Editor's note: This piece was written by Charlie Javice, the founder of Frank, a financial services startup, and a member of the Forbes 30 under 30 list. Since its launch, Frank has helped 300,000 users apply for financial aid.
So you’ve got a great idea you’re convinced is going to change the marketplace. What’s next?
Before you jump into creating your company, take a moment and remember that ideas are only ideas until they have an execution strategy, and luck can only get you so far without a foundation. The statistic that most startups fail is true, so you want to stack the odds in your favor by being prepared and doing your homework before you take on such a big financial risk.
As the founder of Frank, a startup dedicated to helping students pay for college and redefining how they apply for financial aid, I’ve learned that building a great lean team that can move efficiently on the company’s business strategy is the key building block that brings your idea to life. If you have that entrepreneurial bug, consider this checklist before you quit your day job.