- Overbudget and underspend
- Double the runway you think you will need
- Don't hire anyone until they are desperately needed
- If nobody knows about running a business (tax & books) then ask an accountant for help
- If your a founder, regardless of role, know how much money you have and your burn rate
On Fundraising (if your going this route)
- Keep simplifying your pitch until its so ridiculously basic a kid could understand (literally - test on kids)
- Remember what VCs are looking for: Huge Market, Proven Demand & ability to make money
- Look for VCs that actually have cash and focus on your market
- Keep a clean cap table, majority of shares with founders, use founder vesting
- Raise as much as you need (with some fat) at standard rates, valuation isn't as important as it seems.
- If a VC doesn't say "Yes" it means no, but always keep in touch and keep them updated if you like them
Of course you will fail miserably at both of these without actually building a business. On that front:
- Just talk to customers and build what they need. Soo many distractions. Ignore them all.
- Best platform/feature is the one you don't have to build. Second best is the quickest to build.
- Its a hard road. Be 100% straight with co-founders, youll need each other. Exercise, dont forsake friends & family!
Good luck!
Ideally, do as much up front work as you can while still getting a monthly paycheck while doing justice to $dayjob.
Nominate one or more people who you will be accountable to, and track your progress and discuss strategy with them once per month. Like a board of directors.
Find a good co-working space. If you haven't worked on your own full time before, get a time tracking app and find a daily cadence that lets you 6-7 hours of productivity per day, pack it up at a reasonable hour, go the the gym, socialize.