It's been a little over two years since I quit my job, and we have about 10x to go revenue-wise before we can support our families. We thought we'd easily get there in a year, and by the time it happens - if it happens - it will have been at least 3-4 times longer than our estimates. This, of course, all depends on team and circumstances and luck and savings and what your business idea is.
I had some blind spots & weaknesses I didn't know about beforehand, and an overly optimistic outlook. The other people on my team admit to the same. We wouldn't have learned those things if we hadn't quit & gone full time, and learning this stuff is super valuable. But I can see now more clearly why so many entrepreneurs say that big mistakes are inevitable and why so many people talk about businesses really taking 10 years to get off the ground, rather than 1 or 2.
I have started doing some consulting, and it's super helpful money-wise, but takes a lot of energy away from the startup idea. I find that consulting for 20 billable hours a week is roughly equivalent to working 40 hours at a full time job. With a family, that doesn't leave a ton of time to work on the startup.
When I do it again, I will look for at least 2 years of runway before I go whole hog, whether that's savings or VC funding. It's also a good idea to find your family's minimum comfortable burn rate (with wiggle room for emergencies). It might be less or more than you think.
Also it's important to have a good sense of how you get customers. I'm still working on that, but I truly had no clue when we started. It's a lot harder to get the word out than I thought, the internet is extremely noisy, attention is extremely scarce, and using the internet for advertising has changed considerably just in the last 5 years. Next time I will probably try to bootstrap to cost-neutral revenue before going full time. We quit our jobs before we were making any money, and just built the product for a while. It has been awesome in many ways, but we'd be in a better spot if we'd started selling sooner and waited until we had revenue to go full time.
I had some blind spots & weaknesses I didn't know about beforehand, and an overly optimistic outlook. The other people on my team admit to the same. We wouldn't have learned those things if we hadn't quit & gone full time, and learning this stuff is super valuable. But I can see now more clearly why so many entrepreneurs say that big mistakes are inevitable and why so many people talk about businesses really taking 10 years to get off the ground, rather than 1 or 2.
I have started doing some consulting, and it's super helpful money-wise, but takes a lot of energy away from the startup idea. I find that consulting for 20 billable hours a week is roughly equivalent to working 40 hours at a full time job. With a family, that doesn't leave a ton of time to work on the startup.
When I do it again, I will look for at least 2 years of runway before I go whole hog, whether that's savings or VC funding. It's also a good idea to find your family's minimum comfortable burn rate (with wiggle room for emergencies). It might be less or more than you think.
Also it's important to have a good sense of how you get customers. I'm still working on that, but I truly had no clue when we started. It's a lot harder to get the word out than I thought, the internet is extremely noisy, attention is extremely scarce, and using the internet for advertising has changed considerably just in the last 5 years. Next time I will probably try to bootstrap to cost-neutral revenue before going full time. We quit our jobs before we were making any money, and just built the product for a while. It has been awesome in many ways, but we'd be in a better spot if we'd started selling sooner and waited until we had revenue to go full time.