Advice for first time entrepreneur?

I'm embarking on my journey of building my first startup.

What are some pre-requisite things a new entrepreneur should know to have better chances of being successful?

1. Startups with 2 or 3 founders have a better chance of success than those with 1 founder.

2. You don't have to form a company before you validate your idea. Too many people form companies they abandon when they fail to get to build/grow stage.

3. Understand that working on a startup is often much harder than a FT job. The freedom, the flexibility of schedule, stress-free living, it all comes way later when you are successful, not the day you start.

4. There is nothing wrong with keeping a job or take on consulting gigs in the early stages of idea validation and customer development. Many startup founders do it because it lowers your risk and stress level.

5. Try to avoid:

a) commitment to any ongoing or long-term expenses (e.g. office) if you can avoid it

b) overbuilding the product before showing it to customers

c) obsessing over perfection and readiness, unless the idea/market call for it (unlikely)

Good Luck! And do come back to this site for other advice as questions come up.

Congratulations on your decision to execute your startup idea. Here are some suggestions:

1. Hire people who are smarter than you. It's harder to do than it sounds.
2. Understand who you are selling to. Learn everything about them. Try to emulate them. You must know exactly how it feels to be in their shoes. Only then can you sell a product or service to them.
3. Get free advice about legal issues. Many lawyers will provide you a free consultation which is enough to get a question answered. You can also try sites like Avvo to get legal advice.
4. Be stingy when it comes to spending money. Don't waste money on anything. Either work from home or get a shared desk at a co-working space. Don't rent a full blown office.