How to eat an elephant
Turning a side project into a viable startup
The primary difference between a “wannapreneur” and an entrepreneur is the entrepreneur is a doer. We have a bias for action. Quitting your day job is not a prerequisite to being an entrepreneur. In fact, I successfully launched a lifestyle business that to this day pays my co-founder a full-time salary and continues to fund my kids’ 529 plans. Not bad for a hobby turned side project/lifestyle business. Working on a product full time doesn’t guarantee that you’ll be successful either: I’ve had the experience of working full time on a funded startup that just didn’t take off. I’m a big believer in starting a part-time side project, getting some initial validation, and generating some initial traction before fully committing. This is also why I believe that you have to be very data driven, and have metrics built into your product from the beginning. Pragmatically speaking, if you have three kids and are the sole income provider (*ahem*), then it may not be practical to quit your day job before having some traction.
Minimum Viable Product
One of the (many) challenges that we’ve had from the beginning is that we’ve had a hard time reducing scope of our MVP. The initial concept of CollectedIt! was a niche social network with ecommerce capabilities, which required that several pieces be in place to successfully launch.
Collector Tools + Social Sharing + Marketplace