a) It's a big opportunity, it's not another productivity app, we'll basically be redefining a 100 billion dollar industry in Australia and there's no reason the company wouldn't turn over 400 million a year with low overheads. I have plans to move into Asia, in China it's a 2 trillion dollar industry. ps, I wish I could be a normal worker and content with a good salary, but I just can't do it, I always feel sorry for my other half. b) what do you mean? c/e) I've got two great co-founders a great biz dev/marketer and another developer. I'm a dev but will be leading both side of the business, sitting in between the biz dev and the other developer. d) I've been trying to push for bootstrapping but it's hard to find the time and I think the idea and business plan deserves our full attention.
I've failed at two startups before, I've learnt alot from those experience. Every time I get a setback it gets me more fired up and this time it's going to work, all my past experiences have been leading to this. On Sunday, February 24, 2013 2:50:26 PM UTC+11, hoops wrote: > > Hi Michael, > > first.... been where you are...so i speak a bit from experience > > a) how big an opportunity is it ? work this out. If it is not a BIG > opportunity, is it worth the risk to your house/family/kids ? > b) if it is a big opportunity, don't worry about the company - they will > do their own worrying for you. Ask what you NEED. > c) also consider party time work - are you the coder or business dev ? a > part time job helps in the first phases (but can slow down development > time). > d) putting the family home on the block is a big move. Have you > considered spreading the risk first ? what initial marketing have you done > - have you got 10 potential customers - have you talked to them. if not > why not. This could a) save a lot of heart ache b) help you focus on what > initial features to develop - also the cheapest money you can raise is from > your customers ? > e) put a lot of time NOW into getting one or 2 great co founders - it is > also cheap money, allows you to do more in parallel and reduces risk (can > pivot faster), and maybe even see you children over the next few years. > Having a team of 2 or 3 co founders could also allow you to work and > develop for awhile also. > > > > > On Sunday, February 24, 2013 1:22:53 PM UTC+10, Michael Ridland wrote: >> >> Hi All >> >> I've started working on a new project in which we'll need funding. The >> last thing that I would want to do is take money from the company and >> increase it's risk of failure but living in Sydney is expensive, >> really expensive especially when you have children. >> >> My questions is what is a fair/normal amount a founder can take from a >> funded company for living expenses? >> >> ps, Originally I was thinking I would sell the family house and use some >> of our personal money to live off during this period, but really with a >> 20-30%(napkin calculation) chance of failure that would be a insane idea. >> Especially since once that money was gone, it would be hard to get back on >> our feet. Though I would do it in a instant if I didn't have dependents. >> >> Thanks in advance >> >> Michael >> >> >> -- -- You received this message because you are subscribed to the Silicon Beach Australia mailing list. Vist http://siliconbeachaustralia.org for more Forum rules 1) No lurkers! It is expected that you introduce yourself. 2) No jobs postings. You can use http://siliconbeachaustralia.org/jobs To post to this group, send email to silicon-beach-australia@googlegroups.com To unsubscribe from this group, send email to silicon-beach-australia+unsubscr...@googlegroups.com For more options, visit this group at http://groups.google.com/group/silicon-beach-australia?hl=en?hl=en --- You received this message because you are subscribed to the Google Groups "Silicon Beach Australia" group. To unsubscribe from this group and stop receiving emails from it, send an email to silicon-beach-australia+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/groups/opt_out.
