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So I'm working with a couple of other people on a project of a device
its pretty low key nothing fancy , its not "ground breaking" or anything but does have a niche albeit a very unglamorous one
at the same time I have no intention of quitting my day job
My partners however seem to be getting too idealistic IMHO , they are dreaming big and their feet are not on the ground
their projections seem unrealistic to me
pressuring me to quit my day job to work full time on this project
personally i feel it does NOT need my fulltime effort for its success , as now promotion /sales/networking is whats needed to get it to the next stage
How do I counter my partners requests to quit my job ? Ive begged them not to quit theirs but they didnt heed my advice right now they have some cash to burn but its gonna run out in a yr or so
I went into this full well 90% or more startups FAIL , please suggest some ways to convince them
I'm being accused of being a pessimist but I feel like I'm just being a pragmatist.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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According to the U.S. Bureau of Labor Statistics:
"20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more."
When I bought an existing business in 1992, I had moved to another state, my wife and I both left our jobs, but we had sufficient funds to manage for 6 months with no income. Being on-site (absentee owner before) I was able to build it up by more than double the revenue in a year. Overall it was successful, and we raised 3 kids on that business income for 16 years before the 2008 recession got us. We made it to the 25% that went 15 years but not much more.
When you quit a job and have no income other than from the business you leave yourself vulnerable to the changes in the economy. You may suddenly have more competition, have people lose interest in your product or service, or like in my case, commercial rent doubles right before a recession slams your customers. Mine was an existing business established for 8 years, starting a brand new one is even more risky. I was lucky enough to get a good job in 2009 and we barely managed to get through it by burning through savings and maxing out credit, until I got promotions, but my suggestion is to think hard before jumping into the business full time.
Bad idea. Stop everything now - as in right now - and get a legal contract in place for the partnership, covering all terms and exit agreements, in case it comes to that.
I went through this the hard way with a "partner" who wanted to bypass all the legalities and get right to work, then decided to do what he wanted to do, not the original plan whatsoever, forcing me to terminate the project entirely. I bailed. Huge waste of time and money.
If your partners are acting like spazzes this early on, it's not a good sign.
Bad idea. Stop everything now - as in right now - and get a legal contract in place for the partnership, covering all terms and exit agreements, in case it comes to that.
I went through this the hard way with a "partner" who wanted to bypass all the legalities and get right to work, then decided to do what he wanted to do, not the original plan whatsoever, forcing me to terminate the project entirely. I bailed. Huge waste of time and money.
If your partners are acting like spazzes this early on, it's not a good sign.
good advice
Just told them everything on hold
legal contract to be made by friday and only then resume work
and make dang sure you have a shotgun clause (Buy-Sell) in your formal agreements. You do not want to find out that (should it happen) your "new partner" is some brain farting heir.
legal contract to be made by friday and only then resume work
A partnership contract in 4 days?
I'll be honest. Unless this product is something that in success y'all can retire early on, and from your own description it doesn't sound like it is, just keep it as a hobby or side hustle.
I'll be honest. Unless this product is something that in success y'all can retire early on, and from your own description it doesn't sound like it is, just keep it as a hobby or side hustle.
It is a side hustle , it can be something big in the short term BUT it will also be rapidly superseded by constantly evolving tech [ something my partners don't want to accept]
I love my job and no plans on quitting
yes 4 days as it will make them panic and work on it otherwise they will just be pursuing piddly little things
even if it takes 40 I got nothing to lose , they are ones who CHOOSE to quit their jobs to be an "entrepreneur "
Im just an aspiring petite bourgeoisie
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