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How did you make your first jump? (alien.top)

submitted 1 year ago by StrateJ@alien.top to c/entrepreneur@indiehackers.space

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As the title says, You've got the money in the bank to start your idea or so you think. How do you tell yourself it's ok and to take the first jump knowing the potential risk of losing it all?

Share your experiences

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[–] marcelDanz@alien.top 1 points 1 year ago (2 children)

Congrats on the money!
You can ask yourself what is holding you back. It usually is some fears that are lingering inside you. You can do a fear-conquering exercise with these fears to make more objective decisions on them.

Write your fears down. The worst-case scenario that could happen when you make the jump.
Rate the impact on your life of this worst-case scenario on a scale of 1-10.
Specify the steps that you would need to take to get back up after this worst-case scenario struck.
Write down the other possible outcomes that are more likely than the worst-case scenario. And rate them on a scale of 1-10.
Write down what it costs you currently to not take the jump. In terms of money, and fulfillment of your other needs like passion, meaning, appreciation, etc.
Rate the current cost on a scale of 1-10.
Now review the data you collected. Chances are that the worst-case scenario isn't as bad as you imagined first, and you know how to fix it when it should occur. Is that impact worse than what it costs you right now to not make the jump?

This should help you make a bit more objective decision. If you'd like more input DM me, maybe I can help you with the experience I collected over the years.

[–] Rich_Supermarket585@alien.top 1 points 1 year ago (1 children)

Great reply, I often consider things that could potentially go wrong if I take a risk but I rarely consider the effects of doing nothing. Much scarier in my opinion

[–] marcelDanz@alien.top 1 points 1 year ago

Yes definitely. One example I have of that is when I was in university I dreamed of going to Japan for an exchange year. But I was scared of it being too expensive for me to be able to pay for it. This fear held me back for 3 years not doing it. Until I actually checked for the first time how much it would cost instead of just following the vague "oh it will be too expensive" mantra I had until then. And turned out that it wasn't that expensive at all. So I postponed an incredible life-changing experience, for 3 years, just because I didn't evaluate the factual basis of my fears.

[–] DonnaHuee@alien.top 1 points 1 year ago

I like this. Also, you don’t need to jump into it right away. Build out your business plan and do market research while you still have a job. That education over a few months will help you know how viable your idea is so you can ckimjoarjw mykmmj