This year more than five million entrepreneurs will launch a new venture. Many of them believe they have the Next Big Thing. But very few startups live to see five years, and even fewer make it to ten. Even fewer still go on to become a global success story. This is a practical guide to evaluating your business idea and a must-read for all aspiring entrepreneurs. You'll learn: -that if your new venture doesn't follow the 10x Rule, you should not quit your day job and why -how early customer development can transform a good idea into a great opportunity; -which opportunities are worth selling everything for Brad Feld and Dr. Sean Wise have been assessing startup opportunities for more than two decades. They have witnessed more than 30,000 pitches and participated in more than 500 startup launches. Now two of North America s leading minds in venture capital share how they determine which startups will succeed and which will fail. This is indispensable for anybody who has ever thought about starting a business or fumbled their way through giving advice about starting a business.

1. From the book: Startup Opportunities: Know When to Quit Your Day Job
WHEN IS IT TIME TO QUIT YOUR DAY JOB?
10 Lessons from Startup Opportunities
by Dr. Sean Wise and Brad Feld

2. HERE IS THE TRUTH
From the book: Startup Opportunities: Know When to Quit Your Day Job
Five million entrepreneurs will launch a new venture this
year. They all believe they have the next big thing. Only a
few will become a global success story.
SO HOW DO I KNOW I’LL BE SUCCESSFUL?
You don’t and you can’t. But you can improve your chances. The
following are 10 characteristics that you should look for in
yourself and in your opportunity before you quit you day job.

3. OBSESSED ABOUT THE SPACE
From the book: Startup Opportunities: Know When to Quit Your Day Job
You need to love it, not like it. Startups are
tough. If you don’t love it, you’ll eventually quit.

4. ABLE TO EXECUTE THE SOLUTION
From the book: Startup Opportunities: Know When to Quit Your Day Job
Execution is the only thing that builds value. Bring
together the team that can do so efficiently can
effectively. That team, hopefully, includes you.

5. PROBLEM IS A NEED, NOT A WANT
From the book: Startup Opportunities: Know When to Quit Your Day Job
If your solution is a “nice-to-have” and not a
“must-have” it’s not yet time to quit your day job.
Make sure that your solution solves a compelling
unmet need as that’s what you need to gain
traction.

6. MARKET IS LARGE AND GROWING
From the book: Startup Opportunities: Know When to Quit Your Day Job
Understand the market that your idea and your
solution exist in. If the market is growing, there will
be ways to capture some of that growth.

7. SOLUTION IS 10X BETTER THAN CURRENT SOLUTION
From the book: Startup Opportunities: Know When to Quit Your Day Job
Be exponentially better. No hyperbole here. If you
aren’t, you won’t be able to overcome the
momentum that the market leaders have.

8. BE READY TO BURN THE SHIPS
From the book: Startup Opportunities: Know When to Quit Your Day Job
There will be points in time that there’s no turning
around and going home. Are you ready to make
that commitment?

9. ABLE TO ACCESS CUSTOMERS
From the book: Startup Opportunities: Know When to Quit Your Day Job
Every product has a customer. The question is how
many are there and are you able to get to them. If
you can’t, you won’t be able to validate your
solution nor sell it.

10. LIVE WITHOUT AN INCOME
From the book: Startup Opportunities: Know When to Quit Your Day Job
Money won’t come flying in the door day one. Or
day two. Or maybe day never. If you can’t afford to
wait for revenue or funding, a startup isn’t for you.

11. BE ABLE TO BUILD THE MVP
From the book: Startup Opportunities: Know When to Quit Your Day Job
Startups have to start somewhere, and that’s user
feedback and exploration. Make sure you are able
to build a minimum viable product before quitting
your day job.

12. PREPARED TO DO THE GRUNT WORK
From the book: Startup Opportunities: Know When to Quit Your Day Job
There are no shortcuts and unlike in a large
company, if you don’t move the company forward, it
doesn’t move forward. You need to be committed to
doing everything and anything the company needs.

13. THE BOOK
A deep dive on each of these opportunity evaluation
topics is in Startup Opportunities. Buy the book or reach
out to me on Twitter.
fgpress.com/startup-opportunities/
http://www.amazon.com/dp/1941018009/
@seanwise
@bradfeld
©2015