Any tips for someone who's quitting full-time tech job to start a venture? - tnsn
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ian0
On Finances:

\- Overbudget and underspend

\- Double the runway you think you will need

\- Don't hire anyone until they are _desperately_ needed

\- If nobody knows about running a business (tax & books) then ask an
accountant for help

\- If your a founder, regardless of role, know how much money you have and
your burn rate

On Fundraising (if your going this route)

\- Keep simplifying your pitch until its so ridiculously basic a kid could
understand (literally - test on kids)

\- Remember what VCs are looking for: Huge Market, Proven Demand & ability to
make money

\- Look for VCs that actually have cash and focus on your market

\- Keep a clean cap table, majority of shares with founders, use founder
vesting

\- Raise as much as you need (with some fat) at standard rates, valuation
isn't as important as it seems.

\- If a VC doesn't say "Yes" it means no, but always keep in touch and keep
them updated if you like them

Of course you will fail miserably at both of these without actually building a
business. On that front:

\- Just talk to customers and build what they need. Soo many distractions.
Ignore them all.

\- Best platform/feature is the one you don't have to build. Second best is
the quickest to build.

\- Its a hard road. Be 100% straight with co-founders, youll need each other.
Exercise, dont forsake friends & family!

Good luck!

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carlsborg
If you live in a big city, consider moving to a cheaper location to reduce
your burn rate. Halving your rent can buy you several more months of runway.

Ideally, do as much up front work as you can while still getting a monthly
paycheck while doing justice to $dayjob.

Nominate one or more people who you will be accountable to, and track your
progress and discuss strategy with them once per month. Like a board of
directors.

Find a good co-working space. If you haven't worked on your own full time
before, get a time tracking app and find a daily cadence that lets you 6-7
hours of productivity per day, pack it up at a reasonable hour, go the the
gym, socialize.

