Starting a business is really hard. And growing one is even harder. It’s one of the biggest commitments you can make, and it comes with a high degree of risk.
Now…I don’t want to scare you away.
Running a successful business can also be one of the most rewarding and liberating things you can do. It puts you in the driver’s seat, and it can afford you a life filled with passion and wealth. I know from personal experience.
So how do you know when you’re onto something? How do you know if your startup concept will work?
This has always been a challenge for new entrepreneurs, simply because they don’t have the experience to accurately assess the quality or feasibility of an idea.
Even more importantly, they usually aren’t good at assessing themselves (meaning… do they have what it takes? Do they have the right mindset? Do they have the right skills?)
Luckily, my friends Brad Feld and Sean Wise have set out to solve this problem.
As accomplished venture capitalists, Brad and Sean have raised over $3 billion dollars for new companies, witnessed more than 30,000 pitches, and participated in over 500 startup launches.
Their book, Startup Opportunities, combines everything they’ve learned over two decades into actionable advice for aspiring and seed-stage entrepreneurs.
(It also includes a foreword by legendary investor Chris Sacca, exclusive commentary from NYT bestselling author Tim Ferriss, and a lot more. Not too shabby.)
One of my favorite parts of the book is Chapter 13. It’s called “Don’t Quit Your Day Job if You Aren’t…”
It has a list of the top 10 things you should consider if you’re really serious about running a business. I’ve included the list below. (In the book, they provide far more detail and explanation around each statement).
“Don’t Quit Your Day Job if You Aren’t…”
- Passionate about the space
- Able to execute the solution
- Certain the problem is a need (as opposed to a want)
- Certain the problem is shared by a large (and growing) market
- Able to offer a solution that is 10X better than anything else in the market
- Ready to “Burn the Ships”
- Able to access potential customers
- Able to spend six months without personal income
- Able to garner enough people, users, and money to create a minimum viable product
- Prepared to get into the weeds and do the grunt work
Startup Opportunities has critical advice that will change the way you think about business ideas and growing a company. Interested in reading the whole thing? You can find it on Amazon here.
Note: You might be able to get the Kindle version for a discounted rate, so check the link above! (Full disclosure: My company, LaunchTeam, helped Brad and Sean launch their book. That said, it’s an awesome read. We don’t work with clients unless we believe in them and their message. I’ve known Brad for over a decade and he’s one of the most brilliant people I’ve ever met.)Opinions expressed here by Contributors are their own.