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Read this before you even think of quitting banking

Leaving banking for a tech start up

Building a tech start-up is a Sisyphean task

Is your stride long enough? Are your legs strong enough?

Into the 3rd year of my start up I have started to question the decision I have made. Why did I leave a very comfortable job in an investment bank to begin a company? At the time, in 2012 it was exciting. The risk, the reward, the options, the opportunity.

Now I am hit with the reality.

This is frickin hard.

This is harder than anything in investment banking. At least in banking you get to travel nicely, you eat at great restaurants, you have annual parties, you get a salary and a bonus.  Yes, you work hard, but you also receive pleasures.

At a start-up, the time to succeed is on average 5 years, unless you are lucky. I am only 50% of the journey. Mismatched chairs in the office, no coffee machine, no monthly pay slip to look forward to, budget airlines flights at 2am. This is brutal.

It tests your clarity of thought, your patience and your drive. I must admit, I am beginning to wither. I believe in my product more today than when we started. But, the virality hasn’t come. Everyday feels like we might be on the brink of having to close. Work hard, fund-raise, go to market, no virality. Next time, work harder, be angrier, fund raise harder (for less) and go to another market. Still no virality.

Today, there are collectively 3 million Apps in the App stores. How do I become a Top 100? That is a 0.003% chance of happening.

You can read all the literature in the world about beginning a start-up. Nothing can prepare you for the actuality. You go to sleep thinking about your product. You wake up to pee, and you grab your smart phone to check your company messages. You wake and login to your website. How many users joined in the last 6 hours whilst you were restlessly asleep?

The day is about people, product, meetings, stakeholders, customers, more users! All, without pay. All with hope and potential glory with a 0.003% chance of happening. Investment banking at -50% of my previous pay is starting to look very attractive!

Rajeev Gupta spent nine years working for Goldman Sachs. He founded Gecko Life, a social networking site, in 2012. 

 

Comments (3)

Comments
  1. Although a start-upper’s perspective is educationg for the rest of us, it is hardly representative of a career path alternative to IBanking career. One can do so much more, work in strategy/development department or, with a bit of luck (and experience) become a finance director in some hyperactive company in need of a person savvy in raising capital in takeovers. Some also go into management consulting.

    lemonsqueez@o2.pl Reply
     
  2. I couldn’t agree more with this. I have left banking and although the hours are long you don’t realise how good you have it when you’re working there. Very good money, lots of smart colleagues, lots of support staff to sort stuff for you. Don’t regret leaving but in retrospect I should have thought harder.

  3. All the best Rajeev! Please keep it up and after 5 more years down the line share your success story with the world. Your hard work will pay-off for sure!

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