Starting up on your own, what gave you the push?
Discussion
I was a senior trader at an investment bank up until December. After years of growing resentment at the way our business was being conducted, and the actions of the management team; decided enough was enough and quit. I was slave to the money and bonus, but also the politics that comes with it. I was increasingly uneasy, that for an arbitrage led business, our management team had no plan B and were prepared to crash the ship in to the rocks (arbitrage markets always close eventually you need to know when to get off and find a new one - never get caught holding a smoking grenade).
I had an idea for the business that fit with both my views on productive banking and also regulatory fit. I spent a lot of time trying to make the concept understandable and develop a real revenue strategy (often finance starts up are parochial, high burn and an answer to a question that only exists in the mind of the creator).
I originally thought we would be PE or VC funded, but found a backer gives almost total automony on product and client. I had to give up more equity, but have global access and sales. Shame I can't quite do the whole shorts & flip flops thing, yet; but it's a nice halfway house. My plan is to exit this in 3 years, then to be 100% sell employed but smaller endevour.
I had an idea for the business that fit with both my views on productive banking and also regulatory fit. I spent a lot of time trying to make the concept understandable and develop a real revenue strategy (often finance starts up are parochial, high burn and an answer to a question that only exists in the mind of the creator).
I originally thought we would be PE or VC funded, but found a backer gives almost total automony on product and client. I had to give up more equity, but have global access and sales. Shame I can't quite do the whole shorts & flip flops thing, yet; but it's a nice halfway house. My plan is to exit this in 3 years, then to be 100% sell employed but smaller endevour.
Got turfed out from a freelance gig literally onto the street after our business was closed down and merged with one up the road. Everyone else got enhanced redundancy or six months' pay. I got sweet f**k all.
Decided on the spot that I'd had it with incompetent management and having my future in the hands of others. Spent a very tough year questioning virtually every life choice I'd made in the last 25 years and got to a point where I often couldn't get out of bed to face the world. I was a pretty s
tty time and placed a big strain on those around me.
Somehow however, in the midst of this s**t show I managed to set up a business that has since gone on to be really successful. Our first product sold over 4000 copies (the target was 1000) and our next one is due out in July. Waking up to log in and see how many have sold overnight is my favourite thing. Nothing, and I mean nothing feels as good as making money while you're asleep!
It's not easy and to be honest not everyone's cut out for it. I'm not sure I am really but it's too late now as I'm almost certainly unemployable to anyone else as at the first sign of something not done my way I'd tell them to stick it. I'm not very disciplined and my productivity rate is often very low when I lose interest in a project, something fatal in a one man business. I personally operate better when my back is against the wall. Also you never want to spend money as you live in fear that people will stop buying your products. If I get a couple of lean days it can get a bit tense. I had about four days in a row a month back where in total I sold $5 of product and I was ready to top myself. If you can't cope with these kinds of ups and downs then it's not for you.
But would I change it? No way.
Decided on the spot that I'd had it with incompetent management and having my future in the hands of others. Spent a very tough year questioning virtually every life choice I'd made in the last 25 years and got to a point where I often couldn't get out of bed to face the world. I was a pretty s
tty time and placed a big strain on those around me. Somehow however, in the midst of this s**t show I managed to set up a business that has since gone on to be really successful. Our first product sold over 4000 copies (the target was 1000) and our next one is due out in July. Waking up to log in and see how many have sold overnight is my favourite thing. Nothing, and I mean nothing feels as good as making money while you're asleep!
It's not easy and to be honest not everyone's cut out for it. I'm not sure I am really but it's too late now as I'm almost certainly unemployable to anyone else as at the first sign of something not done my way I'd tell them to stick it. I'm not very disciplined and my productivity rate is often very low when I lose interest in a project, something fatal in a one man business. I personally operate better when my back is against the wall. Also you never want to spend money as you live in fear that people will stop buying your products. If I get a couple of lean days it can get a bit tense. I had about four days in a row a month back where in total I sold $5 of product and I was ready to top myself. If you can't cope with these kinds of ups and downs then it's not for you.
But would I change it? No way.
bennyboydurham said:
Got turfed out from a freelance gig literally onto the street after our business was closed down and merged with one up the road. Everyone else got enhanced redundancy or six months' pay. I got sweet f**k all.
Decided on the spot that I'd had it with incompetent management and having my future in the hands of others. Spent a very tough year questioning virtually every life choice I'd made in the last 25 years and got to a point where I often couldn't get out of bed to face the world. I was a pretty stty time and placed a big strain on those around me.
Somehow however, in the midst of this s**t show I managed to set up a business that has since gone on to be really successful. Our first product sold over 4000 copies (the target was 1000) and our next one is due out in July. Waking up to log in and see how many have sold overnight is my favourite thing. Nothing, and I mean nothing feels as good as making money while you're asleep!
It's not easy and to be honest not everyone's cut out for it. I'm not sure I am really but it's too late now as I'm almost certainly unemployable to anyone else as at the first sign of something not done my way I'd tell them to stick it. I'm not very disciplined and my productivity rate is often very low when I lose interest in a project, something fatal in a one man business. I personally operate better when my back is against the wall. Also you never want to spend money as you live in fear that people will stop buying your products. If I get a couple of lean days it can get a bit tense. I had about four days in a row a month back where in total I sold $5 of product and I was ready to top myself. If you can't cope with these kinds of ups and downs then it's not for you.
But would I change it? No way.
Interesting stuff. Out of interest you say you sell 'copies' and not 'units', what's the product? Good luck! Decided on the spot that I'd had it with incompetent management and having my future in the hands of others. Spent a very tough year questioning virtually every life choice I'd made in the last 25 years and got to a point where I often couldn't get out of bed to face the world. I was a pretty s
tty time and placed a big strain on those around me. Somehow however, in the midst of this s**t show I managed to set up a business that has since gone on to be really successful. Our first product sold over 4000 copies (the target was 1000) and our next one is due out in July. Waking up to log in and see how many have sold overnight is my favourite thing. Nothing, and I mean nothing feels as good as making money while you're asleep!
It's not easy and to be honest not everyone's cut out for it. I'm not sure I am really but it's too late now as I'm almost certainly unemployable to anyone else as at the first sign of something not done my way I'd tell them to stick it. I'm not very disciplined and my productivity rate is often very low when I lose interest in a project, something fatal in a one man business. I personally operate better when my back is against the wall. Also you never want to spend money as you live in fear that people will stop buying your products. If I get a couple of lean days it can get a bit tense. I had about four days in a row a month back where in total I sold $5 of product and I was ready to top myself. If you can't cope with these kinds of ups and downs then it's not for you.
But would I change it? No way.
At a similar point now.
Realised that I'm just not cut out to be a PAYE employee. I left the relatively interesting and enjoyable world of directing television to retrain as a lawyer. Enjoy many elements of it (mainly the thinking etc) - but not really a fan of the politics, the way the industry works etc.
Digging escape tunnel at the moment.
Oddly, I had started a couple of ventures in my late 20s/30s (in tv post production and a car magazine) - but now seem to be suffering 'paralysis by analysis' - doing too much planning/thinking and not enough "just getting on with it".
Realised that I'm just not cut out to be a PAYE employee. I left the relatively interesting and enjoyable world of directing television to retrain as a lawyer. Enjoy many elements of it (mainly the thinking etc) - but not really a fan of the politics, the way the industry works etc.
Digging escape tunnel at the moment.
Oddly, I had started a couple of ventures in my late 20s/30s (in tv post production and a car magazine) - but now seem to be suffering 'paralysis by analysis' - doing too much planning/thinking and not enough "just getting on with it".
Edited by johnfm on Wednesday 11th May 11:08
extraT said:
Interesting stuff. Out of interest you say you sell 'copies' and not 'units', what's the product? Good luck!
Thanks! We sell something rather unusual: www.airline2sim.comjohnfm said:
At a similar point now.
Realised that I'm just not cut out to be a PAYE employee. I left the relatively interesting and enjoyable world of directing television to retrain as a lawyer. Enjoy many elements of it (mainly the thinking etc) - but not really a fan of the politics, the way the industry works etc.
Digging escape tunnel at the moment.
Oddly, I had started a couple of ventures in my late 20s/30s (in tv post production and a car magazine) - but now seem to be suffering 'paralysis by analysis' - doing too much planning/thinking and not enough "just getting on with it".
Have you read "the lean start up" out of interest? Realised that I'm just not cut out to be a PAYE employee. I left the relatively interesting and enjoyable world of directing television to retrain as a lawyer. Enjoy many elements of it (mainly the thinking etc) - but not really a fan of the politics, the way the industry works etc.
Digging escape tunnel at the moment.
Oddly, I had started a couple of ventures in my late 20s/30s (in tv post production and a car magazine) - but now seem to be suffering 'paralysis by analysis' - doing too much planning/thinking and not enough "just getting on with it".
Edited by johnfm on Wednesday 11th May 11:08
I think a very large proportion of lawyers are either digging an escape tunnel, or would dearly love to but don't know where to start.
Foul Bob said:
What was your motivation?
Was it particularly risky, I.e. Did you have a lot to lose?
Was there a final straw which gave you that push that you needed to get things moving?
Did it work out? Was it to do with the skills you gained through work, or something totally different?
Hi there.Was it particularly risky, I.e. Did you have a lot to lose?
Was there a final straw which gave you that push that you needed to get things moving?
Did it work out? Was it to do with the skills you gained through work, or something totally different?
I've been running my own company for just under 2 years now so fairly fresh to it.
So far so good.
In terms of risk - hell yeah, had a lot to lose. My wife wasn't working back then (and isn't now) - we are foster carers so her earnings are minimal as it's not a huge payer (we're talking less than £600 a month!) so had plenty to lose. Managed to line up work before I left my last job though and not had an unexpected day off since!
I'd been considering it a while - but for me the big push was the commutes I'd been doing. I moved to my last employer and did a 13 mile/25 min commute every day for 6 months which was fine, and then all of a sudden they closed the office and moved me to a 40 mile/1 hr 30+ commute every day. I hacked it for 2 years and then they started to send me on a 120 mile/2hrs 30-3hr commute twice a week. I realised that there didn't really seem too much loyalty in the firms I'd worked for, on both sides I suppose, but the increased commute, with lack of promotions/payrises etc, tipped me to the point of giving it a whirl.
Pleased to say I've never looked back!
Shnozz said:
Have you read "the lean start up" out of interest?
I think a very large proportion of lawyers are either digging an escape tunnel, or would dearly love to but don't know where to start.
I will have a look.I think a very large proportion of lawyers are either digging an escape tunnel, or would dearly love to but don't know where to start.
I have a good idea of what needs doing - but just 'fumbling' about taking the leap.
Not helped by lots of general experience in a few areas and a genuine interest in many of them - so I struggle to pinpoint and focus what to actually do. I am 4-5 weeks from a response on a project. If that is postive, I'll be doing that. If not, will look at other options.
Key for me is to not sell my time, but to sell services or things where the value of the thing is not related to my hourly input.
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