Startup Guide: Before You Quit Your Job, Do This

i-quit-my-job“Have people build smarter things,” is one of the underlying messages in Andrew Yang’s new book titled Smart People Should Build Things (HarperBusiness, 2014). Yang, the founder of Venture for America, shares his opinion on how our country can rectify current economic problems—by having smarter people build things. The following is a compilation of edited excerpts where Yang explains why entrepreneurs spend so much time in creativity and not enough time in organizing and implementing a strategy to achieve their dreams.

People focus on inspiration but tend to steam when it comes to follow though and taking action. Having an idea is great, but a step further yields to accomplishment and could take years to implement. This could include developing and writing a business plan, finding the right people for your team, raising money, and leveraging resources.

While you’re still at your full-time job, let your mind wander on the side and explore ideas for a great new business. The following is a list of ways to help you get started:

  • Research your idea (identify your market, talk to potential customers, and learn about your competitors)
  • Undertake legal incorporation and trademark protection
  • Purchase a URL, build a website and get company email accounts set up
  • If you can, secure a business bank account and credit card (for your personal financial planning, start cutting back on expenses and budgeting for startup costs)
  • Start building a presence on social media in appropriate platforms, such as a Facebook page, a blog and/or Twitter account
  • Develop branding
  • Connect with your network and find interested co-founders, staff, investors and advisors
  • If necessary, build financial projections and draft a business plan
  • Start drafting a business plan and financial projections
  • Create a mock prototype and/or presentation for potential investors and customers

Implementing the above ideas for your startup, in addition to a full-time job, is a very significant time commitment. When you decide to launch, it may become more difficult as you go on to next steps, but preparing up front is a great start.

To read the complete list of things to do before quitting your job and starting a venture, visit: http://www.entrepreneur.com/article/231130

Thanks for reading, and until next time… stay WISE!

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