Top 5 things to do before you leave your day job to become a full time entrepreneur

None of the below are necessary but they are important to shield you from failure and to be better prepared.

In no order of preference:

1) Find business partners(s) – startup life can get stressful sometimes and it’s always good to have support.

2) Create a prototype and evaluate the market. This will give you a good initial feel of if this is something that will be useful to someone and has potential.

3) Do a financial analysis of the worst case for how much money you think the business will need before it starts making money or get to a funding point from external investors. Now multiply that number by two and make sure you have that amount available to you (either saved or a loan or some other reliable source) before you make the jump.

4) Figure out how much money you need for your monthly expenses, add some more for emergencies and make sure you have that much money in the bank before you jump.

5) Start networking and finding potential advisors for your business (lawyers, accountants etc.)

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