I'd love to have a full-time job to support myself while I build my music startup, but most of my potential employers in the area know that I am working on my own company as well. I completed a code bootcamp last year and have loved learning and becoming a better developer over the last year, so I'd love to work somewhere that I can continue learning, but I am also committed to taking a proper swing with my own startup. Do I look for jobs and let potential employers know I am working on my own startup? Perhaps shop for a short term contract? Or should I just try to find some investment and go full tilt at my startup? I have access to enough funding to get our MVP built so that I can demo and pitch potential investors. I am nearing the bottom of my savings, but don't have a family to support. I don't mind living on the bare minimum for a bit while I build this thing.
Wow, lots of questions here. Let me try to hit them in order:
"Should I get a job or find investors?"
IF you have access to enough investor capital (not debt and not your savings) and you can get to MVP and still maintain ownership of a sizable majority of the business then do it.
IF that means debt financing then only use the debt lines the cost of which can be carried by returns generated by the use of funds.
I would prefer to offer a convertible note to prospective investors that can be easily extended throughout both friends and family and seed rounds (up to $2M to $3M) to get to proof in the market.
If you can get to revenue and earnings fast enough then you can avoid equity dilution all together.
IF you cannot secure that find of funding AND you cannot produce enough revenue from your business to deliver sufficient earnings for you to live on, then by all means, you should find a way to make the money you need and not burn all your savings or mortgage your home
If that means short term contract work that's great. Particularly if you can find log term work that is relevant to the business you're building.
If that means taking a job then do that. IF you do that, then yes, be transparent with your employer and let them know you're working on your own business also.
Hope this helps....
Answered 10 years ago
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