Loading...
Answers
MenuWhat are some of the 'normal' emotional challenges that new entrepreneurs should expect to feel in their first few weeks? How do you cope?
I just left my job to start my own company in San Francisco, and it has been a lot of ups and downs. I am wondering what others have gone through after taking the jump.
Answers
Scared shitless. Self-doubt. Poor sleep. Waking up with pangs of fear. Doubt I made the right choice to leave my job. Doubt. Doubt. Doubt and doubt.
The ups and downs will continue...for ever. The July thing that changes (if you stick with it) is you learn to enjoy the ride.
I cover this in great detail in Chapter 12 of my book Double Double. However, since I can't attach that here - I also covered it online - in a blog post for Tim Ferris a few years back - here it is - http://www.fourhourworkweek.com/blog/2008/10/03/harnessing-entrepreneurial-manic-depression-making-the-rollercoaster-work-for-you/
Many of my clients have made the big jump you have.
The emotional challenges new entrepreneurs go through are typical to any changes: you will go from highs of the "honeymoon" phase and initial successes, to lows from inevitable failures and obstacles.
Entrepreneurship is an emotional rollercoaster. The best way to cope is to develop good entrepreneurial habits, from healthy living to sustainable work ethic.
You will have the pressure of having to manage a lot of conflicting priorities: by improving how you pay attention you can reduce stress, emotional breakdowns and financial struggles.
What emotional challenges are you most worried to bump into? What obstacles are you most anxious to have to overcome?
Schedule a call to talk about your specific situation and develop habits to succeed as an entrepreneur.
good question...
This depends on how well you have planned for the future.
If you have enough money for business and personal for a year, I would expect you would need to feel focused on results, happy clients, even happier investors and not focus much on how your feeling at the moment.
If you have spent thousands creating a new online business without money, support and team back up, I would imagine you are feeling desperate, embarrassed and possibly delusional.
Starting a business is an ever evolving experience. One that teaches you painful and joyful lessons alike.
When you jump, make sure you have a parachute that works.
G'luck out there!!!
The common thoughts that occur when starting a company is that you made the wrong decision. You will identify all the challenges that you are facing and see all the gaps in the idea early on that make you question the decision. Meanwhile you will start to see all the positives in your previous job, the consistent paycheck the lack of stress etc and forget the negatives, which actually caused you to make the jump.
In reality, everything that you do has ups and downs, advantages and disadvantages so its not productive to spend your whole time comparing your current role to every other job you had. It is best to focus on the key assumptions that have to be true for your startup to grow and test those out.
All startups go through challenges, all startups make mistakes so do not feel that just because you made a mistake or that you are facing a problem that your startup will definitely fail or that you are incompetent. Its part of the startup journey!
Related Questions
-
My startup just failed. What could I start to "immediately" generate $1,000/mo?
The quickest path to cash is almost always consulting. Be very specific about what it is you can offer. Don't just offer "business consulting". Find a niche and serve it. Reach out to your network, including friends and family and ask if they need or know of anyone who might want to hear about what your consulting has to offer. That will be way faster than trying to go at it from scratch or cold calling. If you call 100 people in your network this week, you will have a consulting gig within 3 weeks. Good luck, and let me know if you'd like advice on entering a digital marketing/lead generation consulting niche. I've grown from zero to $8,000 of monthly recurring payments in the last 40 days! DaveDR
-
How do you make money to survive while you are building a business? What are some quick ways to make money with less time commitment?
I love this question. If you have to work on the side while building your business, I recommend doing something you absolutely hate. That keeps you hungry to succeed on your own. You'll also typically save your energy for the evenings and weekends where you'll want it for your business. Don't expect to make much money at your "other job" but you can work it to pay the bills while you build your business. This approach also forces you to build incrementally, and it keeps you frugal. This is not necessarily ideal. Having a bunch of money set aside sounds nice and luxurious, but not having the resources puts you in a position where you have to figure it out to survive. I love that. I started my business eight years ago on $150 and today we do a million a year. Don't wait until you have the resources to start safely. Dive in however you can. And avoid shortcuts. Don't waste your time scheming to make bigger money on the side. Do something honest to live on and create a business that drives value.CM
-
If I have a business idea for a large company, how can I give it to them and mutually profit, without them just taking the idea and squashing me?
Probably not the answer you're looking for, but companies have so many unimplemented ideas that the likelihood of partnering to implement someone else's idea is really low. And besides which, the idea is not something that has much value in and of itself. If you're passionate in the idea, build it yourself. That's the only way you can have leverage.TW
-
How much equity should I ask as a CMO in a startup?
Greater risk = greater equity. How likely is this to fail or just break even? If you aren't receiving salary yet are among 4-6 non-founders with equivalent sweat investment, all of whom are lower on the totem pole than the two founders, figure out: 1) Taking into account all likely outcomes, what is the most likely outcome in terms of exit? (ex: $10MM.) Keep in mind that 90%+ of all tech startups fail (Allmand Law study), and of those that succeed 88% of M&A deals are under $100MM. Startups that exit at $1B+ are so rare they are called "unicorns"... so don't count on that, no matter how exciting it feels right now. 2) Figure out what 1% equity would give you in terms of payout for the most likely exit. For example, a $10MM exit would give you $100k for every 1% you own. 3) Decide what the chance is that the startup will fail / go bankrupt / get stuck at a $1MM business with no exit in sight. (According to Allman Law's study, 10% stay in business - and far fewer than that actually exit). 4) Multiply the % chance of success by the likely outcome if successful. Now each 1% of equity is worth $10k. You could get lucky and have it be worth millions, or it could be worth nothing. (With the hypothetical numbers I'm giving here, including the odds, you are working for $10k per 1% equity received if the most likely exit is $10MM and the % chance of failure is 90%.) 5) Come up with a vesting path. Commit to one year, get X equity at the end. If you were salaried, the path would be more like 4 years, but since it's free you deserve instant equity as long as you follow through for a reasonable period of time. 6) Assuming you get agreement in writing from the founders, what amount of $ would you take in exchange for 12 months of free work? Now multiply that by 2 to factor in the fact that the payout would be far down the road, and that there is risk. 7) What percentage share of equity would you need in order to equal that payout on exit? 8) Multiply that number by 2-3x to account for likely dilution over time. 9) If the founders aren't willing to give you that much equity in writing, then it's time to move on! If they are, then decide whether you're willing to take the risk in exchange for potentially big rewards (and of course, potentially empty pockets). It's a fascinating topic with a lot of speculation involved, so if you want to discuss in depth, set up a call with me on Clarity. Hope that helps!RD
-
Whats the best way to find commission sales reps?
This is not my specialty, however, I have been in your position many many times -- maybe this will help. If the product is in-tangible, then look for JV partners on the Internet. Try to find an expert that deals with these JV opportunities (like me). If the product is physical, then look for sales organizations that have networks of sales people across the country. You do the deal with the organization and the independent network of sales people sells your product. It's a sweet setup if you can negotiate a margin that works for everyone. Hope that helps - Cheers - NickNP
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.