Hi guys,
I am committed to switching to the fast lane, already have the idea and I am on track with the execution but a decision I made in the recent past is preventing me from taking action now and I need to make a crucial decision and would like to hear some opinions and advice.
Long story short I am currently in a high paying job in which I received a sustantial signing bonus that comes with the condition that I should stay in the company for at least 18 months. If I decide to resign before then, I would have to pay them back the whole amount (not only the part I received, that was around half after taxes) plus interest. I started last July, so the end of "my sentence" would be mid January.
First advice I would like to ask if is someone has been in a similar situation and quit his/her job and negotiated this retaining bonus. I imagine that, if I decide to resign, I could negotiate paying a lower amount, hearing any experience about that would be extremely helpful.
So option 1 would mean quiting now and buying my freedom to start right away. The downside of that would be that I had to spend almost all the savings that I had for my business.
Option 2 would be waiting until my sentence finishes and then start my business with a very good balance sheet. The downside of that is obviously delaying my dream and having to spend more time in this job instead of pursuing my venture.
More context:
I have always been an aspirational fast-laner (admired entrepreneurs and always dreamt of becoming one someday) but an actual slow-laner. Graduated undergrad with good grades, went to work to top companies and came to the US to study an MBA with the intention to keep climbing the corporate ladder.
Interestingly enough, it was during the MBA where all my entrepreneurial aspirations finally awoke and where I met my business partners. I had the opportunity to launch a business during the MBA and I decided to take acton and seized it and it was the best decision I ever made.
I launched a venture during these two years and I must say that I learnt more from that than from all the classes, haha
When I graduated I had a choice to make and for visa issues (together with other considerations), I did not continued pursuing my venture after I graduated and succumbed to the temptation of Corporate America.
The thing is that now I see clearly that I want to keep pursuing the path of entrepreneurship and I have the opportunity to take up the international expansion of the venture I started to my home country. The prospects look promising but I am not totally convinced that the concept would be ideal for my country and the only way to know for sure is trying.
The good part is that I already have the technology, so the most expensive part is done, but I would also need, especially at the beginning, cash to invest in marketing and advertising.
The timing is not crucial in this product and there is no real incentive to launch now or in a few months.
Now I am leaning more towards waiting (although I would rather start launching tomorrow) as I believe it is a strategic decision in the sense that it is better to start this business with cash that with nothing. However, if there would be a way to go around paying back the bonus this would be a very different story...
I would appreciate any insight or advice and would love to hear experiences if someone has been in a similar situation.
Thanks in advance!!
I am committed to switching to the fast lane, already have the idea and I am on track with the execution but a decision I made in the recent past is preventing me from taking action now and I need to make a crucial decision and would like to hear some opinions and advice.
Long story short I am currently in a high paying job in which I received a sustantial signing bonus that comes with the condition that I should stay in the company for at least 18 months. If I decide to resign before then, I would have to pay them back the whole amount (not only the part I received, that was around half after taxes) plus interest. I started last July, so the end of "my sentence" would be mid January.
First advice I would like to ask if is someone has been in a similar situation and quit his/her job and negotiated this retaining bonus. I imagine that, if I decide to resign, I could negotiate paying a lower amount, hearing any experience about that would be extremely helpful.
So option 1 would mean quiting now and buying my freedom to start right away. The downside of that would be that I had to spend almost all the savings that I had for my business.
Option 2 would be waiting until my sentence finishes and then start my business with a very good balance sheet. The downside of that is obviously delaying my dream and having to spend more time in this job instead of pursuing my venture.
More context:
I have always been an aspirational fast-laner (admired entrepreneurs and always dreamt of becoming one someday) but an actual slow-laner. Graduated undergrad with good grades, went to work to top companies and came to the US to study an MBA with the intention to keep climbing the corporate ladder.
Interestingly enough, it was during the MBA where all my entrepreneurial aspirations finally awoke and where I met my business partners. I had the opportunity to launch a business during the MBA and I decided to take acton and seized it and it was the best decision I ever made.
I launched a venture during these two years and I must say that I learnt more from that than from all the classes, haha
When I graduated I had a choice to make and for visa issues (together with other considerations), I did not continued pursuing my venture after I graduated and succumbed to the temptation of Corporate America.
The thing is that now I see clearly that I want to keep pursuing the path of entrepreneurship and I have the opportunity to take up the international expansion of the venture I started to my home country. The prospects look promising but I am not totally convinced that the concept would be ideal for my country and the only way to know for sure is trying.
The good part is that I already have the technology, so the most expensive part is done, but I would also need, especially at the beginning, cash to invest in marketing and advertising.
The timing is not crucial in this product and there is no real incentive to launch now or in a few months.
Now I am leaning more towards waiting (although I would rather start launching tomorrow) as I believe it is a strategic decision in the sense that it is better to start this business with cash that with nothing. However, if there would be a way to go around paying back the bonus this would be a very different story...
I would appreciate any insight or advice and would love to hear experiences if someone has been in a similar situation.
Thanks in advance!!
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