Startup Opportunities by Sean Wise & Brad Feld

From the book: Startup Opportunities: Know When to Quit Your Day Job

WHEN IS IT TIME TO QUIT YOUR DAY JOB? 10 Lessons from Startup Opportunities by Dr. Sean Wise and Brad Feld

HERE IS THE TRUTH


Five million entrepreneurs will launch a new venture this year. They all believe they have the next big thing. Only a

few will become a global success story.

SO HOW DO I KNOW I’LL BE SUCCESSFUL? You don’t and you can’t. But you can improve your chances. The

following are 10 characteristics that you should look for in yourself and in your opportunity before you quit you day job.

OBSESSED ABOUT THE SPACE


You need to love it, not like it. Startups are tough. If you don’t love it, you’ll eventually quit.

ABLE TO EXECUTE THE SOLUTION


Execution is the only thing that builds value. Bring together the team that can do so efficiently can effectively. That team, hopefully, includes you.

PROBLEM IS A NEED, NOT A WANT


If your solution is a “nice-to-have” and not a “must-have” it’s not yet time to quit your day job. Make sure that your solution solves a compelling unmet need as that’s what you need to gain traction.

MARKET IS LARGE AND GROWING


Understand the market that your idea and your solution exist in. If the market is growing, there will be ways to capture some of that growth.

SOLUTION IS 10X BETTER THAN CURRENT SOLUTION


Be exponentially better. No hyperbole here. If you aren’t, you won’t be able to overcome the momentum that the market leaders have.

BE READY TO BURN THE SHIPS


There will be points in time that there’s no turning around and going home. Are you ready to make that commitment?

ABLE TO ACCESS CUSTOMERS


Every product has a customer. The question is how many are there and are you able to get to them. If you can’t, you won’t be able to validate your solution nor sell it.

LIVE WITHOUT AN INCOME


Money won’t come flying in the door day one. Or day two. Or maybe day never. If you can’t afford to wait for revenue or funding, a startup isn’t for you.

BE ABLE TO BUILD THE MVP


Startups have to start somewhere, and that’s user feedback and exploration. Make sure you are able to build a minimum viable product before quitting your day job.

PREPARED TO DO THE GRUNT WORK


There are no shortcuts and unlike in a large company, if you don’t move the company forward, it doesn’t move forward. You need to be committed to doing everything and anything the company needs.

THE BOOK

A deep dive on each of these opportunity evaluation topics is in Startup Opportunities. Buy the book or reach

out to me on Twitter.

fgpress.com/startup-opportunities/ http://www.amazon.com/dp/1941018009/ @seanwise @bradfeld

©2015

Small Business & Entrepreneurship

Startup Opportunities by Sean Wise & Brad Feld