Me and my friend are desperate to start a business. We’ve got no experience, no previous background though. We have a ton of ideas, constant thought ( to the level that it sometimes causes anxiety) about quitting our jobs and starting on our own.
We don’t even have a company registered yet.
Both of us earn handsomely as of now and work in MNCs.
The liabilities are very minimal for either right now.
We plan to start a consulting business and then branch out from there towards a product, because profitability is important for us.
Should we take the leap of faith?
Why don't you validate your business idea before jumping directly onto it?
I’d like to learn more if there’s a structured way to go about it
Try to do consulting as part time if people thing you can gave value to them then only move forward
Expenses will hit you from all sides. Entrepreneurship is a hard, long, painful and exciting journey so stack up good enough funds for 18-24 months runway if you want to quit. But atleast until you start seeing recurring revenue for 3 months it is advisable to do while working. Other way is either one of you go full time into business and other remain in job for couple of months.
There is never a ‘right time’ for starting with your entrepreneurial journey. Just do it when you feel. However, plan your finances with the minutest details - your own personal expenses and your business’ expenses - you must have a runway of 2 years for both these expenses before you jump in. All the best!
Build decent capital if you are going all bootstrapped. Give yourself a timeframe of 1 year before you know what you want to get into. Get a third opinion as well on setting up and registering an entity if you have everything in place.
How do I start
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