Should I jump?

[nhauser]

Hello everyone, as entrepreneurs we all know that most of our results reflect the hard work, time and commitment we put in to our businesses. I am pursuing a new business venture and am currently getting quotes from companies that build out prototypes. Now for the individual a single prototype can be quite costly. There are ways to fund the project but most investors are looking for more than a drawing on a napkin if not the actual prototype. Not to say that is all I have done, but my question is would you take the jump and fund a prototype yourself if your market research turned out positive for a need to be fulfilled? We've all put money in to things and have had failures that did not come back with the return we hoped for. So would you put it on the line and go for it? What are some factors that would hold you back? How much information do you need to execute before its analysis paralysis? If all boxes are checked from The Great Rat Race book is it green lights ahead? I suppose no risk no reward. Look forward to reading your suggestions and comments, thanks all.

 

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[RightyTighty]

You should definitely “jump” in one form or another. If your project is too complex to consider making at least part of the prototype yourself, then tighten your belt - fewer lattes and more ramen noodles - to help defray the cost. I highly recommend bootstrapping as much as possible. It’s a great opportunity to begin developing a skillset that will help facilitate future projects.

And you should plan to join the next Inventors’ Meetup in a few days. It’s a group of hard working fastlaners with diverse skills. And the main topic for this meeting is right up your alley…..

Next Months Meeting Information:
Sunday October 29th, 2023:

PDT: 8 AM
MDT: 9 AM
CDT: 10 AM
EST: 11 AM
BST: 4 PM
CEST: 5 PM

Main Topic:
Creating a cheap MVP/Prototype

Other topics are open for discussion. All are welcome

 

[Mikkel]

The likelihood that you have created and thought up the best version of your device this early in the phase of inventing is unlikely.

In my opinion, you should be looking how to create the cheapest possible prototype. If it is a physical product, could you get the shape and function of your product made with cardboard, wood, or thermoplastics? Could you learn simple CAD design from a place like TinkerCAD and start 3D printing your ideas at a local library?

Try and keep your costs low in the early stages. Chances are, as you start reworking the design and actually using your own products in the real world, you will find errors in your design that you missed when you were thinking of the concept.

By the time you are ready for someone to design and prototype your product, you will have much of the concepts locked down. Hopefully that will cut down on costs.

I also second what @RightyTighty said and join the meeting at the end of the month. I think you would get value from our meeting.

 

[shubham___3011]

Hello everyone, as entrepreneurs we all know that most of our results reflect the hard work, time and commitment we put in to our businesses. I am pursuing a new business venture and am currently getting quotes from companies that build out prototypes. Now for the individual a single prototype can be quite costly. There are ways to fund the project but most investors are looking for more than a drawing on a napkin if not the actual prototype. Not to say that is all I have done, but my question is would you take the jump and fund a prototype yourself if your market research turned out positive for a need to be fulfilled? We've all put money in to things and have had failures that did not come back with the return we hoped for. So would you put it on the line and go for it? What are some factors that would hold you back? How much information do you need to execute before its analysis paralysis? If all boxes are checked from The Great Rat Race book is it green lights ahead? I suppose no risk no reward. Look forward to reading your suggestions and comments, thanks all.

Hey there mate! First thing id say entrepreneurship is all about taking calculated risks. If your market research shows a positive response so why not give it a shot and build the prototype out? The factors id keep in mind if the prototype fails would it fully ruin me? If not then id go ahead and execute it.
The information that you should keep in mind is the actually demand of your product, how big the market it and what your target audience will be. Please let me know your thoughts about this, also can we connect on linkedin? Id love to learn more about your product

 

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