The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

INTRO I am quitting my 9-5 this week. I am scared.

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

OP
OP
L

levelupinnovator

Contributor
Jul 20, 2020
30
56
97
Dallas, TX
Hopefully you were able to calculate your runrate correctly. I used the app financeguru to find out that there were so many additional expenses (yearly e.g car insurance) that killed my runrate.

On the other hand just consider that it is really painful to slowly witness how your hard earned saving are dissapearing slowly month by month. I also had unexpected costs and had to blow 12k in one month to my project; that really hurts. Seeing how your savings go down are really demotivating and cause a lot of stress. Its good you have savings but I would still advise a part time job strongly. (it can also only be 25%)
This is reasonable. After having a few days to think about it and check my runrate, I think I would be ok for a couple of months, but maybe I need to save a little more. Ha car insurance and health insurance definitely make it hard to leave my job. If I do leave, I am getting a part time job. I turned in my resignation, but my supervisor wanted to give me an offer that they are going to formulate and give me to keep me there.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Ing

Silver Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Jun 8, 2019
523
502
187
54
Bavaria
Cant you negotiate to get freedom and ownership at your thoughts? And are allowed to do sthing beneeth the job?
Your situation seems to be quite strong at the moment
 

GatsbyMag

Bronze Contributor
Speedway Pass
Jun 20, 2016
170
291
174
If you weren't so talented at engineering, I'd advise you to stay at your job.

But your talent and hard work has given you many options to consider, so even if you fail at one path, it seems you can easily find a new job. People are always in need of great engineers such as yourself, your profession is all about creating solutions.

I'm sure you'll be fine, instill confidence in your wife and share your dream with her, it's important to have people in your life to at least understand where you're coming from, can't have close family turning upon you when you're already facing outside friction.
 

Knugs

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Jan 10, 2016
200
321
177
29
This is reasonable. After having a few days to think about it and check my runrate, I think I would be ok for a couple of months, but maybe I need to save a little more. Ha car insurance and health insurance definitely make it hard to leave my job. If I do leave, I am getting a part time job. I turned in my resignation, but my supervisor wanted to give me an offer that they are going to formulate and give me to keep me there.
I only realised later down the line that you also need to include the period between "business bust" and "starting job" as for most highly qualified jobs it will take a few months to go from finding a job, interviewing, contract and starting date. In my industry its quite normal that the process takes 2-4 months. And then you only get paid by the end of the first working month. All of this you have to take into consideration with your runrate. If you quit your job now how long would it take you to get the first pay check from the next job?
Someone might say that you can crossover those periods but to be honest: if entrepreneurship doesnt work out and you start thinking about looking for a job, the business is bust anyway. Especially when savings are almost depleted.

Sometimes the real negotiation starts with handing in the resignation. Then suddenly employers start to question why and start listening to the concerns. As long as we are just "beneath" the superiors and have to do as we are told, they can continue to ignore our complaints. Once you remove the power from the bosses such as you handing in your resignation, they lose the power over you. As now you are about to leave the company by the defined time in the contract. At the end of the day losing an employee is extremely annoying, expensive (recruitment cost/opportunistic cost) and has bad consequences on multiple levels. Especially when the emloyee is talented and highly skilled it will take them time to find somebody else. Its the classic "you dont value what you have until you lost it" moment. Even though you are an integral part of the companies success they will shit on you.

I suppose what we can safely say is that they did not expect your resignation and really want you to stay. Typically they will offer you a better salary (the fear is they are not competetively paying their employees and lose them to competitors). You might be succesful getting a raise and get the contractual stipulation removed from "insert date". Or they might start to become interested what ideas you have and might even voice an interest in supporting you on them (e.g allowing so much time during working hours focused on other projects/royalties). I suppose that largely depends on the company though. I dont think they will let you go into part time and if they do they will use the time to find your replacement.
 
OP
OP
L

levelupinnovator

Contributor
Jul 20, 2020
30
56
97
Dallas, TX
I only realised later down the line that you also need to include the period between "business bust" and "starting job" as for most highly qualified jobs it will take a few months to go from finding a job, interviewing, contract and starting date. In my industry its quite normal that the process takes 2-4 months. And then you only get paid by the end of the first working month. All of this you have to take into consideration with your runrate. If you quit your job now how long would it take you to get the first pay check from the next job?
Someone might say that you can crossover those periods but to be honest: if entrepreneurship doesnt work out and you start thinking about looking for a job, the business is bust anyway. Especially when savings are almost depleted.

Sometimes the real negotiation starts with handing in the resignation. Then suddenly employers start to question why and start listening to the concerns. As long as we are just "beneath" the superiors and have to do as we are told, they can continue to ignore our complaints. Once you remove the power from the bosses such as you handing in your resignation, they lose the power over you. As now you are about to leave the company by the defined time in the contract. At the end of the day losing an employee is extremely annoying, expensive (recruitment cost/opportunistic cost) and has bad consequences on multiple levels. Especially when the emloyee is talented and highly skilled it will take them time to find somebody else. Its the classic "you dont value what you have until you lost it" moment. Even though you are an integral part of the companies success they will shit on you.

I suppose what we can safely say is that they did not expect your resignation and really want you to stay. Typically they will offer you a better salary (the fear is they are not competetively paying their employees and lose them to competitors). You might be succesful getting a raise and get the contractual stipulation removed from "insert date". Or they might start to become interested what ideas you have and might even voice an interest in supporting you on them (e.g allowing so much time during working hours focused on other projects/royalties). I suppose that largely depends on the company though. I dont think they will let you go into part time and if they do they will use the time to find your replacement.
I will let you know the outcome. I am well rested & very relieved at the moment because for the first time I am in the position of power. It seems like that this could lead to a negotiation to higher pay. Which I may take. And then maybe increase how much money I have saved to set how long I could last without a job.

I also talked to them about the employement agreement, and they gave me a way to go around it. A loophole. So I am going to do that in the meantime.
Basically, create a business, then run it through the Conflict of Interest review board (takes months apparently) and have firewalls of what I can create and what I cannot do.


To me, I have been gaining a lot of clients that keep increasing my potential to leave my job. I have 2-3 projects that are all scalable and serve large markets. My clients are giving me 20% of the deal and I even have one that is 50%. I am just trying to get things in order so eventually I can make my escape. I think stopping a not getting pushed around was the right thing to do.
Even if it made me lose a ton of sleep and go through some anxiety ha!
 
OP
OP
L

levelupinnovator

Contributor
Jul 20, 2020
30
56
97
Dallas, TX
This is reasonable. After having a few days to think about it and check my runrate, I think I would be ok for a couple of months, but maybe I need to save a little more. Ha car insurance and health insurance definitely make it hard to leave my job. If I do leave, I am getting a part time job. I turned in my resignation, but my supervisor wanted to give me an offer that they are going to formulate and give me to keep me there.
I got an offer of 10 K more added to my salary. I went ahead and took it for now.... I am happy for the opportunity to received like 5k more a year after taxes but still am not sure if this at all enough to keep me there much longer.

Thanks for your thoughts and support. My next move will be to leave indefinitely. As I am learning, there is no way to easily jump off. I am continuing my nightly grind and weekend grind as well. I love mornings, evenings and weekends because I can do what I really want. This is hard but definitely one of the most fulfilling missions to have.

Thanks for listening.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Here to revive this thread and to convince anyone who is hesitant to sign up. The short version...
  • Sticky
MARKETPLACE Fox's Web Design Guide: Earn $100K this year (Yes, 2020!) and Go Fastlane
How do I sell to a different country with an accent? And a foreign number. Cold e-mails don't...
  • Sticky
MARKETPLACE Kill Bigger Incubator
Hey @Cruiser I just shot you a reply! Amazing product BTW!
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Well, we made it halfway through the year. Don't know what the rest'll bring, but it's gonna be...
  • Sticky
FEATURED! Introducing... WEALTH EXPO$ED, A Short Story By MJ DeMarco
Not really a teaser but it does employ a fictional story, so that is similiar. This upcoming...



Forum Sponsor

sponsor

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

More Intros...

Top Bottom