00:52:47 Jason Calacanis: So make sure a point number four, that you give enough warning, and you don't burn bridges know where you are in terms of the important stack of the company. If you're in a senior leadership position, you might give a couple of months, if you're just a manager or director level, you might give six weeks and hire the replacement. And what's great about doing that is and then if you're like, you know, rank and file, you've been there for a year, you know, low man on the totem pole, so to speak, you might say, Hey, I'd like to give two weeks notice, but I could give up to four, it's up to you. And it just makes you look gracious. And then finally, you should backstop your decision. Like I'm especially if you have a partner and kids and you're on a budget, I'm going to give it a shot. If I hit these milestones, great, I'll keep going. But if I don't hit them, in 12 months, 18 months, 24 months, it's probably more like 18 or 24 months, then I'm going to go back to work. So that's your five bullet points there just to make sure your transition goes smoothly for you, your kids, if you have them, and you're blessed with great kids, or even if you got some entitled, horrible kids, still got to take care of them. That's how it works. And it's your fault if they're entitled anyway.

00:52:05 Jason Calacanis: My God, you know, that is a way to burn bridges forever, because now your boss has to scramble. And then everybody else gets inconvenienced. And it just sucks. And the more senior you are, the more this can hurt. Now, if you're a junior person, you can just say, Listen, I'm going to give two weeks notice, do you need a third or fourth, I can do that. And you just say to your current employer, because the current employer might be putting pressure on you, we need you to start in two weeks, you just say to that a current employer, listen, I'm going to give my current employer four weeks, because I know you would want that opportunity as well. I don't want to leave them in chaos. But I'll tell them I would prefer to leave in two weeks. But I'll give you up to four if you need it. And you know what any new employer who doesn't understand your rationale is somebody you don't want to go work for. So make sure a point number four, that you give enough warning, and you don't burn bridges know where you are in terms of the important stack of the company. If you're in a senior leadership position, you might give a couple of months, if you're just a manager or director level, you might give six weeks and hire the replacement.

00:51:11 Jason Calacanis: So if you're a leader of a company have employees, you should tell them this when they come in. don't burn bridges at your current employer. If you're in a senior position or a medium position, you want to go to your employer and say, Hey, I'm considering or I've made the decision that I want to start a company. I know that I'm a key employee here, I want to make sure that I don't leave you you know, with any problem. So I will, I've written a job spec of everything I'm responsible for, I have all my best practices written, and I will help you interview my replacement and find my replacement, it's probably going to take four or five, six weeks, if you want me to stay for two weeks, leave today or stay for six weeks, I'll do whatever you want. I really appreciate the opportunity to work here. When I get presented with that I feel so good about the person. And I feel no animosity towards them going and pursuing their dream. But when somebody says, I'm leaving today, which, you know, some of these millennials will just be like, today's my last day I'm out. That kind of bullshit. My God, you know, that is a way to burn bridges forever, because now your boss has to scramble. And then everybody else gets inconvenienced.

00:53:44 Jason Calacanis: That's how it works. And it's your fault if they're entitled anyway. So keep that in mind. Those are your five bullet points, just in terms of when you're going to quit. All right, I want to do my freelancer versus full time test. This is how you can figure out if you're being properly compensated. freelancers exist in a marketplace, the marketplace is the person who hires a freelancer, let's say a designer, or they are a social media manager, that person can be hired full time with benefits with five weeks off a year between sick days and holidays and everything else. Or you can hire them freelance. If you're freelance, you get a lot of flexibility. If you're full time, you know, for the person who's buying the service, if you hire somebody full time, well, now you have to pay unemployment, you have to pay benefits, so you better need them. And you have to go through a full time hiring process, which is harder than hiring a freelancer. So the freelance market creates a dynamic pricing system. full time does, but it's a little bit slower, right?

00:47:23 Jason Calacanis: you're at Google during the boom years, you're at Facebook or Uber, working for Travis Larry, Sergei Zuck, and your your stock options are becoming worth more money, your salary is going up some amount or some combination of those two things, and you're learning, don't get off the rocket ship. Now, if you're at Facebook, and it's, you know, 2020, and the company's got headwinds, and you're not really learning anything, but they're paying you extra money. Sure, you could stay for the bag, but I wouldn't do it because life is precious. And you have to make those decisions. So let's say you do make the decision, hey, you're quitting, let's say you've made that decision, your salary is going up, you know, whatever, three or 4% a year, you're not getting any carry share that's growing, you're not getting any equity that's growing. it's flatlined, and you're not learning, they pigeonholed you, you're good at one thing, they told you keep doing your thing, stay in your lane, it's time to leave, you've made that decision on the matrix, you're a three and a three. Okay, it's time to go, you want to do it correctly. Now there's a couple of things you just want to go through this checklist and make sure if you were thinking about developing a new product or service, you got to make sure and you should know this now that any IP that you make while working for another company, they can have a claim on

01:03:00 Jason Calacanis: That's my best advice. A couple of people are asking me to recap when to quit points. So let me go through those really, really quick. If you've chosen to quit, these are your five bullet points. Number one, make sure you own any IP if you're stepping away to do another project, make sure you have the cash and runway personally, make sure you have your skills already dialed in, right, these are preparing so you don't have, you know, potholes, or you flip the car on the first turn out of the gate, you have to own your IP, make sure that's all taken care of, you don't want to have a downstream lawsuit to you want to make sure you have tons of runway so you can intelligently build Three, you want to have your skills dialed in. So make sure you do that skill work and sharpen your blade, you don't want to go into battle with a dull blade that you don't know how to use. Number four, make sure you give your employer and your teammates plenty of runway so you don't burn your bridges. So you could potentially become a boomerang employee or have them as a customer down the road. And finally, you know, maybe set a backstop and ultimatum maybe if you have a partner, you need to do this. Or maybe just to be intellectually honest yourself, if I can re if I get into an accelerator in the first 18 months, if I get an angel round, or I get 10 paying customers, then I'm going to keep going.

00:45:29 Jason Calacanis: It's based on me investing in 350 plus companies, interviewing 1000s of founders on this very podcast this week and startups and being friends with the most successful people in the world. So today's is a very simple one, which is when should you quit your job? This is a question I get all the time when people want to start companies or they feel like they're in a dead end, you want to quit your job when you're not learning anymore, or you have other opportunities. For me, that's the general framework. Are you getting more responsibilities and learning? And is your income going up? And what should your income go up every year? Well, that's a very personal question. And those two things you can look at as a matrix. If you're learning a ton, and your salary is going up a modest amount, that's fine. Because you're learning a ton, you're investing in yourself. So this is what working at a startup really on this matrix means. So if you were to make a matrix on one side was how much you're learning zero, or 1010 being you're learning everything you can't you can't believe how much you're learning, you're sitting next to Bob Iger, or Jeff Bezos, or whoever it is, and you're just a sponge learning everything and building your network. Great. That's a 10.

01:01:04 Jason Calacanis: I've had many times a great salesperson, you know, a great video editor, whatever it is, they decide they want to go freelance. then they decide, you know what, I kind of liked working at the company and being part of the culture, and not being, you know, a Ronin out there alone, you know, fighting battles. And so if somebody is great, and they leave your company, and they do that nice, smooth transition, when they tell you, Hey, J. Cal, I'll hire my replacement, I wrote everything down on this beautiful notion page, and I outlined it perfectly for you, this person, you hit the ground running, here's where the bodies are buried, here's the things that I'm worried about for you. Here are the things I'm doing that you could probably outsource or retire that I didn't need to be doing, or this person can probably take on this 25% of my role. And then you could just figure out maybe outsource this 75% of my role, that kind of thoughtful leaving of a company set you up for the boomerang. And it basically gives you this great safety net. hey, I'm leaving, I want to try something else. But I really loved working here. I really did a great transition out. And I would love to stay in touch. That's really the high order chef's kiss. That's the way to do it.

00:58:15 Jason Calacanis: So here's what you want to do, you need to run this test and see if realistically, you think your salary and what you can make as a freelancer is worth doing and worth going through all the pain and suffering of having to manage customers and clients. And And so, you know, if you have people begging you for your services, and it's, I would say three times more than your hourly rate, as I did the formula here, if it was three or four times the hourly rate, you might be able to make a go at being a freelancer, and have to deal with customers and them arguing with you about the bill and asking you to take two hours off, which by the way, is what lawyers do. And so lawyers who work and they bill out at, you know, the $800 an hour $2,000 2,000 hours a year, you know, it's seems like it's a lot of money, it could be but then sometimes you just want a you know, a job that's easier when you're in house counseling, you don't have to put in 24 hour 100 hours a year, etc. So for managers, know, you should do this regularly and look at should you hire people freelance? Or should you hire them full time? Because maybe you hire somebody full time, you don't need the 1600 hours of actual work they're going to do, they're filling up a full time slot. And maybe they're not competitive.

00:44:21 Jason Calacanis: Did you know that visas online small business hub has tools, discounts and resources to help you run your business. So whether you're a business beginner, or an entrepreneurial expert, find the solutions, tools and tips you need to take your business to the next level. Plus, if you have a Visa Business Credit Card or Debit Card, you can get access to cardholder benefits like Visa Savings Edge, a savings program which can help you save on everyday business expenses like office essentials, travel, and more. When you enroll your Visa Business Card in Visa Savings Edge, you'll have access to valuable offers, which can help you turn qualifying business purchases made with your enrolled Visa Business Card into savings for your business. Learn more at visa.com slash small business hub. Once again, that's visa.com slash small business hub, visa, a network working for everyone. All right, everybody, it's time for Episode Two of the blueprint. This is my series where I teach you how as a executive to maximize your career opportunities, basically how you can become successful. And it's not just based on what I've done in my career. It's based on me investing in 350 plus companies, interviewing 1000s of founders on this very podcast this week and startups and being friends with the most successful people in the world. So today's is a very simple one, which is when should you quit your job?

00:50:09 Jason Calacanis: Hey, I want to lower our personal burn rate, because my income from working at Google is going to go away. So we need to lower our cost structure. This is why moving to a really cheap place and having your team live 30 minutes outside of Austin or 30 minutes outside of, you know, Miami, you can still be in a great city, but you're 30 minutes out, You can still do your meetings in the city, but you have to commute, but you're gonna be working home anyway. So just think that through, hey, maybe go to Tulsa and get them free money, they're going to give you and you're babysitting, make sure you have the skills online already, that you're going to need in your startup. So if you're working, for me, let's say you're a producer here at this being starts, but you want to start a company. Well, if you think you need to learn no code, like don't quit and then learn no code, take your Saturdays, your Saturdays are now five hours of doing no code, you can go out at night, you can sleep in in the morning, but 12 to five every Saturday, you're going to focus on teaching yourself that skill. When you do leave and you start your company, you have enough runway. This next one is very important to leaders. So if you're a leader of a company have employees, you should tell them this when they come in. don't burn bridges at your current employer.