How to Plan and Build your great business without risking your relationship or career
Preview a copy at Publishizer - available at 25% off until 13th Nov. 2015
By Daniel Mumby
CEO/ Founder of StartUp Foundation - the accelerator for professionals, Angel Investor, Mentor & Advisor, Presenter, Speaker, Author, Host, Venture catalyst, marketer, ideator, strategist, media producer, connector, speaker
"Before You Quit Your Day Job" is a must for anyone who wants to give themselves and their startup idea, the best chance of business success, without risking their career, reputation or
"Before You Quit Your Day Job" is written for you, the experienced professional, who has been thinking about building that great business idea. But building a new venture can be very challenging. You should strive to maximise your chances of success, whilst also protecting your life, career & family from the risks of building a great venture. There's a lot at stake, and a lot to lose if you don't get it right - probably more than you realise.
The good news is that an "Experienced Professional" has a substantially greater chance of creating a successful venture, (2-4 x compared to an inexperienced graduate), once they get into motion. However most never start because they can't find the right help to address the risks associated with their life & obligations, such as "spouse, children and mortgage".
This is not a book about business structures, tax planning, or 50 page business plans. Like any structure, building a great venture is all about first building a solid foundation.
And I share how to do that by going against conventional thinking, showing you how to
act strategically using innovation and use contrarian-thinking, to:-
- Map out a success strategy that works for you, from where you are, and with what you have available to you right now
- Maximise your 'success factors', like expertise, connections, credibility, industry/domain
experience, seed capital, know-how and track-record.
- Mitigate your personal risk factors (such as personal and business runway), and your professional risk factors (like career and reputation),
- Leverage your networks and connections even whilst you remain "under the radar",
- Not make basic amateur mistakes that we, as mentors and investors, see everyday, and
- Focus on the 10 key "Pillars" of real-world business design, that make the difference between failure and "Massive Success".
And I'll guide you through the 42 hidden "Laws of Venture Success" that I've discovered along the way, that will help prevent you from learning them like I did - the hard way. Each and every one of them is the length of a tweet, and if followed, will lead you on to certain success.
Throughout the book, I'll share the wisdom and stories of success with you, of other great
entrepreneurs and mentors that I've met along the way, who just happen to be a little further along the journey than you.
And I'll be following up in quick succession with 2 sequels, to help you strategize
& prepare for what happens during and "After you quit your day job".
So whether you dream of building a worldwide massive success, or creating a great venture that gives you back your time and your life, I'll show you how to "Break Free", and become that great entrepreneur that you've always imagined.
"There is no such thing as failure, only learning how to succeed, whether in this venture or the next."
Preview a copy at Publishizer - available at 25% off until 13th Nov. 2015
"Everything we enjoy in society is a direct result of the accumulated learning derived from millions of mistakes. No mistakes, no progress. Yet we still look at making a mistake as embarrassing, wrong, an act bordering on sin. If you're making mistakes, it means you're doing new things, taking risks, stretching yourself. You're growing, learning. And isn't the journey, the experience, not the destination, what life is all about?." -Robert White
After you've done a couple of startups (whether successful or otherwise), you quickly learn whether this is in your blood.
I'm not sure for me whether its thrill, risk, challenge, opportunity, or belonging that is the strongest motivator. After speaking with many other 'tribesmen', its pretty clear that all of these play a part in the decision of those of us that stay 'in the game'. For most of us, its something we were born to do.
Businesses in Progress
Along with a couple of mobile apps at various stages of development, I am very interested in using the skills & knowledge gained my experiences, in helping others in bringing their ideas through the development process to market. We have some definite ideas about how we plan to do it. And you will be amazed by their audacity and simplicity.
StartUpFoundation.com.au accelerator, co-working space and idea creation support for 30+ professionals and/or business-to-enterprise opportunities
Startling.com.au A platform for Startup promotion & collaboration
Projects in Progress
Focus is a truly important skill,and contrary to advice you might receive, it is possible to focus on more than one thing. But you should only do so, if the different projects are synergisticly aligned. Here are 3 other projects that we are developing through Discovery at the moment, and if (& when) any of them proceed beyond a 'proof of concept' stage, we'll let you know first.
Ideallic.com.au mobile app ideation, production & consulting
TheLittleBookOfBigIdeas.com book publishers' platform
eBookMark.com.au retail ebook distribution
Opportunity #10 is in a big space.
In Late July 13, I took an idea to a Launch 48, a pitching competition & 'hackathon', with the idea to testing it, & perhaps forming a team around it, either for that idea, or maybe another. Not only did we win that competition, but I learned a whole lot in the process.
What we created was a working prototype proof of concept and a business model for a very large startup, called TerraLingo (I'll come to the size of it in a minute), which is a social media language translator, with interesting big data analysis and corporate partnership opportunities.The challenge is that to build something within the opportunity space that we saw,that could scale at a worldwide level, would take easily between $20-30 million of venture capital over 3-5 years. Like many startups in that space, it had a high failure capacity.
The problem was that because most of our team was 30+, and would be initially part-time, no startup accelerator in Australia would've approved our application, which is seen as almost mandatory to obtaining tech VC seed capital. And the normal model means giving up a fair chunk of equity to a VC (often here at very unfavourable terms), in order to get the cash you need to grow the business to a big enough level. To do a startup well, means having cash, and spending that cash wisely, whilst we validate our model, whilst gaining traction and creating revenue.To grow it means a location to operate from, cash to pay for staff, research, services, consultants, advisors, software, business infrastructure etc
Also inherent in the problem for most of us older guys doing a startup, is that we have 'golden handcuffs', - obligations. We have wives (or husbands), kids, mortgages, school fees, lifestyles, etc. Which meant that life for us in a startup requires us to have a new (better) plan, none of which would work for a VC-funded venture (or at least, not for any of the one's I've met).
Getting the right advice to difficult questions, like What to think about "Before You Quit Your Day Job", are never easy. having built 15 ventures in completely different spaces & sectors, I think I've done just about everything wrong in my personal & professional life, in my quest for venture success.
So now it's time to share what I've learned.
In the next 60 days, I'll be releasing a 3-book set, from which to help you succeed in your own venture.
- "Before You Quit Your Day Job" TM
- "After You Quit Your Day Job" TM
- "Confessions of a Serial Entrepreneur" TM
In these 3 books, I'll outline how to :-
- Protect yourself from personal risks (like spouse, kids & mortage)
- Protect yourself from professional risks (like career & reputation)
- leverage and maximise your success factors (like experience, track-record, expertise, deep domain knowledge, and connections).
So if you'd like to avoid making the mistakes that most startup amateurs make, protect yourself (from yourself), and give yourself the best chance of business or startup success, register for an advance copy of the whole set, at a very special discount.
You've got a great idea, which might just change the world. You've been to a 'StartUp' event or two, Great, that's the very first of quite a few steps. And that's also where your challenges start.
Current 'Lean Startup' thinking says that you should
- Have a technical or coding background
- get a co-founder
- develop a proof of concept product
- find a worldwide scalable problem,
- apply for entry to an accelerator,
- build a 'minimum viable product' and iterate it often
- Finally,plan on spending the next 6 months pitching to Venture Capitalists, so that you can raise enough seed money to pay yourself $50k pa for the next three, in order to have a 1in 50 shot at a big exit.
What's wrong with this picture?
Well lots, but lets start with 4 things.
- Most of the people I've seen in accelerators are under 30, and don't have the same responsibilities and and obligations as you and I.
- This model is about a VC making long bets on the success of 1 or 2 startups in getting to the next stage, from a pool of often more than 10.
- The terms of funding are substantially skewed in favour of the funder, to the obvious disadvantage of the founders. -
- Funding is hard; its a buyers market; a V.C. will often see 1000+ pitches annually, and will write only 1-2 cheques p.a., and NEVER from a cold pitch.
So what are my alternatives?
"That StartUp Guy" is just right for the 30+ corporate professional, (who perhaps doesn't quite 'fit') possibly with a great idea, & wondering what to do next, and definitely looking for an 'escape plan'. Just like I was, 10 years ago.
So we aim to act as roadmap & a guide for what may lie ahead on the journey to freedom for the 'corporate escapee'.
As well, I'll share my learning from my own bold adventures in the quest for startup success. My stories, questions and answers are real - each & every one has come from my own experiences - to act as a beacon for those already on the journey.
My goal is to help you, by guiding you through the steps, and past the challenges and pitfalls, to turn that 'Great Idea' into reality, whether it's a business, a product, a service, an app, a referral, or just finding an answer to your specific problem.
My blog posts on the entrepreneurial mindset are growing, so via social media, share articles, or connect with me (should be a link somewhere around here, perhaps it's over on the right), discuss my blog posts, post comments and start conversations. You can soon subscribe to startup news updates, to receive a free gift of one of my upcoming books on startups or mobile ideas (we will never send spam to your e-??mail address or sell your information to any other party).
Explore the site, ask questions, seek guidance, and challenge my thinking if you must. And if you are in need of some help with a great idea, contact me and lets get a great idea started.