Opinions expressed by Entrepreneur contributors are their very own.
Founders typically speak about taking a “leap of religion” when beginning their enterprise. The phrase, coined by Danish thinker Søren Kierkegaard, describes believing in one thing with out rational proof — accepting an unsure consequence regardless of a scarcity of proof.
My opinion? This can be a horrible solution to strategy launching a company.
To me, taking a leap of religion is like leaping out of an airplane with out a parachute, assuming you may be okay with none supporting evidence. Maybe a well-meaning flock of birds will carry you to security, or a robust gust of wind will deposit you gently on the bottom. Personally, I would somewhat pack a parachute — one which I do know is structurally sound and can do its job.
Figuring out when it is time to transfer ahead with your corporation thought does not require hovering foolishly into an unknowable abyss. It doesn’t suggest there will not be uncertainty. However for those who can meet the under pre-conditions, your leap might be extra of a assured step, and you will not must depend on religion: You may have info.
Associated: 4 Ways to Determine If Now Is the Right Time to Launch Your Business
Pre-condition 1: You already know who is able to use your product
Once I began my firm, Jotform, I knew precisely who can be utilizing the product I wished to construct: Me and all the editors on the media firm the place I labored as a programmer. I used to be continuously getting requests for types, so I knew how necessary they had been to the corporate’s operations. I additionally knew I used to be uninterested in constructing them and that there needed to be a greater approach. And there was.
As Y Combinator co-founder Paul Graham put it, “When a startup launches, there should be no less than some customers who really want what they’re making — not simply individuals who may see themselves utilizing it in the future, however who need it urgently.”
Jotform is a basic instance of the facility of scratching your individual itch. In my case, it was a win-win: Even when my no-code types did not take off, I would nonetheless have solved an irritating downside for myself, all whereas persevering with to gather a paycheck at my day job.
Pre-condition 2: You may construct your product
Say you’ve got a tremendous thought for a home you wish to construct — it should have all kinds of unbelievable options, like turrets, a number of balconies and a wraparound porch. The one downside? You have by no means picked up a hammer.
That does not imply it might probably’t be performed. All it means is you may should learn how to do it — if attainable, on another person’s dime.
By the point I began engaged on Jotform, I would already constructed a handful of merchandise in my spare time, along with those I would made for my 9 to five job. At that job, I additionally had the extremely worthwhile expertise of proudly owning a SaaS product utilized by hundreds of thousands — it was known as TheCounter.com, and it was a form of precursor to Google Analytics. TheCounter.com was initially launched as a free product, however after the inventory market crashed, the corporate wanted money, so I used to be charged with constructing a paid model. Making huge choices and having possession over that product was the most effective training I may have requested for — and I did all of it whereas persevering with to gather a paycheck.
By the point I began engaged on Jotform, I already had a lot of the expertise I wanted to get it up and working myself. For every part else, I discovered as I went.
Pre-condition 3: Your MVP is viable
For a lot of founders, their “leap of religion” second comes after they give up their day job, dramatically buying and selling in safety for the freedom of entrepreneurship.
Not me. I solely give up the media firm after my aspect venture — a profile device I would developed — was persistently incomes greater than my paycheck. I spent six months constructing a free model of Jotform with solely primary capabilities. Once I launched it, I knew one in all two issues would occur: Folks would use it or they would not. And in the event that they did not, effectively, I had solely wasted six months, and I would nonetheless have the earnings from my aspect venture.
I had quite a lot of confidence in Jotform, and as soon as I give up my job, I labored on it with full dedication. As disappointing as it could have been if it had failed, it would not have been catastrophic. I nonetheless had my different merchandise, I nonetheless had my expertise and I knew I’d provide you with one thing else.
Associated: 5 Tips for Solidifying MVP, and Why It’s the Most Important Aspect of Building a Startup
Pre-condition 4: You understand how to succeed in your goal customers
This can be a pre-condition I truly did not meet myself, however would have had I recognized higher.
Marketing doesn’t come naturally to me, however once I based my firm, I used to be happy with my product and the expertise I would developed. Doing PR wasn’t too painful.
Nonetheless, there are various methods you possibly can drum up curiosity in your product, even earlier than it is launched. Work out your viewers and do outreach on social media, by means of boards like Reddit or by beginning a weblog. Even the most effective product might be DOA if it does not attain folks.
Launching a enterprise does not should be a reckless leap into the unknown. By assembly these pre-conditions, you possibly can flip a leap of religion right into a strategic, well-planned step ahead — one supported by preparation, knowledge and confidence.
