How do people survive financially after quitting their job and pursuing the entrepreneur route of a startup?


I've done it twice. Both times I went into massive personal credit card debt (US $50,000 and US $70,000). Both times the company I founded eventually raised investment capital, and things worked out. Here are the few pieces I've learned about surviving as a bootstrapped entrepreneur after quitting my job:

1. If You Aren't 100% Sure, Don't Even Try to Survive Financially. Get Your Job Back.

Being an entrepreneur is painful... and not the romanticized pain that ends in two hours and gets packaged like a Disney Special. It's a dull, lingering, financially disastrous pain that is only worth it if there is absolutely nothing else you can see yourself doing. If it isn't that black and white for you, get your job back. Now.

2. Plan for At Least 2 Years of Financial Suicide. That's a Bare Minimum.

Most entrepreneurs begin their entrepreneurial journeys with rosy forecasts. If they can just do these four things, well heck, they'll be the next Facebook or at least Instagram. That's the fairy tale anyway. The reality is you'll be probably trudging through financial quicksand for years. So plan for it!

3. Find a Cofounder As Wildly Passionate As You Are. Ideally a Rich One.

When you're lost and alone in the desert with no directions for how to find water... it is easy to let the hallucinations and ramen-inducing vitamin deficiencies take hold. But when you have a cofounder, an advocate, a best friend who needs it as much as you do... that person can keep you sane. If the person is rich, he or she can also take you out to dinner every now and then!

4. It Doesn't Matter if You Once Lived Like a King. You Are Now a Pauper.

Before I took the social entrepreneurial plunge, I was making easy money, driving a nice Mercedes, staying at 4-star New York City hotels, and enjoying life. It took me a few months to realize I was a pauper when I started my first business. The result: I used what could have been 3 years of savings in 5 months. Don't be as stupid as me.

5. If You Hit Zero, Credit Cards Can Be Your Best Friend. But BEWARE.

The only thing scarier for an entrepreneur than losing money every month is losing money you don't have every month. But this is part of the financial suicide referenced earlier. When you've hit zero, 0% interest credit cards (readily available in the US for first 12 months if you have good credit) are your best friend.

** Use with caution: If you aren't idiotically sure things will work out, return to step 1. Ask for your job back.

6. (Final Financial Survival Step): Work On Your Mental Game. It's the Most Valuable Asset You Have. It's More Important Than Money.

Entrepreneurship is oftentimes a war of attrition. Those who can take the most pain and stay in the game the longest are oftentimes the victors (if they are smart and adjusting all the time). The key to staying in the game isn't money. It is knowing the truth about yourself and your team: you are immensely capable and resourceful, and you will find a way. After all, there is no other option!

Source: https://www.quora.com/How-do-people-survive-financially-after-quitting-their-job-and-pursuing-the-entrepreneur-route-of-a-startup


Neteller here: www..com.ng

If you ask me who will I ask?

Y

this is 2017 there are lots of ways to make money even after losing your job. eg on fiverr, fiverr even pays and reward hardwork better. don't even wait to lose your job, all you need is a skill you can do digital jobs like video editing, animation,writing, graphics design , etc. for the lazy ones who would say I have no skill you can simply resell this services. am a video animator on fiverr God know how much I make monthly. apart from fiverr there are thousand of ways to make good money, so instead of crying after losing your job, brain storm. I love hardworking people no excuse in 2017 to be poor.

Play Whitney Houston's "How Do I Live..."

Alcohol will be their best friend for the main time.

This is the hardest part of being a salary earner.
Loosing your job is difficult especially when you are a married person with responsibilities.

It should however not make us give up. Its not the end of life.
People lose their jobs everyday.
Keep applying jobs you are qualified for and also try business.

Here is a list of business you can do if unemployed:
http://www.hrtechnique.com/2016/06/list-of-simple-businesses-you-can-do-if.html

Remember to also network with old and new friends.
More importantly, pray.

Ok

Excellent early morning tonic. I however disagree with the heading/topic, it should have been like "How to stay focus becoming an entrepreneur because the post does not really have anything to do with losing your job. Most claimed Nigerian entrepreneurs are actually good traders or call them senior traders.

Seen

It's the worst moment of life

Atmmachine:

This would be very useful to Osibanjo because he will lose his job very soon

I am not sure you read this, your flat-head could have been aching. Your comment was totally childish, naive and stvpid to say the least. I concur by concluding that the flatness of head is synonymous with stvpidity

The Flat-headians has invaded this thread.


mtcheewwwww


*spits and walks out of thread*

divicoded:


I am not sure you read this, your flat-head could have been aching. Your comment was totally childish, naive and stvpid to say yhr least. I concur by concluding that the flatness of head is synonymous with stvpidity

But i don't eat Amala and Ewedu

There are real opportunities everywhere. Ppl making money everywhere. Information just rarely pass round enough.

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this write seems written by someone from the moon, with no human reality or earthly economic dealing
the write up is so abstract and vague
it doesn't even apply to the Nigerian situation or economic style
please go rewrite with something more applicable to Nigerians

I expected to see a localised version of this Interesting Topic...

How I wished one Naija Entreprenuer would blog on this...

Doesn't apply in Nigeria

Do we have credit cards in naija?

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Love it. The problem with being an entrepreneur is the pre fixed notion that things will eventually work out, and as difficult as that might seem for most people it is still a romanticized vision.

Being an entrepreneur is really a do or die affair. Many have killed themselves because of failure and finding themselves pennyless.

I wouldnt consider opening a shop as entrepreneurial because it is far too traditional and fixed. Id rather work than open a shop because the stress of working is less and income is predictable. Shops can provide supplementary income while entrepreneurship provides for all your lifes needs. shop here means selling common goods.

Nigerians venturing into entrepreneurship should know it is not a form of escapism from poverty or something you do while youre looking for a job. It is a life span's journey of more downs than ups. But sometimes those up's make all the downs insignificant, sometimes they dont.

If you are an entrepreneur you'd see the signs very early in life. It would not come to you as a consequence of losing a job or an alternative to making ends meet.

Atmmachine:


But i don't eat Amala and Ewedu

I though thought could still be helped, you just proved me wrong by indicating your case is beyond redemption
Enjoy your f00lishness and stvpidity

Not suitable for countries like Nigeria

Atmmachine:


But i don't eat Amala and Ewedu

. But the fufu and ogbono you eat is even more dangerous and scarier and capable of making one go insane and dumb just like you have displayed in your tribalistic comment.

They survive by blaming Jonathan and Buhari

softboiy:
this is 2017 there are lots of ways to make money even after losing your job. eg on fiverr, fiverr even pays and reward hardwork better. don't even wait to lose your job, all you need is a skill you can do digital jobs like video editing, animation,writing, graphics design , etc. for the lazy ones who would say I have no skill you can simply resell this services. am a video animator on fiverr God know how much I make monthly. apart from fiverr there are thousand of ways to make good money, so instead of crying after losing your job, brain storm. I love hardworking people no excuse in 2017 to be poor.

pls bro can u teach how to do one of those u mentioned cos am tired of running up and down just to please my bosses who cant be pleased. Pls reply me

Hello Nairalanders , Am a student and I need a help of 20k....Please anyone who can help should contact me
Lawal4095@yahoo.com

We don't use credit card here in Naija..

Na oyinbo way of surviving be this