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Stories of people spontaneously quitting job without a plan and working out perfectly?

Discussion in 'General Mindset, Motivation, Beliefs' started by MakeMoreMoves, May 10, 2018.

  1. MakeMoreMoves
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    MakeMoreMoves Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I have been trying again and again with physical product development and really sitting down and thinking how arbitrary this business model really is. Haven't found much success at all, each iteration costs a lot of time and money. In the end though it is still very arbitrary. If I finish the product I could still be stuck with zero. Nearly every product I want to test requires that the product to be fully developed to even show it. There really isn't much "lean" startup method.

    The prototype pretty much has to be finished to show functionality and get good product pictures to really sell it.

    Anyways, I know this is very anti fastlane but the only consistent income I could get out of the job is stock options. I have just been dumping my slowlane paychecks into them. I am averaging like $300-400 a week. Decided to choose this business because it was more passive and the return on capital is significantly higher than if I got a house. Since I understand this option thing pretty well, I wanted to do options on futures (higher leverage).

    I have one more product in development that is waiting on several tools to finish making it.

    Are there any more so called "guaranteed" businesses without the arbitrariness like product development? If this product development doesn't work, I am going to have to pivot completely from everything I have learned about ecommerce...

    Day in and day out, literally feeling like I am throwing my life away. I keep drooling over the fact of spontaneously quitting and things just end up working out.
     
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  2. Evil_Jester
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    Evil_Jester Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I got laid off in 2016 and all my business plans failed :rofl:. Quitting your job is going to make it worse if you don't already have something going on
     
  3. MakeMoreMoves
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    MakeMoreMoves Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Just came home from another shitty day at work and everytime this happens the urgency to get out is stronger
     
  4. jpn
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    jpn Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    My experience isn't perfect, but I'm quite happy with how things have worked out for me. Although I'm not sure I would recommend my approach to everyone.

    I had my FTE last year and quit at the end of October. I didn't have a concrete plan lined up, no business idea yet. Went to travel for a few weeks and there I decided that until I have a business where the market has told me I'm delivering something valuable I would freelance part time.

    Until I got a freelance gig I tested out a few business ideas with partners, they didn't work out, after pitching the concepts to customers it was clear that either it wasn't solving a problem for them, or it was going to be a long hard sales process every time for very little money (poor scale).

    During that time I found a part time consulting gig where I get paid double for working half the time (but still selling hours :( ). And working on a new business now (without partners) in the days that I'm not at my gig.

    Its not been easy and I need to invest time in networking to get more consulting work lined up for the future. But I've had the freedom and money to test more concepts than I would have been able to while I had a job.

    Like I said at the beginning, this might not be for everyone. I'm not a risk taker at all, if I can't manage a risk, I won't take it.

    So why did I do it?

    Well, I've been working at a high-profile company in a niche industry with a lot of money. Getting a job or a consulting gig in that industry in case things didn't work out is almost guaranteed.

    On top of that I married a highly supportive wife, she's a slow-laner herself, but she sees the value and opportunity in the fast lane. And every major financial decision we made (buying a house, etc) was based on the assumption that we need to be able to afford it on 1 income (like I said, I'm not a risk taker). That made this a low risk decision.
     
  5. MakeMoreMoves
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    MakeMoreMoves Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Don't know where any of you guys find wives that support this stuff. I am working or learning 80% of the time outside of my job. I don't even take care of myself anymore because I am so consumed with getting out. If I had a girlfriend, she would be long gone years ago. Heolding off on dating because no girl would be interested in my shit situation right now.
     
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  6. WJK
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  7. jpn
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    jpn Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    On the flip side, you don't have to take anyone into account when quitting your shitty job. Its all on you. You can make drastic changes in your life without any consequences.

    You can decide to save up 3-6 months of expenses, downgrade your lifestyle to a mattress on the floor in a shared apartment and do whatever the hell you want.
     
  8. WJK
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    I quit my career that I'd spent 30 years building in Los Angeles to bring my mom to our home here Alaska. I either had to put her in a care home or bring her here to our home -- so I could take care of her myself. I thought she'd get well -- she died that first winter. That was 15 years ago. Yes, it was hard. Yes, I survived and I'm thriving.
    Change is simply change. Nothing more than that. Make it work where you are! Best of luck!
    www.wjkbusinessbuzz.com
     
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  9. Waspy
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    Or, find someone who shares your drive and ambition. It’s working for me.

    I thought I was driven until I met my current girlfreind. She is like a nuclear missile. We keep each other focused on our shared goal of freedom.

    Stop assuming nobody will put up with ambition. Look for a partner in the fast lane, not the sidewalk.
     
  10. MJ DeMarco
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    Wuh? How specifically?

    And higher risk. Especially if your capital is less than $100K.
     
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  11. luniac
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    luniac Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    My morning job mood always improves when i work on my business the night before.
     
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  12. MakeMoreMoves
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    MakeMoreMoves Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Hm well never thought of it in this way. I have downgraded my life to nearly bare bones. Listing all my stuff on eBay as well.

    Stock options seems more like a money system and since I am relying on my job income to fund the money system that seems very slowlane. The correct way I thought to do it was have a huge cash out from fastlane venture and then dump in stock options or some other money system and be free.
     
  13. biophase
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    If you had a huge cash out from a fastlane venture and dumped it into stock options you'd become broke.

    You may be biased because we are or have been in a good market right now. Can you handle the swings when the market goes sideways?

    I had a decent amount in options right now and it's a little scary as the market is a rollercoaster. It's not because I can't handle the swings, but it is because in options you can lose 100% of it. If I were to put that into just stocks, you can be wrong on the timing and still recover.

    For example years ago I had calls on Alibaba after it IPO'd, I forget exactly how much but somewhere around $10-15k. Guess what, I was off by 6 months. I don't remember where I got out, probably at $3-$5k, but I do remember that the week after it expired, Alibaba took off. 6 months later my options would have been worth $100k. Should have got at extra year in that LEAP. Doh!

    But I understood that going in. Some bets are all or nothing. I could have purchased the stock instead, made alot less, but at least made money.

    And to answer your question, I quit my job and moved to Cali into a friend's house with no plan. It's worked out ok. :)
     
  14. MakeMoreMoves
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    MakeMoreMoves Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Sounds like you buy options right? I only sell options
     
  15. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Are you selling covered calls?
     
  16. MakeMoreMoves
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    MakeMoreMoves Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Yeah and puts as well.
     
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  17. OAK
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    I didn’t quit but got fired. Sort of a blessing in disguise because I had been wanting to do my own thing for some time. With a little bit of savings, downsizing my apartment and not eating out every night, 6 months later I got something going on.

    About 1.5-2k a month and growing. Not a lot but beats my 9-5 by a landslide. I do web design and monthly contracts that is starting to lead into AdWords and other verticals with clients. I say if you can be ok on your savings for 6 months-year go for it. I do have a plan and valuable skill so maybe work that into what your business to save costs isn’t he beginning. Also I know I can go back to a job if I wanted if shit hits the fan.
     
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  18. Raitis
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    As someone who has worked with prototyping and launching physical products I have a certain level of disagreement with what you told.

    My experience is that (while unlikely) it's entirely possible to sell a $500 consumer hardware product to a fresh person that just opted in via Facebook ad and received a 5 day email sequence.

    It was all part of a Kickstarter pre-launch and price testing. The company had no proven track record, the product had renders for pictures and was clearly declared to ship in a year's time. The same renders were enough to get some good buzz around the product as well.

    I had a hard time believing it myself when we did it, but it was one of the turning points for me. It basically proved that the money is out there and with some work you can hone in on the audience that has the burn and is willing to believe you if everything you have is barely an idea.

    If you need some help marketing - prototyping wise - feel free to shoot me a personal message or just give some more details here. Will help to simplify it for your if I see I can.
     
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    Deep
     
  20. Kid
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    There was a thread here on forum by a guy that went all on spending to put him under so much pressure that he would have to figure out a way to finance all he bought.

    He didn't found the way and had to sell what he bought and start living in much more modest way.

    The point is that 'leverage' alone might not be enough.

    Besides that, you don't have to:
    The knowledge you gained might wait until you will be in more favorable position.
     
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  21. Litza
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    Hello people! Happy day!!!

    I did that more than 3 or 4 times in my life.

    It´s true that maybe nowadays I´m a bit more conservative -- maybe I´m getting older?! :) -- and I´m thinking twice/three times before I do it again, but the bottom line is: I have no regrets and I´d say that if something tells you to do it, just do it.

    If I analyze a couple of times I did it, I see now that I did it without thinking much and based on a hunch:

    - I worked as a temp for a consultancy company, woke up one morning thinking about learning a new language and 1 week later I was abroad, planning to come back home in a month. I had some savings, not much really, and after finishing the course I decided to stay longer in order to do a new course. I knew my money would end soon, but still, for some reason I didn´t even think about it, as if future didn´t existed (since I didn´t consider that it could go wrong)
    - then, working as a waitress and barely getting to the end of the month, I decided to leave because my boss gave me a hard time one day. Again, I didn´t even think how I was going to pay the rent
    - the last example I can think about was right after being hired to work for a company that agreed on paying me a certain amount of money, and a couple of weeks after I started informed me my salary would be way under what was indicated in the interviews. I decided I´d be better off starting my new business, in a moment the economy wasn´t really good. I remember people saying: ´are you crazy? with this economy?´. And I would smile filled with happiness and say ´I know, but something tells me it will work out!´

    Having said all that, I have a feeling that if someone believes in something and truly wants to do something, everything will align in some way. Challenges won´t be seen as difficulties, but as steps towards a bigger goal, I guess.

    As of today, I´m starting another business, but I have a job ´to pay the bills´. Part of me says ´hang in there for a couple of years, till the new business can make enough money. But another part of me also wonders ´will this work or reach its full potential if it´s something on the side? Why don´t you simply leave again, as the longer you stay, maybe the longer the side business will take to take off´. I guess that´s a dilemma I have at the moment, haha. As you see, I´m more conservative. But truth be said, I don´t know if I´ll be able to wait a couple of years and who knows, maybe I´ll quit in a month?! (if that happens, I´ll come back here and let you know)

    What I do know for sure is: if something strongly tells me to ´jump´, I´ll definitely jump. :)

    Best of luck everyone!
     
  22. MJ DeMarco
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    "Seems"? It sounds like you are coming from a position of THEORY, not PRACTICE.

    Think about this...

    Why is the answer to this question important to you?

    Why?

    From my perspective that answer is clear: You fear failure. You fear risk. You fear discomfort. And now you are seeking validation that you can quit your job and launch directly into success -- minus the fears of failure, risk, and discomfort.

    These are all things that aren't well suited for entrepreneurs, let alone Unscripted Entrepreneurship.

    The answer to have a plan, even if the outcomes aren't to your expectations.
     
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  23. Process
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    1.) Nope sorry. No guarantees. Either it will be expensive and/or time intensive.

    I'm in my early 20's and have failed at least 11 things before I found what I'm doing. It's part of the barrier to entry. Each was like a poker tournament. The better you get, the more fun it becomes... at least looking back... not always in the moment.

    2.) The first few times I was played for a fool, 'til I wised up each turn of the wheel. Plus, I gained more confidence seeing I'd recover more adaptive, resilient, and aware of other's genuine psychological needs each time.

    A phone, $10 a day for food and gas, $250 laptop, a polo shirt and some jeans and I can crank away and get back to where I was to test a new angle of value filling. (Which made money almost worthless and made it want me... the way a cat wants someone who is no longer pushy and needy... but has what it needs.)


    3.) Think of how much time and money it took to start and grow Walmart or Amazon. Both companies have a fetish for learning from failure.

    They don't need a single customer or supplier either. But... you can find almost anything you need in a pinch. People who want to work or shop with them gotta accept their terms.

    That's why it is so hard for imitators to jump through the wall (like some kinda Koolaid man) and swipe their businesses. Due to that Walton and Bezos became the richest individuals of their time. Their systems make CENTS.
     
  24. DifficultTruth
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    There's a lot of great info in this thread from a lot of great contributors from this forum. That being said, no one will ever know what's right for you, if you looking for an answer and don't find it, why not DO it, and tell the future about the answer?
     
  25. MakeMoreMoves
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    I have been doing it through practice. Can you explain to me how it is fastlane and not more money system? I am pretty much selling 1 strike OTM. The more money I have the more I can make. There is only so much I can make with the capital I have. If everything goes well, I can expect a 50-60% return doing this option thing. Since, I am selling so close to the stock price, the probability of the option getting assigned is high. When this happens, I am at risk of holding a falling stock. But I am accepting more risk for now because my account is small. As my account grows I will sell farther OTM. Me personally to do this full time option thing I would need like 200K. Or maybe 150K. All my bills are offset with what I am making with options, but not enough to fund my business trial and errors.

    The thing is that if I did jump ship from the get go, I would have been screwed up significantly more. I don't fear failure. I have already failed multiple times. It just doesn't seem logical to jump ship when I don't have anything viable. Yeah, I pretty much have a plan with this. Just getting impatient. Something I got to work on.
     
    Last edited: May 19, 2018

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