Ryan Born is Founder & CEO of AudioMicro (http://www.audiomicro.com/). In this video he talks shares 3 insiders tips for first-time entrepreneurs.
- Choose a big market- $1 billion or greater
- Commit 100% to your business
- Like a marriage- choose co-founders wisely
- Be sure to have founder vesting in place
Starting a company is a huge step. There are tips that I think every first time entrepreneur should know.
First off. Choose a big market. Now big is a broad term so what do I mean by that? Let's define big as a $1 billion annual market or greater. For instance let's take stock photos. Stock photos are $2 billion market. That would be big enough of a market to be entering. Would you rather have a small piece of the big pie or a big piece of a little pie? I take the small piece of the big pie.
Secondly. Quit your day job. That means be a 100% committed to your business. You've gotta be for investors to wanna invest in you and for you be able to take this from an idea to a real business. Quit your day job while you can. You can always go back.
And, finally choose your co-founders wisely. It's a marriage. Think of it like that. Until death do us part. You are gonna be with this co-founder for, think of it forever. And, to that effect, have founder investing in place. Meaning over 4 year period, your stock or your ownership in the company is investing overtime. So, if they leave early or if things aren't working out, they can walk away with just their invested amounts and not get everything right off the bat.
So, those are the tips that I think every first time entrepreneur that's starting a company all to know.