I have some crazy non tech non law startup/business ideas which I know are deemed to be successful. There’s no scene that they won’t be successful. I have researched and know everything from operations to supply chain to legalities to marketing and B2B interactions. I know that there’s so much demand for some stuff and the government is giving excessive subsidies to fill this demand up but nobody is really coming forward because these are non conventional form of products/materials/services. Everything’s sorted except I don’t have 3-4 Crs to invest. Or I could take a loan from my family and bank which sounds very risky and there’s too much pressure.
Have you ever done something ballsy in terms of financial risk? What do you explain to yourself if you come from a non businessman family. I hail from a service class absolutely middle class family. Nothing below it and nothing above it. Should I take a law firm job or should I focus on a startup? Is it even worth it. I really don’t know what answers I am expecting since the question is really about my own insecurity and the fear that every middle class kid here will relate to. I do not want to die working for someone else’s name but I also do not have the balls that the person under whose name I’d work under, had at some point of time. Just give me any wisdom you might have. Should I go for it or should I try a law firm job
Im going to tell you something very important. Now, especially now, your risk appetite should be low. The coming months will unravel a lot of potential considerations you should keep in mind logistically, financially and logically (a fellow entrepreneur here). Imo wait at-least till Dec to see how things pan out macro-environmentally and then proceed. Please keep in mind this is solely an opinion buddy. All the best.
Time is the most underrated asset one can have and from what you tell me you have that in abundance. It is better to try and fail than not try at all. You will always come out learning skills that will aid you for the rest of your life. Go for it.
However you must focus on your business plan and not undertake it unless it passes the scrutiny of an independent assessor.
I understand where you are coming from, I don't want to give 16-18 hours/day working days to someone else, no matter how much you earn, it's not worth it if you are giving such input and earning 1/4th or even less of the guy who you work for, and mind you these are the big paydays, when and if you make EP.
That's why I have always considered litigation as a viable option. I come from a privileged enough background to not have any student loans or any financial responsibilities; thus, I can live on peanuts for 4-7 years and still be content with making it on my 8th or 10th year. However, I also know that it's not something I'll always be happy with, few years into litigation, and I'll start looking for something else.
Then comes two pretty chill scenarios when compared to litigation - academia and judiciary, both give decent pay to a fresher, you get enough time to work on things you love and you have a security that if you fail, you have a safety net. I see myself venturing out into commercial education, software development, creative writing and machine learning; however, I will never recommend starting something on a loan, especially when you don't have any security whatsoever to pay for it. I do have such securities but even then I won't; the reason is simple, these are your formative years, don't put all your eggs in a single basket. Venture out, make mistakes, learn and grow. If you take a loan without learning and growing, you are bound to fail because they are the only things that'll teach you.
From what I can understand, you are eager for success, you feel like making it in your early/late twenties. It's not impossible, as many have achieved such things, but they have been striving to achieve such things for like 5-10 years before they got success. Be patient, plan, work accordingly. My parents came from nothing, today they are rich enough to not depend on their kids for their survival and make investments and start business ventures. But they were only able to have such a level of success because they were patient, both with success and money. So I won't tell you that coming from a middle-class family it's impossible to achieve what you want to. Just work towards it, don't let the bigger picture become blurry because of short term benefits and failures, but always have a plan and before that plan have the will to execute.
I'll suggest you reach out and start working for someone who is currently doing what you want to, and branch from thereon out. Take risks, but calculated risks.
Before signing off, I would like to leave one of my favourite lines from one of the books I've read - "those who have accomplished something deemed impossible shall be rewarded much more heavily than those who have achieved something simple." The choice is yours, work hard and never stop believing. See you on the other side. Hopefully.
Have you ever done something ballsy in terms of financial risk? What do you explain to yourself if you come from a non businessman family. I hail from a service class absolutely middle class family. Nothing below it and nothing above it. Should I take a law firm job or should I focus on a startup? Is it even worth it. I really don’t know what answers I am expecting since the question is really about my own insecurity and the fear that every middle class kid here will relate to. I do not want to die working for someone else’s name but I also do not have the balls that the person under whose name I’d work under, had at some point of time. Just give me any wisdom you might have. Should I go for it or should I try a law firm job
However you must focus on your business plan and not undertake it unless it passes the scrutiny of an independent assessor.
That's why I have always considered litigation as a viable option. I come from a privileged enough background to not have any student loans or any financial responsibilities; thus, I can live on peanuts for 4-7 years and still be content with making it on my 8th or 10th year. However, I also know that it's not something I'll always be happy with, few years into litigation, and I'll start looking for something else.
Then comes two pretty chill scenarios when compared to litigation - academia and judiciary, both give decent pay to a fresher, you get enough time to work on things you love and you have a security that if you fail, you have a safety net. I see myself venturing out into commercial education, software development, creative writing and machine learning; however, I will never recommend starting something on a loan, especially when you don't have any security whatsoever to pay for it. I do have such securities but even then I won't; the reason is simple, these are your formative years, don't put all your eggs in a single basket. Venture out, make mistakes, learn and grow. If you take a loan without learning and growing, you are bound to fail because they are the only things that'll teach you.
From what I can understand, you are eager for success, you feel like making it in your early/late twenties. It's not impossible, as many have achieved such things, but they have been striving to achieve such things for like 5-10 years before they got success. Be patient, plan, work accordingly. My parents came from nothing, today they are rich enough to not depend on their kids for their survival and make investments and start business ventures. But they were only able to have such a level of success because they were patient, both with success and money. So I won't tell you that coming from a middle-class family it's impossible to achieve what you want to. Just work towards it, don't let the bigger picture become blurry because of short term benefits and failures, but always have a plan and before that plan have the will to execute.
I'll suggest you reach out and start working for someone who is currently doing what you want to, and branch from thereon out. Take risks, but calculated risks.
Before signing off, I would like to leave one of my favourite lines from one of the books I've read - "those who have accomplished something deemed impossible shall be rewarded much more heavily than those who have achieved something simple." The choice is yours, work hard and never stop believing. See you on the other side. Hopefully.