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What if the idea is too expensive? Also are these excuses?

Discussion in 'General Entrepreneur Discussion' started by LiveEntrepreneur, Nov 22, 2018.

  1. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    So I was thinking what you have a idea that fixes a problem in the market but it's too expensive? I am talking about over 1 million dollars. Do you do another idea because it will be too hard to get that sort of funding or would you try get investors? I am speaking from a standpoint for someone who is brand new, inexperienced. Who the hell would invest millions of dollars into someone who doesn't know what they are doing?

    Also are these excuses to not doing such an expensive project?
    * I can't do it because this project is way out of my league, it's just too massive.
    * I need a team and I have no leadership skills and I have never lead a team.

    Or is the answer to these points above that you will learn everything on the job? And you will learn with massive struggle? I just want to make sure this is correct.
     
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  2. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I like the advice from Dan Norris in his book “The 7 Day Startup”.

    Paraphrasing:

    Consider product-founder fit, not just product-market fit.

    If *you* can’t launch in 7 days then maybe the product-founder fit isn’t right - yet.

    Maybe look for things you can launch in 7 days?
     
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  3. jon.M
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    jon.M The Well Defined Forum Member Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    If you need a team, how can you at least get it rolling as a one-man-show? If it's too massive as a whole, couldn't you just focus on taking it one step at a time?
     
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  4. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I can get the mvp up, I am talking about a landing page. and probably build a email list.
     
  5. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I probably can, I just want to know that it's possible and that I am not been unrealistic.
     
  6. jon.M
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    jon.M The Well Defined Forum Member Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Have you read @Kak's "Think Big" thread?
     
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  7. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I don't think so, but I will now.
     
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  8. George Appiah
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    George Appiah Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    This came to mind as I read your post (from Derek Sivers, founder of CDBaby):

     
  9. Jeff Noel
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    Jeff Noel Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Wealth wisdom when you can't afford a $8 domain name.

    @LiveEntrepreneur : Try doing what you said: Make a landing page along with a CTA to get into your mailing list. If you can, take a little more time (if it's a complicated website, app or software that you have in mind) and try to create mockups. Simply add screenshots of the mockups in your landing page, showing that's it's "in progress".

    Also add a section for business inquiries (investors, angels, etc.), that could help you get the capital to kickstart the development of your idea.
     
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  10. George Appiah
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    George Appiah Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    To his credit, he's following his own advice: one step at a time. The $8 domain surely will come at step 101 :) -- though I'm 100% sure (because I've done it) that first-time GoDaddy customers can get a domain for $0.99 (if you're smart enough to remove all the idiotic upsells).
     
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  11. ArminZ
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    ArminZ New Contributor

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    Try to think in a simple way.
    You have an idea - that is great. As some people mentioned, one thing than you CAN do is make a MVP (minimum viable product). Just make a sketch on paper or use free web services.

    Then test this idea. Ask some people around (potential clients) does it solve their problem. If you see some traction, visit events where you might meet potential partners (coders, investors, etc).

    Be open. Do not be afraid to share your idea. While it has some risks to be stolen - you cannot attract partners without telling main core of it.

    Finally, no investor will drop 1M right away. You need to have some ground of the project. So either you go through the process and build on your own or find companions who will help you while you can focus on another important steps.

    If it fails - no worries. You will be a little step forward towards better version of yourself.
     
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  12. ned.ryerson
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    ned.ryerson Bronze Contributor

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    I’m an investor, this is how I read your post.

    I believe you are communicating here that someone has a million-dollar problem (expensive) and you have a solution…

    It is not difficult to get funding to solve a million-dollar problem. This is actually pretty small from the perspective of a private equity.

    I’m confused now. Was it a million-dollar problem or you asking about raising $1 million to solve a problem of size ???? But now you are saying investing millions.

    You’re coming to me for money and you have no plan, no team, and no experience. Yeah I’m not stroking you a check.

    Here’s what you needed to say.

    =====================================

    Hi fastlaners, my name is John Smith. Here is a link to a Google doc, defining a business plan as follows.

    I’ve been observing a particular industry/sector, which has a problem/opportunity, of….

    I have contacted CEOs and COO’s of the following companies, who have validated that if there was a product/solution, that they would explore collaborating.

    One organization, in particular, is XYZ Corp. whom I have a 10-year relationship with as a result of….

    They have agreed to a joint development effort whereby they are going to provide user acceptance testing of the product/solution at a reduced cost in exchange for their feedback.

    I’ve created a work breakdown structure (WBS), in addition to a rough order of magnitude (ROM) of getting the minimal viable product (MVP) at a point that can be deployable to XYZ Corp.

    We will be operating the business with lean principles, and the product/service offering will be developed using agile principles. This will allow us to pivot quickly and ensure we hit the target with the least amount of resource waste.

    The plan details all the known risks, issues, assumptions, and dependencies (RAID.

    The plan details the team and who is responsible, accountable, consulted and informed (RACI) in the venture.

    The dates and dollars are all laid out.

    I haven’t personally led something of this scope and complexity, but I have the following mentors who have....

    This inexperience is accounted for in the term sheet I’m offering you as follows…
     
    Last edited: Nov 22, 2018
  13. TreyAllDay
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    TreyAllDay Whatever it takes Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Sounds like an interesting book - will have to give it a read.
     
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  14. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Interesting. I wish I did have a mentor to guide me, which would make life a lot easier. But for now will start with baby steps I guess.
     
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  15. RichieG
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    RichieG Contributor

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    The first thing o would ask is why do I need 1 million dollars. Is it down to premises, tech, manpower.

    Can the idea be scaled down to 1% and we need 10,000 dollars and build......
     
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  16. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I have a question. The website I have found templates that give it the same look at other sites. so basically my idea is going to be based on another just have some improvements. do you think instead of a landing page I get a full page going if that makes sense?
     
  17. ZF Lee
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    ZF Lee Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I might then wonder whether a better need idea would lie in the supply side, i.e. if Material X is so expensive for this product, could I do a business selling Material X at a better price to other folks producing similar products?

    And I might also wonder if I need ALL the materials or parts in the first place. Rarely do you see all the functions of Microsoft Excel or even Google Chrome being used. Some of the best products are simplified to its bare functional value. So you might be looking at cost reduction.

    Not even in school? Never had friends asking you for answers to homework? Never had people praising you for any work you did before, and asking you who you did it?

    All of us do have some leadership skills. But do all of us invest enough time and energy into them?
     
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  18. Jeff Noel
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    Jeff Noel Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    It depends on what you mean. For those mailing list pages, you don't want too many clutter in the page. If your website theme has a side menu and an horizontal menu with a huge title banner on top, it's already overwhelming the eyes of the reader (depending on the colors and layout).

    Here's a sales page I did, just to give you an idea (the buttons are screwed up by Google Translate, sorry about that): Google Traduction
     
  19. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I guess in that sense I do, I used to play competitive video games and once I managed to assemble a team and get us to practice, was a pain but made it work lol. And ended up playing a competitive match. If any of this counts.
     
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  20. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    Can you answer his questions?

    Is it a million dollar problem? Or a million dollars to solve a $10 problem?

    Life is not easy and asking a mentor to assume the difficulty so you can have it easy is just another excuse.
     
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  21. Brian Fleig
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    Brian Fleig New Contributor

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    Does someone sell a book of snappy yet current buzz words that impress?
    Do these vague statements packed full of buzz words actually convert?
    I know I'm coming off as a smart a$$ but I seriously wonder.


    Here’s what you needed to say.

    =====================================

    Hi fastlaners, my name is John Smith. Here is a link to a Google doc, defining a business plan as follows.

    I’ve been observing a particular industry/sector, which has a problem/opportunity, of….

    I have contacted CEOs and COO’s of the following companies, who have validated that if there was a product/solution, that they would explore collaborating.

    One organization, in particular, is XYZ Corp. whom I have a 10-year relationship with as a result of….

    They have agreed to a joint development effort whereby they are going to provide user acceptance testing of the product/solution at a reduced cost in exchange for their feedback.

    I’ve created a work breakdown structure (WBS), in addition to a rough order of magnitude (ROM) of getting the minimal viable product (MVP) at a point that can be deployable to XYZ Corp.

    We will be operating the business with lean principles, and the product/service offering will be developed using agile principles. This will allow us to pivot quickly and ensure we hit the target with the least amount of resource waste.

    The plan details all the known risks, issues, assumptions, and dependencies (RAID.

    The plan details the team and who is responsible, accountable, consulted and informed (RACI) in the venture.

    The dates and dollars are all laid out.

    I haven’t personally led something of this scope and complexity, but I have the following mentors who have....

    This inexperience is accounted for in the term sheet I’m offering you as follows…[/QUOTE]
     

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