Great points about not getting caught up in the stuff and payments. Save, save, save. Live as poor as you can stand. Create a cushion, because once you go out in your own, you'll likely want it to be forever. That's a long time. Well beyond a few deals or clients.
Also agree about the exit. Something I never really knew or thought about until it started happening to friends in the industry. Then one day, a knock on the door. Six months later I got a check and happily left. Then the paradox of choice set in, but that's a whole 'nother Oprah show.
This is a good book on the exit part. Built to Sell...
https://books.google.com/books/about/Built_to_Sell.html?id=4rAYQfHk_0AC&printsec=frontcover&source=kp_read_buttonI haven't had a W2 from a 3rd party since HS. One semester at a big company was enough for me. I'm a hard worker. I'd make a great employee with the right mentorship and comp plan, but my studies were not where they needed to be to open those opportunities. So I went directly into a partnership, which is also it's own whole episode.
I'd agree with the working harder in both until you either can't, or REALLY don't need to. I've had two unrelated companies for almost 20 years. It's been a lot of hard and lean years, but it's really starting to pay off now.
Starting a venture from a point of financial strength is way better. Stating the obvious, but I've talked to a lot of people who don't truly take that into consideration. They think they'll make it work, but working IN and ON the business will be plenty to worry about, even without dealing with money issues.
For small business owners out there, I'd highly recommend Traction/Get a Grip, which are about EOS. After our sale, we lost more structure that I realized. At the same time, finally with a with a real cash injection, my "side job" grew to outpace the primary. That org especially had almost no structure since it had built so slowly over so long of a period (capital intensive). Even with my years of training and experience, they became cumbersome and sloppy, as I wasn't applying things correctly. EOS reeled me back in. Sharpened my "structure" skills. Almost a year ago we implemented it in one org and quickly adapted it to the others. It's been life changing for me. Highly recommend their structure. It's very easy to digest and apply.
This thread has been invigorating, to see people taking on risks later into their careers. Time for me to get back to work!