You’re always hearing about how people quit their cushy jobs to do a startup and then got rich.
But sometimes the story doesn’t go that way.
Before GoalSponsors founder David Murray landed a role on Bravo’s “Start-Ups: Silicon Valley,” he had a comfortable job as a product manager at Google making six figures a year.
He decided to give up his cushy job to start his own business.
He soon found himself in debt.
(It didn’t help that he bought a no-money down mortgage on a house that eventually went under water.)
Now, he’s doing contract work on the side in order to survive.
“I feel like I’m stuck between a rock and a hard place because I don’t want to ask for funding because I don’t want some random person taking control of my company and doing something crazy with it,” Murray said in the latest episode. “But I need money to live on and we can’t pay the mortgage.”
In the show, Murray ends up asking his pal and fellow cast member Sarah Austin, who lives at the Four Seasons in Silicon Valley, for a $3,000 loan to help pay back the money he took out to refinance his home.
“Ah, that sucks,” Austin replied.
Austin told Murray that a family member recently asked her for a loan so she’s not in a position to give another one.
“A loan’s a loan,” Austin says in the confession room. “It’s not that different from a bank. I’m not a bank.”
Despite not landing that loan, there is still hope for Murray. He launched his GoalSponsors iPhone app for helping people achieve personal health and fitness goals earlier this month.
Business Insider Emails & Alerts
Site highlights each day to your inbox.