Get a job or continue startup?

[ben-lee]

Hey I'm a software engineer and recently started my first company but unfortunately ran out of money. I'm contemplating going back to work I make some quick cash, preferably at a startup with learning opportunities. I've learned a lot from my time as an entrepreneur and can honestly say it my passion. So of course getting a job is a little sad but right now I need money and with the right opportunity it can help make me a better founder. I'd really like to gut it out but right now I have no resources and no money. I'm also in a city where startups aren't as popular so it was hard to build a team. Would love to move to the valley, maybe take a job out there for relocation. Anyways, any advice?

[michaelpinto]

You know when you get older you only get more responsibilities. So I'd say to use this as an opportunity to go to the valley. If you go to work at a startup it will be like getting a postgrad degree in business, and you can take that with you anywhere in the world.

[ben-lee]

So true, for a long time I didn't think I needed to be in the Valley. My current location is lacking resources, funding, etc. Being in San Fran would put me at a tremendous advantage.

[michaelpinto]

Think of it as a paid/free post-grad degree! And I say this to you as someone sitting in NYC...

[agibsonccc]

I went through a similar situation. My case was finishing the product. I ran a decent consulting company while bootstrapping the product production.

I was going to look for a job and got a lot of interviews through angel list.

It came down to one for me. I got flew out to san francisco and had a nice time for the founders. In the meantime while waiting for some references to get back to me. I actually finished the product and started getting customers.

In the end, the founders came to the conclusion I wasn't looking for a job, but more mentorship and I launched the product instead. Regardless of what happens, networking is your best asset.

[ben-lee]

Great info, I could also do contract work to hold me over.

[OldSchool]

It sounds like you need money to live on. You're going to have to bring it in somehow = debt or work. No shame in having a day job especially in your field, to do that. You'll always learn something working with new people. One place I think you're less likely to learn much is in a big corporation.

If your own company is eminently practical, say less like twitter and more like ditch-digging then you should be able to bootstrap it eventually if there's a demand already out there. For a long shot where you have to monetize something secondarily to the product, I'd be less inclined to go into debt for example.

[ben-lee]

I red this article about entrepreneurs getting a job http://www.startupremarkable.com/five-reasons-why-every-entr... I have toile the decisions of I can take on more debt, it's tough entrepreneurship is my absolute passion.

[OldSchool]

If you're young with low overhead, have a tangible product or service and have some kind of revenue coming in already, say at least $3000+/mo the debt route is what I would've done under those circumstances. Your slide into debt would presumably be slow (since you're young and have low overhead) and debt is cheap if you keep your credit score tight. Timing and luck play a big part but IMHO the road from 0-$3K/mo is harder than the road from $3-10K/mo for instance. If yours is a product, you might have to work more like a service at first: "yes we'll add that for you," make the sale and add the feature hoping to be able to say "yes we have that" next time. That's following the money.

[ben-lee]

I've been thinking about starting more as a service, I have no problem with this. Also, it helps build community.

[ben-lee]

Also, what age is considered young? I'm not relatively young but not old.

[OldSchool]

Bad choice of words on my part - youth itself is barely relevant; your overhead and how many people you're responsible for or answer to is. Those things tend to increase as you age.

In my opinion, a spouse and especially children would be indicators against taking bigger risks in the form of debt. I also recommend against relying on a working spouse to support your effort for more than about a month - too much at risk.

Ask yourself how far have you come and where is the business headed? If it's consistent month-by-month and headed in the right direction that's certainly a big plus.

[ben-lee]

Ok thanks for clarifying. I'm 33, no spouse or kids.

[soneill]

It'd help to have a little more info on what stage you were at with your company. Do you have a defined business model? Have you developed a MVP yet? Whether to fold or push the stakes higher really depends on exactly where you stand with your company.

[ben-lee]

Sure thing, yes I had an MVP but I'm pivoting pretty majorly. Our business model is still being tweaked. Also, I'm a solo founder which completely killed me.