How to Make the Leap from Employee to Entrepreneur

FIVE STEPS TO GET OUT of the BUILDING HOW TO TRANSITION FROM EMPLOYEE TO ENTREPRENEUR- Thinking about leaving your job to launch a company? Not so fast! The Founder Institute encourages aspiring entrepreneurs to assess their goals and test their startup ideas thoroughly in the real world before quitting. STEP IS THIS CAREER FOR YOU? Entrepreneurship is a career and lifestyle choice, so be sure you are doing it for the right reasons. Starting up for money or power will not likely result in success. Good Reasons to BECOME AN ENTREPRENEUR ASK YOURSELF: O{ You are PASSIONATE about solving an important problem. M Why do you want to be an entrepreneur? You have V How do you define success? 23 UNIQUE MARKET KNOWLEDGE on how to solve a problem. Can you handle failure? Are you ready for the time commitment? You want to 3) CHANGE THE WORLD. STEP PINPOINT YOUR TALENTS Your business should stem from your strengths and passions, because you will not survive the entrepreneurship journey without passion. ENTREPRENEURIAL TRAITS ASK YOURSELF: Work Experience People with industry and management experience What entrepreneurial traits do you have? High Fluid Intelligence C. Problem solvers that can adapt quickly What strengths have others praised you for? Can these help you as an entrepreneur? High Openness |D Creative people that are open to new experiences Where do your passions lie, and what pain points do you have? Can any of these be translated into a business? Moderate Agreeable People that can balance kindness and strictness STEP LAUNCH A "PROJECT" Big ideas are raised, not born. Start a disposable "project", and write out several variations. Don't fall in love with your project - instead, look for reasons to dismiss it. The Best Startup Ideas Have: A Simplicity Clear Revenue Large Market Solve one Start with one, Aim for markets problem, for one simple revenue with at least customer stream 10 MM people STEP RESEARCH AND FEEDBACK 4 Nobody is going to steal your idea, so the best thing you can do at this stage is get as much feedback as possible to help you evaluate, iterate, and improve. This is the most important step, and it should take you several months. BASIC RESEARCH PLAN 1 Analyze the market and competition. Are the trends favoring your idea? Are you violating any agreements, trademarks or patents? 2{ Create a simple one-sentence pitch and get feedback from friends and colleagues who will be honest with you. 3{ Find a similar company that failed, and get a founder on the phone. Collect their feedback on the market and your idea. Attend industry events, and iterate your pitch until it clicks. Find some real potential customers for your product, and take them out to 5 coffee. Do they immediately "get it?". Are you solving a crucial problem for them, or it is just a “nice to have"? Would they pay for it? STEP ARE YOU READY? Did you enjoy the process of pitching, iterating, meeting customers, and getting both positive and negative feedback? Answer YES or NO below; NEXT STEPS: NO: If you didn't like the process, analyze whether entrepreneurship is right for you right now. YES: Continue to iterate by getting feedback from other entrepreneurs. Start looking for advisors and begin to build your product. You're on the right track! Do You Have What It Takes to Be an Entrepreneur? FOUNDER Take the "Entrepreneur DNA Test" at www.Fl.co/DNA f INSTITUTE