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Alex1331

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Feb 11, 2021
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Hello guys,
I`m 17 year old and have an inovative business idea, but in order to start my own company and create the product, I`m going to need more than 50K. For me that`s a lot of money. What should I do? How can I earn this amount of money to launch the product as soon as possible?

Thank you very much!
 
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Stargazer

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Go and get some contingent orders then go and get the money.

If your product is truly innovative it should be a no brainer to the listener. As in a very quick yes or no.

eg You think you can manufacture something that will lay bricks evenly, 24/7, following a blueprint, irrespective of whether the ground is level or not as a gyroscope keeps the relevant bit level, up to a height of 20 meters.

Well every large house builder firm would buy one wouldn't they, even if it cost £100k?

So the contingent bit is that I, Mr House builder, will give you a definite order for 1 machine if it does exactly as claimed and you deliver it by 06/04/2022

If you get 5/5 large house builders to give you contingent orders an investor or bank even will give you the money all day long as long as they have valid reason you can produce whatever it is you purport to be able to with the money.

So that is just one way for you to get money. You mitigate risk to the investor.

Basically are you credible?

An Engineering Student doing a course project to fill an identified market need with 5 to 10 potential orders from relevant customers is a lot more credible than a kid who just had an idea for a flying car they can make for £50k

Dan
 

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How many have you sold?

Quit the bullshit and answer that question.

idea --> concept --> mvp --> sales ....... then worry about building the business / financing / etc. .....

have sales and the money will find you
 

Stargazer

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How many have you sold?

0

He thinks he needs to make it first.

A train of thought that is not completely illogical for a 17 year old.

Dan
 
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Andy Black

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How can I earn this amount of money to launch the product as soon as possible?
I like how you used the word “earn”.

A couple of concepts I like are:

1) “Product-Founder Fit” (Dan Norris from “The 7-Day Startup”)

Can you launch and make sales in the next 7 days? If not, then scale back to something you *can* launch in 7 days (and make a sale).

2) “You can get money from investors or customers, but not both.” (James Altucher I think)

I like this, having been in a startup that focused so much on raising millions they neglected to make any revenue.

I like the way you phrased your question. How can you *earn* the money to build the product?

My initial thought is to sell something to the people who would eventually buy the product/service you have in mind. Scale back to something you can launch and make a sale of in the next 7 days, ideally to the same people who will buy your other product later.
 

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How many have you sold?

Quit the bullshit and answer that question.

idea --> concept --> mvp --> sales ....... then worry about building the business / financing / etc. .....

have sales and the money will find you

I second that.

Before you sell your own products learn how to sell the products of other people. At least go pick up CPA offers, Affiliate offers or dropship some shit.

You won't magically sell millions of your own product without first actually knowing how to sell lol.
 

Alex1331

New Contributor
Feb 11, 2021
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If this is physical product:
Create pictures or 3d graphics of this.
Create website that mimics real shop.
Pay for FB ads.
See if anyone buy then excuse for "temporarily" being out of stock.
Thank you so much, that you replied! That`s a good idea!
 

Johnny boy

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Very often a person new to business isn’t all that creative at getting around perceived obstacles.

1. You probably don’t even need 50k
2. You could sell something related but different so that you only need a few grand to start and then can use the profits to create the 50k thing
3. You can get an investor
4. You can sell pre-orders or Kickstarter it

There’s tons and tons of other options and there’s a lot of ways around problems. You just need to have the creativity to solve seemingly impossible problems easily.

I wish that you’d say what the idea is so we could come up with some practical and specific advice but without it you’ll just get generalities.
 

rudi4wudi

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Jul 26, 2021
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You have several paths that you can take. The oldest is to try to save up on your own or earn an amount for launching another job. This is the most difficult and long way, but also the surest.
You can try to find investors who will agree to invest in your project. There may be some problems due to your age because investors like serious and promising young men.
Well, the easiest, in a sense, is to launch your project on Kickstarter or another service for donations.
You can also try to release a limited batch with the money you have and thus gradually increase production, but this depends on the details of the product itself.
I strongly advise you to contact an XYPN financial adviser. He can also find some interesting solutions.
 
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