Hey everyone 
Personally I love reading people's execution threads so I wanted to start my own one.
I'm going to start my first venture, a product in the PC/gaming setup niche. I'm fully committed at this point, I'm ready to go through this. I'm only 18 so I don't have much to lose anyways. Since I'm young and this is my first business, I'm fully expecting to screw something major up here. I'm treating this kind of like a workshop: main objective is to learn.
From my point of view the product fulfills CENTS really well.
Control: I can buy the machinery to manufacture the product and I can sell it through a website.
Entry: The barrier of entry is not really high since the machinery doesn't cost a ton, but it isn't particularly low either. I'll probably still need to invest all of my savings + I'm paying with my time here. Also I'm not sure about how much work the website will need. We'll see.
Need: I'm pretty confident that there is a need. I have some soft proof of that: I searched for old posts in reddit from some subreddits that my target audience hangs out in, and the problem I'm planning to solve has been mentioned a good amount of times. People are even specifically asking for a company that does this, but even the recent posts aren't getting good answers. The competition is really low though, so I'm kind of entering a new space here. The not-so-high barrier of entry and the lack of competition are the two things that are keeping me on edge about how much do people really need this. All in all, I'm still confident that I can provide strong relative value here.
Time: Most of the work is done by machines, but I'll still need a few people to operate them when I scale up. The business is mainly manufacturing, so it fulfills TIME well.
Scale: The legacy value system is relatively cheap, doesn't rely on location, all in all really easy to scale. The main variable here is how big the market will be.
I'm not expecting the demand for the product to be huge, but I can see kind of a grassroot customer-base in certain communities. If well-enough executed I would buy this product, and that fact makes me believe others would too. I'm looking forward to getting hard proof that people really do want this.
I'm currently working through the 7P's in unscripted . Just got done with soft proof. Next step is to plan my path. Then prototype, then hard proof, etc. Already ordered some materials for the prototype. I feel good about this, but also a bit scared. I feel like the biggest threat right now is that I get complacent and just forget about this project and quit. I'm really good at finding excuses.
I want to see this through. I want to contribute, solve people's problems and pay my mom's loans.
I'll keep updating my progress under this thread. Feel free to ask anything or give advice, I really appreciate it. Thank you MJ for kicking me in to action.
Personally I love reading people's execution threads so I wanted to start my own one.
I'm going to start my first venture, a product in the PC/gaming setup niche. I'm fully committed at this point, I'm ready to go through this. I'm only 18 so I don't have much to lose anyways. Since I'm young and this is my first business, I'm fully expecting to screw something major up here. I'm treating this kind of like a workshop: main objective is to learn.
From my point of view the product fulfills CENTS really well.
Control: I can buy the machinery to manufacture the product and I can sell it through a website.
Entry: The barrier of entry is not really high since the machinery doesn't cost a ton, but it isn't particularly low either. I'll probably still need to invest all of my savings + I'm paying with my time here. Also I'm not sure about how much work the website will need. We'll see.
Need: I'm pretty confident that there is a need. I have some soft proof of that: I searched for old posts in reddit from some subreddits that my target audience hangs out in, and the problem I'm planning to solve has been mentioned a good amount of times. People are even specifically asking for a company that does this, but even the recent posts aren't getting good answers. The competition is really low though, so I'm kind of entering a new space here. The not-so-high barrier of entry and the lack of competition are the two things that are keeping me on edge about how much do people really need this. All in all, I'm still confident that I can provide strong relative value here.
Time: Most of the work is done by machines, but I'll still need a few people to operate them when I scale up. The business is mainly manufacturing, so it fulfills TIME well.
Scale: The legacy value system is relatively cheap, doesn't rely on location, all in all really easy to scale. The main variable here is how big the market will be.
I'm not expecting the demand for the product to be huge, but I can see kind of a grassroot customer-base in certain communities. If well-enough executed I would buy this product, and that fact makes me believe others would too. I'm looking forward to getting hard proof that people really do want this.
I'm currently working through the 7P's in unscripted . Just got done with soft proof. Next step is to plan my path. Then prototype, then hard proof, etc. Already ordered some materials for the prototype. I feel good about this, but also a bit scared. I feel like the biggest threat right now is that I get complacent and just forget about this project and quit. I'm really good at finding excuses.
I want to see this through. I want to contribute, solve people's problems and pay my mom's loans.
I'll keep updating my progress under this thread. Feel free to ask anything or give advice, I really appreciate it. Thank you MJ for kicking me in to action.
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