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Everyone says there are risks, but I want to save some money to work on my startup idea. How many months of savings should I have? |
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Try combining both. Continue your everyday job while working on your startup in you free time until you're either funded, revenues are streaming in or your startup has gained traction in terms of user base. |
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I don't think there is a magical number that you can hit and be safe, if you decide to go the startup way, it is not like quitting your job to get another one, it is a different lifestyle and it requires a different mindset. |
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I agree that there isn't a magical number for how long one should wait until his / her idea becomes fruitful. I do however believe that each individual is equipped with the capability to use logic and reason (as well as some intuition) that come very handy when it comes to steering an idea and bringing it to life. Personally and from experience, as long as there is noticable incremental betterment, then one should stick to their idea, persist and give it more of their time and effort. Without the time and the effort, ideas are bound to remain just ideas. So put in the necessary effort and then judge the overall outcome on a monthly basis. If outcome is enhancing, improving, then keep holding on for as long as is sustainable. Things take time to come to life. Sometimes we give up at the just the moment when things are about to pick up. Startups are a risk. If they were safeguarded against failure, everyone would be a starter-upper. So it is only those who endure the hardships and have patience to ride out the waves can enjoy the sun on the beach :) |
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How long should I plan to be "unemployed" to prove out my idea? Why be unemployed !! me as an idea holder , just like others these days who are looking for opportunity just to get out of their daily job and start their own business , i think that the best practice is to start your project inline with your daily job ! just do it man , go home work for another 5 hours on your project , use you connections , if your idea is brilliant i guess everybody would be interested contribute ! anyway good luck |
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You need to have a rough, but educated, estimate of how much your idea is likely to cost for it to be realized. You may find that saving for it may not be enough! You may need real capital depending on what is involved in realizing that idea. You also need to factor in marketing costs, taxes, and other expenses. Start with a well thought out plan involving known costs. This will not solve all your problems, of course, but it may give you a rough idea and might give you a starting point of how much to save in the least. And it will remove some of the uncertainty. There are some costs which you cannot plan for, business is risky by definition, so add a buffer zone. I agree with the fact that you may not need to be unemployed in the meantime, unless your idea is really involved and you need to be on it full time. Good luck. |
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whatever is required to get to your profitability, but keep in mind that the longer you keep your job, the further your venture's profitability... Time is your enemy... So you might want to set an earlier milestone for yourself to strike out, like a ready prototype or initial revenue or or, depending on the business... One issue many run into usually, is when they hire a team: not all employees are ready to take the risk you're taking (despite what they say), and therefore would not join if there is a risk the business shuts down within weeks... In which case, unfortunately, you would have to plan enough cash to keep them long enough, budget a year in there... |
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You may need real capital depending on what is involved in realizing that idea. You also need to factor in marketing costs, taxes, and other expenses. Start with a well thought out plan involving hermes handbags costs.Personally and from experience, as long as there is noticable incremental betterment, then one should stick to their idea, persist and give it more of their time and effort. Without the time and the effort, ideas are bound to remain just ideas. So put in the necessary effort and then judge the overall outcome on a monthly basis. |
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