I'm sure you've seen this time and time again, but I need some advice. I'm currently a part-time MBA student at a prestigious university, and working a comfy corporate job. Our team won a local startup weekend, and we're applying to accelerators. Assuming we get in, I'm faced with the decision of quitting my job to pursue the startup full-time. Basically, taking a paycut of somewhere in the range of 45k to 81k (based on whether or not I can freelance during the time too). On the upside, I love the startup environment and this is what I want to do. However, if I work away for a few more years, I can be 100% free of debt from my student loans.<p>In either case, I have a comfy fallback when I graduate.<p>Any advice would be appreciated. Sorry again for posting something you've heard over 9000 times before.
It sounds like you know what you want to do. All I can do is share with you my experience. I haven't had a "job" in 2 years. It's been the happiest time of my life physically, emotionally and financially.<p>I knew quickly after getting a job that I wanted to do a startup. I read TechCrunch every day so I thought I knew something. After a couple of jobs and 6 years later I was still super comfy at my corporate job. But I hated it. I came to realize one day that life is meant to be lived right freaking now. So I left, all of a sudden, one day.<p>Initially, doing a startup with no money really sucked. You just watch your savings go down and to the right. But it taught me an important lesson really early. How important cash flow is. It forced me to think about making money as soon as possible.<p>So, I wouldn't look at it in terms of taking a pay cut. In fact, you can decide for yourself how much you want to pay yourself. To supplement that income, assuming that you're now good at sales, you can do a consulting engagement when you want a nice bump in cash. It's great when you want to go work on your startup when you're in a different country for a little while.<p>To get to that step wasn't easy for me, however. It was a lot of god damn work. Before turning things around I drained my savings and built up credit card debt. I made many mistakes and lost lots of money before having any small amounts of success.
Dont quit your job. I quit my job 2 years ago to start my company and feel very differently about this than most others on this YC message board.
If you get in to YC or one of the top 3 then by all means quit as you will most likely be making enough money in a year to cover your expenses. However, if you are like the rest of us stay where you are for a few reasons.
#1) Multiply the time you think it will take before you generate your first dollar of revenue by 2, your final product delivery by 2 and when you will see the first dollar that you will put towards your home rent by 3.
#2) 6pm - 2am is still a decent amount of time to work on your startup especially if you are keeping the lights and heat on in the house with a proper salary.
#3) If and when you run out of money you will probably take freelance jobs that will dictate your time even more than your day job so you will be back in the same situation but desperate.
#4) If for some strange reason your startup fails, you dont lose out on a year of career advancement because frankly the cool app that compares women's breasts is not exactly transferrable experience in corporate america.
Now it all depends of course on what your startup is and what it requires but if you realistically sit down and believe that you cant do 2 things at once and the startup is worth the risk then rock'n roll baby!
If you want to really do a start-up, quit your job. If you can't or won't quit your job, it is not yet time for you to do a start-up.<p>I quit my job with six months in savings to start my company. It took us almost 8 months to get somewhere - we filled the gap with just a little web design work on the side. I have never regretted leaving my job.
You can get over money not made. It becomes harder and harder to get over lost opportunities for exciting ventures.<p>Do what most don't: take the risk and start something.
if you get in, you only live once. For YC 2 of 3 need to be on site. See if you can work it out with co-founders to stay at your job until there's an investment.