What are some things that first time entrepreneurs should consider? In general or before quitting their day job?
I wrote a book on this topic with legendary investor Brad Feld. We based it on hearing more than 20,000 opportunity pitches. On Dragons Den on Shark Tank and first hand in our decades in the seed stage startup industry.
We found entrepreneurs should not quit their day jobs until they have:
- found something you are obsessed with
- enough money to live for 6 months
- found an unmet market need that they have unique insight on
- tested it with early adopters
- confirmed that your solution could add exponential value to those early adopters
We also found that access to early adopters was a key Barrier. One often mitigated when the founder is also a customer (ie member for the customer segment).
Hope that helps.
Onward and Upward
Dr. Sean Wise, BA LLB MBA PHD
Partner, Ryerson Futures
A seed stage fund and accelerator