In this case, the primacy of establishing a separate fund as your bank roll, and protecting it by not letting too much of it ride on any single bet (no matter how great the bet seems), is very appropriate to self-funding your own businesses. If you lose your bank roll, then you have to stop gambling, which is bad if you are convinced you have an edge.
*I'm not a gambler of any type, unless you count investing 401k/IRA savings in index oriented ETFs and mutual funds gambling (not an unfair position).
My advice would be to not even consider it without having enough money to sustain yourself for a minimum of 2 times the period you predict will take you to become profitable in your desired venture.
So if you spend 3000 a month, want to become a freelancer and expect it to take you 6 months until you build up steady business you should have a minimum of 36,000 saved up.
I learned this the hard way, hope someone out there heeds this advice.
yes, most restaurants fail, but most businesses fail, because people think of it as some kind of paid vacation rather than an actual job.
getting up at 5am and making croissants is a very different thing than getting up at 5am and dealing with people screaming at you because an api endpoint isn't functioning.
At the end of a hard day in the kitchen I'm ready to go hang out with friends and enjoy my free time.
At the end of a hard day as a software dev I can hardly string a sentence together and want to go be by myself.
Likewise in the kitchen I didn't get given completely unrealistic timeframes. As long as I focused and worked hard it was all good.
As a software dev I constantly have pressure to perform miracles and hit unrealistic deadlines from all sides. And the pressure is cumulative. If I have a bad day today I'm going to have to work extra hard and under more pressure the rest of the week to catch up.
If the food services industry paid as well as software dev I'd go back in a heartbeat.
this applies to any business.
> Every task that happens in back and front of house has a very specific start time and a very specific duration allowance - there is no flexibility and no opportunity for pacing or giving yourself some slack.
you've clearly never worked in ops or SRE. or working in a mine, on an oil rig, or on an airplane, or a squad car.
not everyone lives the life of a spoiled computer programmer which seems to be your baseline for evaluation.
* Can't or won't keep the accounting books in order.
* Micro-management of staff that want to do the job.
* Under-management of staff that aren't doing the job.
* I /suspect/ not paying the staff enough (in money/respect/etc) to keep good staff and keep the motivated.
There's something about serving food to people that seems to be the emotional counterpoint of mad tech.