What would you do if you were in my shoes?

by banchanbinch. Posted on Sep 13, 2020    6    11

My dream in life is to launch my own business. It's been my dream since I've graduated from college, and I had a 1 / 5 / 10 year plan figured out.

Plan: Graduate -> Work hard + gain experience at large company as an analyst -> Transfer internally to become a PM -> Find new job as experienced PM at smaller company for start up experience -> Later go to business school for MBA + network + education -> Launch company / small business

To me, I thought this was the least riskiest way to start my own business since I have so much to learn and had no clear vision of what exact business I wanted to launch. The plan was meant to change as life presented different opportunities. I used the plan as a benchmark to keep myself productive and motivated. This was January 2020 when I thought this was going to be MY year to work hard, transfer to become a PM, and start a new chapter in a different department.

Then Covid hit and we began working remotely March 2020.

There was a hiring freeze that would be re-evaluated Quarter to Quarter. I was slightly discouraged but viewed this as an opportunity to take as many Udemy / LinkedIn / etc. PM courses as I can, network and set up coffee chats with PMs at the company, and build a portfolio. And by the time we're able to hire again, I would be prepared to interview.

In July, a coworker and I were talking about our futures and how we both wanted to start a business in the future... and then after several casual conversations, we both had our "Lightbulb" moment. We came up with a fantastic idea that we both really believed in. We were excited and thought, why not, let's work on this during the evenings and after we get our year end bonuses, quit and launch.

And then we got laid off in August 2020.

We got a generous severance package, but the anxiety has definitely settled in. My coworker backed out of our business idea since he is getting married in the Spring and is paying for the wedding. He felt that he wouldn't be able to pull his weight launching the business with the wedding and financial burden -- I appreciated his honesty and completely understood where he's coming from.

I'm 24 years old, turning 25 in a couple months, and have limited income until 2021. I'm not getting married and I moved back home to save money on rent. Is this the sign I needed to finally pursue my dream of launching my own business? Or am I being foolish with only 2 years of work experience under my belt?

My parents are onboard with the idea (haven't told my friends because I don't want their unsolicited advice lol), but I still feel as if I'm at a crossroad. I can put my idea on pause and find another job or I can go ALL IN on this idea. I believe in my business idea, but it's quite daunting knowing that I will be pursuing this venture alone. What would you do if you were in my shoes?


originalmario75 2

Stop dreaming and start doing tangible things launch your business. Jump in both feet with no life jacket, create major urgency and massive uncertainty, harness all the doubt and use it and transform it into hard work. Quit talking and get off Reddit and do more doing. You’re going to over think this until you’ve sucked all the life out of it; stop with the excuses and trying to learn off other people and DM’ing this is all a waste of time and talking makes you feel good and the work and the process is the real shit that most people don’t like and only like the idea of entrepreneurship and don’t want to eat tons of Shit and uncertainty along the way........ this is gonna sound super cliche but Just do it !

  banchanbinch 1

You're right, time to log off. Thank you!

scottvrsv3 2

I can't tell you if this is indeed the right step or not. However, it's probably the case where this is the best opportunity you have to make that step. Single, low expenses , and with some seed money. When I started my business, I got married the next year, had my first kid the year after, and oh yea, 9/11 happened 6 months into it.

The only advice I'd give is make sure you have a plan. Do you have a formal business plan? A financial forecast? These are important tools to map out what you are doing and how you plan on getting where you want to. I absolutely guarantee those will change often, but that's ok - as long as you have the milestones and goals laid out in front of you.

  banchanbinch 1

Thanks for sharing your experience, I really appreciate it!

I have a business plan mapped out. Haven't thought too deep on financial forecast yet, which means I better get on it.

JackowitzOnline 3

I'm 23, graduated with a completely unrelated degree to my business. I am where you are, I quit my job at the end of March to go full time with my own business power washing. I had started in June 2019 while I was working full time. It's spooky sometimes and definitely has been trying, my expenses are maybe $750 a month as I have a house that I live in and rent to others. I will on paper not make as much this year as I would have had I kept my last job, but to me having a business is more about the freedom to not have to show up 9-5, to be able to work more than 40hours, and to be able to create and make my own money. As well my business sells for an average earnings multiple of 3.5-4x if I were to sell.

What I find is, if you can handle stress, (you gotta physically workout),

can handle working more than 80hours or more -funny quote "Entrepreneurs: The only people who work 80 hour weeks to avoid working 40 hour weeks."

then you can do it. But question, what are you doing it for??? Because the money doesn't come quick, the obligations can be high and you will have to look yourself in the mirror very often and be true to your word. Even if it fails I have learned an enormous amount so far and we are still so young that we can fail 6times and still it will not matter that much in the end.

  banchanbinch 1

My end goal is to be financially well-off: I want to provide for my (future) family, help my parents retire early, as well as have the means to donate to causes I care about... knowing that it will take years to get to that goal.

I have this gut feeling, this little voice in my head, that is telling me that if I'm going to fail, I'm in a really lucky position to fail now. And I think that's whats driving me towards pursuing this idea.

Most of my anxiety is pursuing this alone with a ticking time bomb in my head that my money is going to run out early 2021. I'm confident I can get outside capital / investments, but I still fear I'm not being productive or quick enough with my idea since I'm doing everything myself.

How have you coped with the stress? Are there days where you're uninspired or lacked motivation to do anything? For me, some days I'm great at doing market research etc. but most days I need to get off Netflix and start grinding...

JackowitzOnline 1

I started with no money, running $2k in Google ads that I knew would give a good ROI lol, so I may not be your typical case. What helps is that I never believe I am going to fail, I do get worried about cash occasionally, but it has never failed me yet. I would ask yourself what is the worst thing that would happen if you failed? Mine would be that I lose my house that I put down 3.5% and wreck my credit. You could call me ignorant, but that really doesn't scare me much as I have already had a taste of what this life can be like. As well depending on your definition of "financially well-off" from already working your one job, how well off can you honestly get working a real job, income must be exponential to actually not have to scrape it all together to put into a Roth IRA and retire at 65 is how I see it.

I had a lack of motivation today actually, but I did my work I needed to do and worked out too, I took this from Joe Rogan and others, but it's conquering your inner bitch. Motivation is literally bullshit I've come to find out, it will never be constant and if you hope that it will be there to carry you through it will not oftentimes.

I fucked off this weekend at home, it happens, the goal is to minimize this as much as possible. Which is why I was talking about having to look yourself in the mirror as much as possible, sometimes breaks are necessary. When I was in college I did 80+hour weeks, but that was only because I had my routine and schedule so dialed in and I still needed breaks every month or 2.

  banchanbinch 1

I respect your "no fail" perspective. It may be idealist, but that's the only way people achieve their goals -- grit and perseverance. Thank you for the inspiration.

Also, thank you for being human. The past couple of days I found myself in a rut... I barely worked out, spent too much time on my phone, and it left my depressed and just "bleh". I need to pull my shit together, solidify a productive routine, and conquer my inner bitch.

LLx3 3

If its me, I'll take the risk but I'll be submitting my resumes at the same time.

supersizedsexy 5

Business owner of 6 years here, I’m happy to chat if you have any questions. Without knowing the details, I can’t steer you in a direction. But your attitude seems like it’s there. I say you can get a job and lose there, so why not possibly lose at something you live doing. Go for it!

  banchanbinch 1

I would love that, DMing you now. Thank you!