“Is this idea worth pursuing? Should I quit my day job?”
by Marvin Cheung, Head of Research and Strategy
Do not quit your day job pre-MVP! That said, make sure to check your employment agreement regarding your rights to intellectual property and other details that might limit your ability to embark on a new venture.
When founders ask the question “Is this idea worth pursuing?”, oftentimes, the idea has already passed a basic gut test - it seems like a decent idea, but you are not sure whether or not to commit to it.
The first question to ask is whether or not you want to do it. If the venture goes awry in 3 months, would you be glad you still gave it a go? If not, is there some way you can align your personal goals with your idea?
There are also practical concerns. How would you rate your access to Financial Capital, Human Capital, Social Capital, and Intellectual Capital?
Financial capital: Based on back of the envelope calculations, how much time or money do you want to spend on this new venture? Are you planning to be in a highly regulated industry such as Finance or Healthcare?
Human capital: Are you a good judge of character? Do you have management experience? Do you enjoy working with others?
Social capital: Do you have trusted advisors in your network? Who are the people you can count on? How confident are you in your ability to secure new users or customers?
Intellectual capital: How much industry experience or expertise do you have?
Worksheet: “Pre-MVP Capital”
Access here: 1. Starting a New Venture Workbook