Emad Ibrahim - Latest Comments in I quit

Re: I quit

Emad Ibrahim — Thu, 27 Mar 2008 16:55:26 -0000

@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.

Re: I quit

bankelele — Tue, 25 Mar 2008 02:57:12 -0000

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

Re: I quit

Barb Hibino — Fri, 21 Mar 2008 17:09:35 -0000

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!

Re: I quit

Jeff Yablon — Fri, 21 Mar 2008 12:35:33 -0000

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

Re: I quit

Jeff Frese — Fri, 21 Mar 2008 12:29:54 -0000

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.

Re: I quit

MDuffy — Fri, 21 Mar 2008 11:29:46 -0000

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.

Re: I quit

NJ_V — Fri, 21 Mar 2008 11:03:03 -0000

LOCO!! but i love it! you know i got your back. cant wait to read more about your ideas.

Re: I quit

sep — Fri, 21 Mar 2008 10:41:43 -0000

don't use your credit cards. take the $$$.

Re: I quit

Laura — Fri, 21 Mar 2008 10:06:54 -0000

mabrook love!!! i wish you all the best of luck and I will always be there for you, it doesn't matter what :) tam

Re: I quit

Fri, 21 Mar 2008 09:37:51 -0000

you are an idiot...starting a business on credit?!?!? you need to google "Dave Ramsey" and get your life straightened out. jeeeez!

Re: I quit

Bill Hogenauer — Fri, 21 Mar 2008 08:50:19 -0000

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!

Re: I quit

brianlash — Fri, 21 Mar 2008 05:42:10 -0000

Whoop, i mean "that's awesome!"

;-)

Re: I quit

brianlash — Fri, 21 Mar 2008 05:41:43 -0000

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.

Re: I quit

Michele — Fri, 21 Mar 2008 05:00:31 -0000

Good luck on your new venture! I'll subscribe to the blog to follow your progress... :)

Re: I quit

Jose Paul Martin — Fri, 21 Mar 2008 04:51:14 -0000

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.... - read the footnotes) to see what I mean.

Re: I quit

Amir Nathoo — Fri, 21 Mar 2008 04:05:56 -0000

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