Congratulations! And thanks for sharing the experience.
I left my job at IBM last year and remember the same feeling. What tipped me over the edge was also the realisation that the time is never right and sometimes you just need to act without thinking too much.
More than half a year later, with success still far from assured, I can say for certain that it was one of the best decisions I ever made.
Good luck, and keep us updated :-)
Amir Nathoo WebMynd
Jose Paul Martin
· 1 year ago
Hi Emad, came across your post just now. Free Advice (usually given free but has a lot of value): DON'T USE YOUR CREDIT CARD TO START A BUSINESS. Basic business logic if you do the maths.... don't just take it from me, read other startup founders like Paul Graham (http://paulgraham.com/boss.html - read the footnotes) to see what I mean.
Michele
· 1 year ago
Good luck on your new venture! I'll subscribe to the blog to follow your progress... :)
brianlash
· 1 year ago
Thanks's awesome... do it up!
My only advisement: easy with the credit cards. I made a big bet on a business when I was younger and the thing flopped. Wouldn't have been a big deal with any other financing vehicle (e.g., money from FF&F), but it turned into a nightmare I've since lived to regret. It was a learning experience, but I don't know that I'm better for it.
brianlash
· 1 year ago
Whoop, i mean "that's awesome!"
;-)
Bill Hogenauer
· 1 year ago
From one entrepreneur to another:
You are not stupid, and there is no longer a reasonable definition for crazy, so I'll avoid using that. Four years ago I had a three year old and a new baby, and had $37 left in my checking account. I moved my family and bought a half-million dollar home on a no-doc fixed rate loan just knowing that I would make it through. There were times I longed for the paycheck, but I NEVER longed for the job back. Things are fine now, and will be the same for you.
You are: intelligent, in tune with your market, hard working, driven, and loyal. All that being said, your chances for success are very good.
And, all that being said, credit card companies could care less about WHO you are and WHAT you do with the money. They just want it back (with substantial interest and late payment penalties.) They will take it back at all costs. They have ZERO compassion and ZERO conscience. I have never faced the wrath of a credit card company, but I know those who have. Avoid credit card debt like the plague. Leverage yourself in other ways and find some angel investors who feel the same way about you that I do.
Good luck - I'll be watching closely!
b
· 1 year ago
you are an idiot...starting a business on credit?!?!? you need to google "Dave Ramsey" and get your life straightened out. jeeeez!
Laura
· 1 year ago
mabrook love!!! i wish you all the best of luck and I will always be there for you, it doesn't matter what :) tam
sep
· 1 year ago
don't use your credit cards. take the $$$.
NJ_V
· 1 year ago
LOCO!! but i love it! you know i got your back. cant wait to read more about your ideas.
MDuffy
· 1 year ago
I was in the same boat. I liked my job and the company I worked for but I was about to be homeless. So I quit. I figured if I was going to have to sleep in the streets at least I would not have to go to work in the morning. I started running my company and have been happy for doing so. When you are rich you wont need to worry about the credit card bills.
Jeff Frese
· 1 year ago
Good for you and best of luck. I think you made the right decision. Use the credit cards only if you have to. Paying anywhere from 10%-30% interest is not a good idea. Raise the friends and family round as a convertible note that converts into equity at a 20% discount into the next round.
Jeff Yablon
· 1 year ago
The response are split, eh? You're brilliant, you're an idiot. Maybe you're a brilliant idiot!
I vote brilliant, probably. If you need some extra work, reach out . . .
Jeff Yablon President & CEO PC-VIP Inc/Virtual VIP Virtual VIP
Barb Hibino
· 1 year ago
I quit, too!
I'm financing using 0% interest credit cards to get free cash. But I'm making sure to make the minimum payments on time and plan to pay off the credit cards so I don't get dinged.
I left a great job at Oracle - but no regrets. Keep us posted on your adventure!
bankelele
· 1 year ago
Best wishes in your plunge.
Like you I also hope to break the cord of employement and pursue my ventures in a shrinking economy full time. I'll keep track of your progress
Emad Ibrahim
· 1 year ago
@All: Thank you all for your support, advice, words of wisdom. It has been a huge encouragement. It has only been a few days, but I already feel better and very optimistic.
All Comments
I left my job at IBM last year and remember the same feeling. What tipped me over the edge was also the realisation that the time is never right and sometimes you just need to act without thinking too much.
More than half a year later, with success still far from assured, I can say for certain that it was one of the best decisions I ever made.
Good luck, and keep us updated :-)
Amir Nathoo
WebMynd
My only advisement: easy with the credit cards. I made a big bet on a business when I was younger and the thing flopped. Wouldn't have been a big deal with any other financing vehicle (e.g., money from FF&F), but it turned into a nightmare I've since lived to regret. It was a learning experience, but I don't know that I'm better for it.
;-)
You are not stupid, and there is no longer a reasonable definition for crazy, so I'll avoid using that. Four years ago I had a three year old and a new baby, and had $37 left in my checking account. I moved my family and bought a half-million dollar home on a no-doc fixed rate loan just knowing that I would make it through. There were times I longed for the paycheck, but I NEVER longed for the job back. Things are fine now, and will be the same for you.
You are: intelligent, in tune with your market, hard working, driven, and loyal. All that being said, your chances for success are very good.
And, all that being said, credit card companies could care less about WHO you are and WHAT you do with the money. They just want it back (with substantial interest and late payment penalties.) They will take it back at all costs. They have ZERO compassion and ZERO conscience. I have never faced the wrath of a credit card company, but I know those who have. Avoid credit card debt like the plague. Leverage yourself in other ways and find some angel investors who feel the same way about you that I do.
Good luck - I'll be watching closely!
I vote brilliant, probably. If you need some extra work, reach out . . .
Jeff Yablon
President & CEO
PC-VIP Inc/Virtual VIP
Virtual VIP
I'm financing using 0% interest credit cards to get free cash. But I'm making sure to make the minimum payments on time and plan to pay off the credit cards so I don't get dinged.
I left a great job at Oracle - but no regrets. Keep us posted on your adventure!
Like you I also hope to break the cord of employement and pursue my ventures in a shrinking economy full time. I'll keep track of your progress