Voices » David Silverman » To Quit or Not to Quit?
7:03 AM Thursday May 29, 2008
This blog chronicles the trials and tribulations of three longtime friends who are trying to start an Internet music company called Jamseed. All three have day jobs, all have failed in the past with new ventures, and all hope that this company will bring them entrepreneurial redemption.
The partners in this venture are Jack (52), Rich (40), and David (40). Start-Up Diaries chronicles their experiences from David's point of view.
Jamseed is for musicians who have fans, but not enough exposure to get a record deal. The idea is to combine online social networks with the ageless music-business activity of "passing the hat." Consumers can buy music directly from the site but also demonstrate their support for the bands' development efforts in other ways (including "giving gifts"). Fans receive recognition for this support with both virtual (listing online) and real (VIP passes, etc.) rewards. It is, the founders' hope, a new model for emerging performers -- one that is not tied to the cumbersome structures and royalty models that have lost relevance in the online world. As record stores close and major labels try to sue 12-year olds to stop file sharing, hundreds of new ventures are starting to solve the problem. It's a big dream, but Jamseed hopes to directly tie the consumer's enthusiasm for the artist's work the compensation an artist receives. (Consider Radiohead's much publicized decision to allow fans to pay whatever they wanted for the band's last release as a part of this model as well.)
Jack had the original idea for Jamseed, Rich helps with financial and operational advice, and David is trying to put it all together with the help of a shifting gang of programmers, PR folks, music industry pros, potential investors, and college students. Jack had the idea in 1998, but development of an alpha version began in earnest in 2008.
Recently I quit my big company job (let's call it World Wide Wicket) to focus 100% on Jamseed, my Internet startup. I should be my own boss, right? After all, I turn 41 this year. So when am I going to live the dream if not now?
When I put my World Wide laptop away in a closet, it felt like release from prison. It wasn't just the fall off in meetings whose sole purpose seemed to be reviewing PowerPoint decks. It was the little things that the corporate world burdens us all with. Oh, the joy of not having to enter a password to get past the screen-saver lockout! And with nothing else to distract me--or pay me--I found myself working away in a frenzy to get the business plan written and screen shots developed.
A little more than two weeks later, I was back at World Wide. Here's why:
1. World Wide asked me (very nice of them)
2. There just wasn't too much I could do on the startup at this early stage. What I hadn't realized was that if I kept working on the specifications, the programmer would never be able to get started. So once he started coding, I had little to do but wait for him.
3. I realized I could do the day job and still spend time at night on the startup
4. The thought of paying a programmer several thousand dollars to build the alpha site felt much less painful with a regular paycheck coming in.
5. If we are in a recession, what am I doing quitting a job?
Will I be able to give the startup the vigor it needs? After all, fear does motivate. On the other side, am I going to get myself fired from World Wide due to the startup distraction? There's not much point hedging my bets if it's just going to mess up both my day and night jobs. And, on the personal front, if my fiancée does get pregnant as we're hoping, I'm going to need that reliable paycheck, right?
Or, am I just over-thinking what is, in reality, not a decision at all (as it so often is in life). I don't know.
What I do know is this: during one of my reviews at World Wide, I was asked the standard corporate question, "Where do you want to be in five years?" I said, "I don't know what the future holds. So I've never been very good at planning my next steps--as you can see from my resume. I value what's here and now and having the best possible experience and people to work with to the best of my ability."
As goofy as that sounds, I meant it. And maybe it's time I listen to myself. Maybe there's nothing wrong with taking a good job while betting my (limited) free resources and time on a lucky spin of the wheel.
What do you think? Is bootstrapping the right method for starting up, or do successful companies require 100% commitment from the beginning?
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David Silverman is the author of Typo: The Last American Typesetter or How I Made and Lost 4 Million Dollars (Soft Skull Press, 2007). He has worked at brand-new start-ups, Fortune 500 companies, and a few places in between. A business writing teacher, he grapples with the way we use words at work—to make it easier for the rest of us. If you have questions about how to manage a problem at work related to communication, please contact David at dsilverman [at] harvardbusiness [dot] org.
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Comments
Sounds familiar...41 years old, mother of a 5-month old, have resigned my job of 11 years in corporate America (tomorrow is my last day) to pursue my dream to start my own company.
I am happy I will now have more time for my start-up. I was able to do the endless nights and the day job for a couple of months, but I am glad I can now focus my efforts in my future. Do not regret having resigned in spite of not having the big paycheck any more..it's now or never!.
- Posted by Eva
June 1, 2008 8:15 PM
BUT friends business is to reduce risks and not to invite risks y would u leave ur job wen u are not yet ready to take off with the company i odnt mean we shuld not take risks u shuld always be in a position to take risk but with a backup its my thinking and we all know that no one in the world has a common way to do business its all on how u see the oppurtunity and deal with it. the best way to get it going is even if u fail dont let ur mind know that u have failed let ur heart deal with it and let ur mind think of sucess
- Posted by JIMMY
June 5, 2008 1:01 PM
After 10 years in my corporate job working in the west coast office if a a major ny brand, i took a buy out (8 months salary)when offered. Although I was unhappy and feeling like I would never reach my potential as a human being, I also left because I saw how the landscape had changed and how 28 year olds willing to work 60 hours a week and make half as much salary, were knocking on the door.
I am 52 and have started a niche vertical internet company. I put savings, credit lines, credit cards totaling $128,000. I have had the company for a few months now. I need funding and am working feverishly on finding angel investors and trying to make some adveritsing sales. our uniques are growing..and it is slow. it takes time iam told. do i have the 12 months start up capital. No.
So here's the deal..I wake up 3:00pm in fear, find my mind drifting towards checking out other possible company jobs, BUT at the end of the day its feels that what I have done is authentic and takes balls. AUTHENTIC to my core belief that if I do not do this, I will be comfortably miserable for the rest of my life AND always be jealous of people that say things like "I can't believe I get paid to do this!". They LOVE what they do. How annoying. Well, if I fail, let me say that I experienced the DIGNITY OF FAILURE.
Hopefully, I will be quite successful.....Steven
- Posted by steven
June 10, 2008 12:07 AM
Good question- Quit or not to Quit.
It is always a big question for one, to make that call.
It is good to concentrate 100% on one's new venture, but at what cost. Does one have the luxury to sit tight, to see the benefits not really in short near future.
Does it help one to bootstrap and do what one loves at the comfort of day job. Its difficult, head and soul work opp directions, unless you are doing directly competing venture where one works.
I think it is balance of the 2. But, whether we bootstrap or dedicate fully for the venture, one needs 100% commitment and dedication- certain amount of hrs everyday religiously, even heavens fall down. You need comfort, that you can eat at the end of the day, so have a dayjob - unless ofcourse you have fat bank balance or venture capitalist backing.
2cents from me.
- Posted by CDake
June 10, 2008 5:02 AM
The beauty of the article is that it is "package" as a Gordian knot. Only a very keen mind does that and it's not usually done. Because within a specific context very familiar to a keen mind, decisiveness and simplicity of delivery is deemed best. So when a Gordian knot is presented by such a keen mind, it was conceived from a position of kindness and true compassion.
Only one who has slashed through a Gordian knot before can recreate a Gordian knot now. True kindness and compassion has many faces - playfulness of a brother, the strict reprimand or candor of a kind coach/father, the protectiveness of a mother, the encouragement of brothers, the respectful neutrality of caring family friends - whatever its face is, such compassion and kindness will, as a matter of course, shine through. "One may call a jewel, a rock - but it will still be a jewel - Nichiren."
And it is felt deeply. Heartwarmingly. You have a great community here. Its true strength lies not on the requisite variety of its creative talents (because that can duplicated or surpassed), but on the inherent neutrality of academic institutions vis-à-vis commercial interest's vis-à-vis concerns for humanity. Don't worry David, I will find a way to come home to my hometown in Davao and join my family there living a simpler private life. All the steaks I've wanted to eat, I have partaken. I'm the only "steak" that my family hasn't eaten much.
One thing I know for sure, this academic community of yours in tandem with the others, can not only neutralize the Klingons, it has the compassionate collective wisdom to convert even those hardened Remullans into allies and rescue that ship we call humanity. I have faith in that, especially when I saw the emergence of the Gordian Knot and other great articles. Wherever I will be, I will not stop blogging. It is my humble share of the responsibility and stewardship of serving humanity.
Take care and warmest regards to the entire community and family. Just holler. I'll be there.
- Posted by Emmanuel Matuco
June 28, 2009 8:33 PM