I read lots of articles about start-up businesses. I’m fascinated by the topic and intrigued by how the arena has changed in terms of the need for capital. We all know stories about businesses started in dorm rooms selling out for a billion dollars. It’s amazing.
The one thing all of those stories have in common is that the founders work like crazy. They do nothing but work. They hustle like it’s life and death. An easy week might involve 80 hours of work.
The Typical Lawyer’s Dream Come True
When I’m not reading about start-ups, I’m having lots of conversations with lawyers about their futures. A recurring theme is their plan to start a new business and leave the law. They want to build a successful business doing something—anything—other than practice law.
- Most of the lawyers I talk to have a plan to keep their practice humming along (maybe with them supervising), providing an income while they build their start-up business. They want a smooth transition from the law to something new.
- Most of these lawyers are also intrigued by the limited need for capital in today’s environment, as they usually have limited access to capital.
- Most of these lawyers are 40+ years old.
- Most of these lawyers have a spouse and kids.
- Most of these lawyers have significant monthly expenses.
- Most of these lawyers haven’t worked a 100-hour week in a long time.
Is Your Work Fantasy a Pipe Dream?
I have my doubts about the success of their ventures. In fact, I have my doubts about whether they’ll ever take the first step.
I’m not saying it can’t be done. I’m not saying it’s impossible. I’m not saying you should find a different dream.
However, I am saying that it’s important to be realistic. It’s important to acknowledge your present circumstances and responsibilities. It’s important to come up with a plan that is achievable. If you’re not ready to give up much of what you have now, it’s going to be difficult to have something new. Those 100-hour start-up people have very little. That means they have very little to lose. Figure out what’s realistic in your current circumstances and build your dream around that reality.
