In Progress
Readiness & Constraints
Calculate financial runway
Runway = (Personal Savings + Business Capital) / Monthly Burn Rate. As an immigrant, your burn rate is higher due to health insurance ($400-600/month) and visa legal fees ($5,000-10,000). Aim for 18 months of runway before quitting your day job. Ask yourself: 'If this business earns zero for 12 months, will I be okay?'
Entrepreneurship is a roller coaster. You need to assess two types of risk: Financial and Status.
- Status Risk: If your startup fails and you are on a self-sponsored visa, you have 60 days to find a new job or leave the country. Do you have a Plan B employer who would hire you?
- Willingness vs. Ability: You might be willing to take the risk, but do you have the ability? If you have $50,000 in student loans and no savings, your ability is low.
- The Founder's Test: Ask yourself: "If this business earns zero dollars for the next 12 months, will I still be okay?" If the answer is no, you aren't ready to go full-time.
Free Resource: How Do You Know If Your New Business Idea Will Actually Work?
Resources
Record your progress
Mark this subsection complete to track your progress.