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Working in Waves is quite an interesting approach. Although it is best suited for young founders with little responsibilities who can do contract jobs.

Another option is the "Nights and Weekends" option best suited for those who have full time jobs.

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Ummm - I'm not so sure about this ;-) Nights and Weekends will only get you so far (eventually you have to dive in at the deepend) (and whilst Nights and Weekends will help to develop the business model / product - it certainly won't completely de-risk it - which means you're back into Joel's situation of burn rate....

You're absolutely right, and another point is that once you start the "work to make money" wave it is often difficult to get out of it in order to do the "startup" wave. "Nights and Weekends" / "on the side" is another way to bootstrap, I'll likely blog about that sometime :)

Yeah, a post like that would be really great. I do that for my side projects and the slow down caused by having normal working hours and not all weekends "free" for work is just terrible.

A project which would normally be released in two months can take a year or so - I can't really imagine doing business this way.

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