and it gets tough, and it will. Make it through the peaks and valleys and you might have something.
I hope things go well for you.
I do have some cautionary advice, though... I say everything here without knowing you, your wife or your idea.
First off, make sure that you read this article and follow it unless you have a good reason not to:
http://startuplawyer.com/startup-issues/if-i-launched-a-star...
Specifically, both you and your wife should have vesting shares. After all, there's a reason that most people do not start up with their loved ones - they say that the best family business is a sole proprietorship. This isn't a corner store and you and your wife might find your marriage taxed by this radical twist on your relationship.
Would you start up with your wife if you weren't married? If not, then my polite suggestion is that you hire your wife and give her lots of equity for her contributions. Taking on a business partner is an incredibly important decision, and if you wouldn't hire her otherwise then it's a potentially questionable decision now. I wouldn't belabour this point but you didn't explain her background.
The other thing is that it pays to startup with a good idea. I'm a big believer in MVPs and pivoting and trying things until it works... but the fact remains that most ideas are terrible and it's hard to tell when one of your ideas is terrible. Most people around you are inclined to tell you how great an idea it is, because they can see in your eyes that you want them to love it. This is an extremely dangerous confirmation bias because you can and will waste your valuable energy and enthusiasm.
In short: seek people that you can trust to give you honest feedback on your ideas. Steve Blank's 4 Steps to the Epiphany is worth the kudos it receives. And most important of all: make sure all founders have vesting shares.
Edit: I'm actually not kidding, though the downvote doesn't surprise me. There was a post here (that got killed) about that exact situation occurring.
I was in your shoes a bit over 2-years ago and still going at it, so, if I may, give you some pointers.
1. Before you leave your full time job, model your expenses for as long as you can (did that for six months) and make sure you have enough to see you through both good and worst case scenarios. This will also tell you where the stop-loss is for you.
2. Have a list of people who you can lean on for emotional and intellectual support. It only takes one bad day to pour cold water on all the good days. Make sure that you have people who will keep you moored on both the good and bad days.
3. The first month is the toughest one and nothing in the world prepares you for it, especially if you have been securely employed for close to a decade.
4. Make sure you are doing what you enjoy doing & aim for revenue that will take you out doing things that you don't enjoy doing at the earliest.
Good luck, again :)