Stepping out of Corporate Life

Stepping out of corporate life to become an entrepreneur requires bravery and passion..

...and a little stupidity. This may not be the best time to leave that secure job and go out on your own. Typically new business start ups fail. Given these market conditions it would be better odds that you would...fail quicker.

I've started a few VC backed businesses while keeping my full-time job. It doesn't make it easier but it sure helps me sleep at night.

Over the years I have had consulting businesses as well as product companies and here's what I've learned. Depending on the type of business and how well funded you are. Never underestimate the power of cash!

1) Partners can be a blessing, especially those that can handle some of the day-to-day activities.

2) As long as the process is well defined contractors can be extremely helpful to do some of the mundane more routine work.

3) Never over-promise. I'd rather give less and over-perform than fall short of what I can deliver.

4) Know your exit strategy. I'm in a venture now where I have multiple partners. Each of us has something else we do full time. We raised seed money to buy inventory, get insurance (it's a medial product), create a web site and develop marketing collateral. We are in the process of hiring the right sales people that will eventually run the business. Our exit strategy is to build a market for one of the complimentary companies in the industry and sell the company to them.

Good luck with your venture and feel free to reach out rgoldberg@stagesofinnovation.com or visit my web site http://www.stagesofinnovation.com/ for help with your start up.

Rob Goldberg 2009