Going All In
I see a lot of entrepreneurs struggle with the decision to go all in and make their startup a full-time job (i.e. quitting your “Office Space” job). I had a similar decision when I decided to go out on my own.
3 years ago, I walked into Fidelity, cashed out all of my retirement funds (complete with penalties, taxes and crazy looks from the Fidelity employee) and started my law firm. Ironically, my new law office is located right next door to the Fidelity.
It wasn’t an easy decision at the time. I had a new mortgage and a 3-month old. But I figured there would never be that “better time” to start a new firm/company.
In retrospect, it was probably pretty stupid to launch a law firm without any clients or local contacts. But the back-against-the-wall nature forced me to work hard and give everything I had to my company.
I’d say about half of the startups I work for have founders with day jobs. And I don’t find anything wrong with that. We each have our own reasons, pressures, and risk tolerances. I respect decisions either way.
But there are 100 reasons why a startup can fail. And if you aren’t working full-time at your startup, there’s now 101.
About the Author
Ryan Roberts is a startup lawyer and represents technology companies through all phases of the startup process, including incorporation, seed & venture financings, and exit transactions. Click here to learn more about his practice.
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I started my company in 2002. The best decision I made was to go full time at it. It forced me to get stuff done and start brining in revenue. When you know you are going to run out of money you tend to move a lot quicker.
I tell everyone who wants to start a business to quit their day job and dedicate 150% of their time to the venture. Nothing less will do.
Nice post! When failure has a greater associated cost, it seems there is a greater chance of success.
If you ever find yourself in Colorado, please do drop me an email. I'd love to trade war stories.
Nice article. Hopefully, someday I will look back and say "this is the best decision I've ever made."
Your blogs are good. It is informative and also motivative. Please keep up the good work.
The site’s very professional! Keep up the good work!
I'm like you – I'm completely motivated by being under pressure with my back against the wall. I also have the all-or-nothing type personality. For me, it wasn't likely that I would succeed in my business if I didn't focus on it 100%.