A venture wants to hire me with founder status- the catch no salary or benefits for two years. How does one survive? Agree with the answer above, "hire" is not the right word here - you don't hire a founder. Typically, you hear people talk about "bringing in" a founder. But that's not the question. The question is, how do startup founders survive when the startup is pre-revenue or all the money is going back into the company. There are many answers: Be independently wealthy to begin with.
You made your fortune previously. Live off savings, your retirement fund or max out those credit cards. Have a non-entrepreneurial spouse or partner who covers your expenses Work a second and sometimes a third job. You wouldn't be the first startup founder driving for Uber. I know a lot of startup founders who do consulting jobs while building their startups Get funding fast - find a VC to drop bags of money at your feet and give yourself a salary.
Or Angel or Friends and Family funding. Find a customer to fund the company and pay for you to build out your product Cut your expenses to almost nothing.
I know a startup CEO who secretly slept under his desk at the startup incubator he was participating in. He lived on the snack food at the coworking space and frequented the many events. His expenses were very very low. Sell the vacation house, lakefront property, race horse, family silver -- or even take out a second mortgage or line of credit on your house. Now you know why startups are seen as a rich person's game May 10th, I am wanted too.
Ask anyone over 30 on this site how many times they were courted with "You are brilliant! Not everything is about money until it is about money so I will focus on the BIG questions to help steer you. First - is this something you are SO passionate about that money - even the smallest amount is trivial? Second - does the team you are forming have enough mastery of their roles with proven foundations of success to accomplish the goal?
Like Godzilla showing up at Chili's for Taco Tuesday red flag. If you are a even a medium level disruptor active angels will pounce with enough to pay core team for a year. Fourth - if the title does not help you in the future then ignore it so focus on the core business functions and how much time you need to facilitate them.
Fifth - time - I have been on 3 founder boards at once AND had a day job that had me in and out of shop after shop evaluating business or product market readiness. It is not about time management but about time investment. EVERY problem has a solution my friend, but are these requestors of your excellence capable of suspending ego to obtain the solution? Are you willing to risk their words as down payments on your future without them risking capital?
Good luck, and stay awesome! To answer the question, "how does one survive? Obviously, you are only becoming a founder because you bleed the business- you'd be willing to ask your friends and family for money, knowing they could lose it, and you'd have to face them after the loss.
Founders put themselves on the line- including the prospect of having to sell their home, rent, and start again. Otherwise, becoming a founder, and asking others for money, is unwise.
Anonymous May 10th, If one can't survive without a salary, one ought to decline the offer and stick with the day job. Hi there, Wow, you are all really making me feel like participating in a start up is a terrible decision. But I would never ask anyone to forego salary for 2 years That seems crazy to me.
Rodger Cravens May 10th, Does a Founder not also get to choose how they spend their time? Maybe engaging during off hours nights and weekends to make a living to bridge the gap is the intent?
May 12th, This question and many of the answers illustrate the many myths and beliefs about entrepreneurialism, founding companies, and startups.
Most people need some money to live. We will have more information about this tomorrow. Thank you for your understanding. Known Issue: Several riding skill names are missing.
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