Major risks of software startups?

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Major risks of software startups?


I'm a 32 year old doctor, so I earn well and live very comfortably but I am starting to become aware that when your net worth is around 100-250k USD you are lulled into a false sense of security; you don't really want for anything but you're still a small fish that can be fried very easily by changes to the economy/your job status etc.

But 100-250k is probably the height at which most jobs are going to take you, to get above this level by x4 or above your net worth you need to go outside of wage slavery and take risks… or just work and save until you're old enough to have a wife and kids who can enjoy it all while you continue wage slaving.

I'm dabbling in investment but it's only really crypto that can 4x-10x your money in a year or two and that's essentially a casino so I won't be doing that with 100s of thousands of my savings.

So instead I am soon meeting with 4 friends of mine; 2 programmers, 1 clinician and a small textile business owner. We are looking into starting up a medical software company. We have what we think is a very good 4-5 year roadmap with each step being practical and achievable.

I just wanted to know if any of you guys have any stories of not just success but also major failures in software startups of this scale, so that I can figure out what are the main pitfalls to avoid?

submitted by /u/CiaranDoherty
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