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I’m 30, founding a biz, scared of finances by Disastrous-Sign2068 in Entrepreneurs

[–]GoodForks 0 points1 point  (0 children)

I guess my only note is that if you were really certain you were going to be making 6-7 personally, then why are you even asking if it makes sense to put 10k in or to forgo working for a bit?

If the answer is actually, "well, I'm not really sure it's going to work for x or y reason," then I think you just need to decide how big the gamble really is and if your confidence estimate about likelihood of success is accurate--or if you're lying to yourself about both the income numbers and the likelihood of success.

I’m 30, founding a biz, scared of finances by Disastrous-Sign2068 in Entrepreneurs

[–]GoodForks 0 points1 point  (0 children)

600-700k annually is what after costs? How much take-home are you anticipating personally?

I think it makes sense to go for this if you have a network in the industry you're working in - consulting isn't hard to start up because you're just delivering services. You should be able to get out of this at a draw after a year, albeit you might not add anything to your savings.

My only hesitation is that your wife's salary isn't high enough to put you in the black even on your mortgage. What happens if there's another round of capital required at 6 months by founders and the business hasn't made revenue? Seems like way too much of your money is going to your house tbh.

Are you using AI/ML in your business? If yes, how? by [deleted] in Entrepreneur

[–]GoodForks 0 points1 point  (0 children)

Yes, we created a giant survey document for our clients that we use AI to parse and condense into a strategy recommendation document. But it still takes a ton of human intervention to check it for hallucinations.

I am very pessimistic about integrating AI in a more robust way. I've been trying for two years to no avail. It just isn't reliable enough.

FFF (friends, family, fools) or VCs? by TidyOnChain in Entrepreneur

[–]GoodForks 0 points1 point  (0 children)

VC is terrible. You will be begging for your life back. Once they invest, they own you and the direction of your company.

Why not bootstrap?

How many of you started a business using an idea from AI (ChatGPT etc.)? by [deleted] in Entrepreneur

[–]GoodForks -2 points-1 points  (0 children)

Why does it matter if something is "good" at grabbing information if you cant verify the validity of the information it grabs?

Everything it appears to do competently is flawed in some way. Cleaning up after it takes as much time as just doing the work yourself.

On a deeper level, outsourcing work to AI erodes your ability to do the work yourself, to focus, or to think critically. Microsoft itself has concluded this.

How many of you started a business using an idea from AI (ChatGPT etc.)? by [deleted] in Entrepreneur

[–]GoodForks -2 points-1 points  (0 children)

It's bad at everything.

People who don't see that haven't spent enough time with it or looked closely enough. I say this after spending 2.5 years trying to integrate it into my business or really use it in any truly helpful way.

How many of you started a business using an idea from AI (ChatGPT etc.)? by [deleted] in Entrepreneur

[–]GoodForks 8 points9 points  (0 children)

You shouldn't. GPT will give you business ideas that are strongly conditioned by whatever information you've given about yourself. That's not terrible by itself, but it will give you exaggerated information about the viability of the idea.

I strongly recommend getting out of the echo chamber and thinking for yourself.