4 Steps to Prepare for a Startup While You are Still Employed

Someone with the label selfemploy posted the following question (note the fact that he is in Bangalore appears later in the thread, I have included it in the body of the question) on Hacker News earlier this month. As the recession continues to affect not only in Silicon Valley but  many engineers around the world may remain concerned over this same set of issues and potential missed opportunity:

Background: I am a hacker/developer in Bangalore with over 10 years of experience working with cutting-edge software consulting company. Clients list includes fortune 500 companies many of them banks and some product companies. Skill set includes technology and project execution but not marketing and people management.I am married with kids.

Problem: Always wanted to be an entrepreneur, right from the college days but never got myself to do anything about it. Now it seems time is running out.

Is it too late to get into startup mode?

My answer was four suggestions and an observation:

  1. Save your money.
  2. Adjust your lifestyle to allow you to live on a lower spending rate.
  3. Make sure your spouse is supportive of starting something.
  4. Take your time and find at least one co-founder. If you don’t know them well do some smaller projects together first.

Older entrepreneurs bring social capital, commitment, and an ability to focus and persist.

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