Tuesday, June 14, 2011
Insights and Opinions: 7 DO's and 5 DON'Ts for Entrepreneurs
Ever since my post on Los Angeles venture capital, I’ve been getting a lot of email and phone inquiries from local entrepreneurs seeking advice. It’s not surprising because the post presently shows up #3 on Google when you search “los angeles venture capital” and the 100+ re-tweets and 20+ FB likes certainly helped solidify this position.
Typically the entrepreneurs that reach out want to meet in person and ask for advice. I try to disclaim everything in that I OFFER OPINIONS, NOT ADVICE. I’ve been compiling these opinions and figured I’d jot down the cliff note version here. Without further adieu, here are some strong opinions on various topics that have come up in my recent correspondences with local entrepreneurs.
1. Choose a freaking huge market. Don’t play around in a small market. If you can’t quantify the size of your market, that means it’s too small, especially for VC. Go big.
2. Quit your day job – sooner rather than later. If you want to build a business, it takes 110% commitment. You’re never going to get anywhere if you relegate your dream to a side project for nights and weekends. Quit now, not later or you’re only proving that you’re not as committed as you should be. (More...)
Read the rest of Ryan's 7 Do's and Don'ts for Entrepreneurs.