Tuesday, May 5, 2009

Making the jump from the corporate world to entrepreneurship

Are you thinking about jumping from the corporate world to entrepreneurship? Getting tired from being the proverbial "corporate slave"? If you say yes to these questions, then the succeeding content will be very interesting for you.

This is from a nice article from the AMEX OpenForum, entitled "How to escape Mundanity" an interview with Pamela Slim by Guy Kawasaki.

The article focused on several key questions you may have before making the career jump. I'm going to summarize each point as "twitter"-ly as possible.

Q1. How do you know when it is time to quit your day job?
A1. No perfect formula, but 2 signs: 1-realistic picture of your financial life + risks you'll take. 2- you've worked on your business as an aside from your day job.
My thought - I'm actually experiencing something similar right now on a startup... Maybe quit your day job when you begin to earn money that equals your day job. :)

Q2. But isn’t it crazy to start a business in this economy?
A2. This is an excellent time! Many people are sitting back in fear and afraid to move, that you actually have lots of room to step into new markets.

Q3. How do you decide which business to start?
A3. Passion (entrepreneurship is too hard to manufacture enthusiasm). Skill + competence. Business plan. Business model.

Q4. What is the very first step that I should take?
A4. Spend your time getting to know yourself.
My thought - not so pragmatic, but I guess it makes sense

Q5. By the way, should a person get started and then quit or quit and then get started?
A5. Get started and then quit

Q6. If you have limited financial resources, what is the best way to start a business?
A6. Start by testing and prototyping very small parts of your business.

Q7. Do you have to have a PowerPoint pitch?
A7. Not really. (if you're interested though, watch this vid.)

Q8. Do you have to have a business plan?
A8. You don’t have to have a complex business plan with thirteen attachments and spreadsheets, but you do need to engage in business planning.

Q9. What is the fastest way to build buzz about a company?
A9. Twitter, but it can't be your only tool

Q10. What if your spouse doesn’t support your entrepreneurial dreams?
A10. Demonstrate in big and small ways that you can follow through with plans, listen with openness and without judgment to concerns raised, and make a plan that feels like a reasonable amount of risk to both of you.

Q11. How do you find the time to work on a side business with a mortgage to pay and spouse and kids that need attention?
A11. Prioritize. When you are running on a very lean and efficient schedule and have a manageable list of weekly tasks for your business, you will make progress.

Q12. What is the most common mistake the “escapees” make?
A12. Thinking that they have to get all their plans absolutely perfect before launching.

What do you think?
blog comments powered by Disqus