Steps to Surviving Your First Startup
How do people survive financially after quitting their job and pursuing the entrepreneur route of a startup?
Here are the few things about surviving as a bootstrapped entrepreneur after quitting job:
- If you aren’t 100% sure, don’t even try to survive financially. Get your job back. Being an entrepreneur is painful, and not the romanticized kind of pain that ends in two hours. It’s a dull, lingering, financially disastrous pain that is only worth it if there is absolutely nothing else you can see yourself doing. If it isn’t that black and white for you, get your job back. Now.
- Plan for at least two years of financial. Most entrepreneurs begin their entrepreneurial journeys with rosy forecasts. If they can just do these things. The reality is you’ll be probably trudging through financial quicksand for years. So plan for it.
- Find a co-founder who is as wildly passionate as you are. Ideally, a rich one. When you have a co-founder, an advocate, a best friend who needs it as much as you do, then that person can keep you sane.
- If you hit zero, credit cards can be your best friend. But beware. For an entrepreneur, the only thing scarier than losing money every month is losing money you don’t have every month. But this is part of the financial suicide referenced earlier.
- Work on your mental game. It’s the most valuable asset you have. It’s more important than money. Entrepreneurship is oftentimes a war of attrition. Those who can take the most pain and stay in the game the longest are the victors (if they are smart and continue adjusting all the time).
“The key to staying in the game isn’t money. It is knowing the truth about yourself and your team: that you are immensely capable and resourceful, and you will find a way” said Salomón Juan Marcos Villarreal, president of Grupo Denim.