So, are you sure you want to start that business?
* Is it passion, restlessness or necessity that is driving you?
* Do you think it is 2 years’ effort and then a flip (try 6 years and an unknown exit market).
* How much capital do you have before outside investment or first revenue? Do you know how much is enough? Are you risking your mortgage or your retirement savings?
* Do you know how much Other Peoples’ Money you need, and how long it will take to get it? What about the “hidden year?”
* Is it a product business or a service business? (each requires a different amount to start, and a different multiplier to exit).
* Is your life-partner willing? Be careful. Can you protect yourself from your business partners’ defection?
* And more.
This one’s on me, free. It is the introductory chapter of my other iPhone book, “10 Secrets to Successful Startups,” available in this iPhone store. And if you are a big corporation, look for my short book, “Corporate in-house new ventures: Success Strategies,” also in this iPhone store. And thanks!
About the Author
Joey Tamer consults to Fortune 500 companies and capitalized start ups to launch, build and expand technology companies, often serving as a “shadow CEO” to extend the CEO’s bandwidth. She also advises consultants and service companies on their growth and profitability. She has consulted since the early days of the PC through to her Web 2.0 and Web 3.0 clients of today. Clients include J.P. Morgan Capital, Sony, IBM, Apple, Hearst, Blockbuster, Technicolor, Harper Collins, NEC, Time-Warner, Agfa and Scitex, and many early stage ventures such as Earthweb (IPO 1998) and iSuppli.