What To Do With A "Big" Idea If You Don't Have The Right Experience?

[balikoc]

Hi everyone,
This is my first post in this forum, and like everyone else, I have read the Millionaire Fastlane which totally changed not only my viewpoint about business, but also about life in general! I just wish I had read it 10..15 years ago!!!!

Anyhow, it's been a couple of months since I read the book, and if there is one thing that I have taken away from it is, I have learnt to spot business ideas, or I would rather say, problems that need to be solved.

While reading another famous startup-book, I have come across a successful multi-million dollar business venture that exists in the U.S., but after a bit of research, I have found, it does not exist here in Canada. The interesting thing is, though, the problem this business solves in the US, does also exist here. And I am stunned that no-one has implemented it, or at least not successfully!

I am now at a stage where I have finished all my market and industry research, and have spoken to a lot of people who are willing to pay for this! I am just starting to wonder how I could start working on a prototype or at least design for a solution. I have to say, it is a big idea that requires fair bit of business/marketing/technical expertise which I don't have. Besides, it will cost money to do it properly.

While my background is in IT and a bit of business (small business primarily), I feel I do not have the right knowledge and expertise to pull this off. I believe I have the capability to create a first prototype and bootstrap it, but I start wondering if that's the best tactic. I am confident my own validation on the idea is right, and that it is something people do really want. According to my research, it also fulfills the CENTS structure (5 commendments).

I am aware it is always best to break a big idea apart into smaller pieces, which I believe can be done, but I wonder what other people's opinion is that may have had a similar experience with a rather large idea? Do you look for a business partner? A mentor? Investors? Or, do you forget about the idea and look for something smaller? What would you do?

In the end, I feel I am really passionate about solving this problem, because this concerns a lot of people and a lot people could benefit from it.

Anway, thanks for reading my first post! I hope people will give me some great advice. It is much appreciated...

Cheers,

Chris

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[PatrickP]

Personally if I start thinking about an idea which is too large for me I don't waste time going any further. I set my focus on things I can do myself, fund myself and create myself. For me I rather have a product/business get up and started rather than waste my time working/thinking about this huge idea which in reality will never come about.

Take a few hours and read through the forum, the VAST majority of posters have never even started a business let alone a successful one.

Why? I believe they just have not been taught how to do it properly. There are few college courses that take you from beginning to end to creating a viable business. It would be like me opening a restaurant with zero experience and without hiring the right people. It would not go well.

BUT if I hired the right people I could probably make a good go of it.

Sounds like you have taken it quite a bit farther than just a passing thought.

If you can give us a little more info, no need to tell us your BIG idea, just some general info such as is it a physical product, a web based community such as fb, a software product sold to individuals or to companies etc.

Also you should probably go to the section where you introduce yourself.

 

[KC Dash]

If you are able to, you jump in face first! Take the next step and start learning what you don't know and need to know, and contacting people that can do what you can't. If it is something that is big like you say, keep pushing forward and putting those pieces together. Create that prototype and start making connections. If not, you will probably kick yourself later. Just my opinion, because I have kicked myself before.

 

[balikoc]

Thanks Patrick,

I appreciate your input. No, it's not a physical product. It's an internet based business. But don't get me wrong, it's nothing revolutionary such as a tech startup, a new fb or to do with social media ;-) I wouldn't waste a second on ideas like that. Like I said, it's been done before, and successfully executed, which I believe helped me in my decision to look further into it. And, because it solves a certain problem, I don't want to give up that easily.

However, I just really wonder what people do when they want to do something but lack the expertise? Obviously, me as single person can't do it myself. This is not some home-based micro-business.

I hope I am not fooling myself here. I am just not a person that gives in so easily. Just because I can't do it today, doesn't mean I won't be able to do it tomorrow

 

[PatrickP]

I am not sure why you think you can't do it by yourself?

Is it because you don't know programming? If so you can hire people to do that via Odesk, Elance etc.

I am happy to help any way I can. If you like you can search around my posts, I never take a fee, ask for part of a company or anything like that. I am retired while having a business which is run by my VP with more than enough income to live on, buy fun things and stash away a good amount of money. So I am basically bored and happy to help where I can.

Shoot me a PM if you like.

Same goes for anyone reading this post.

PLEASE I can't watch another Judge Judy episode lol

 

[balikoc]

If you are able to, you jump in face first! Take the next step and start learning what you don't know and need to know, and contacting people that can do what you can't. If it is something that is big like you say, keep pushing forward and putting those pieces together. Create that prototype and start making connections. If not, you will probably kick yourself later. Just my opinion, because I have kicked myself before.

Thanks for the advice!
I was sort of thinking the same. Without "hussle", this is never going to get anywhere. I also got my wife working on this, and even she is excited! My gut feeling is, I will have to make myself really uncomfortable to move this forward. Take the risk and learn as much as I can from whatever mistakes I will make. I am just not a very talkative/outgoing person that knows how to speak 'business language' very well, but this thing heavily relies on industry connections.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Kak]

If You Don't Have The Right Experience?

I didn't even read the post. Hire, get the right experience, or give up.

 

[healthstatus]

Approach the company that is solving it in the US and make a deal for their backend and International rights to market it outside the US.

 

[tincho1492]

The same as the other guys: Why you can't?

You don't need to learn advanced programming, just the basics to know who to hire and what to ask.

If you don't have enough money, hire in parts, first the design/mockups, then the front-end and finally the back-end.

And this: Guy jumps in swimming pool off balcony | Best Funny Gifs and Animated Gifs Updated Daily - Gif Bin

 

[PatrickP]

Reading his posts again I get the feeling he means he isn't a talkative guy and for this to work he would need to approach businesses in person.

 

[KC Dash]

Balikoc, I am a similar to you as the last thing I would usually want to do is connect with strangers, or look like a fool trying to discuss ideas with professionals in their arena. But, with time I got use to looking like a fool, and growing. haha. I am more of a doer than a talker.

With that tension comes growth in your biz and your relationships that could get you where you are going.

Try out Toastmasters if you want to get a little more comfortable talking in front of people and communicating, Not everyone was born a charismatic communicator, I know I wasn't.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[CommonCents]

Probably most successful startups, especially peoples' 1st or 2nd have had partners. Go out and get a partner who has the expertise. Just retain 51%. then you can meet with angel investors to raise money if you need to. Make sure you retain control and have your partner have skin in the game as well.

100% of nothing, is nothing. There are many people who poo poo partners, and they have their pitfalls, but if you need to fill the gap, fill it and get it done. Often times the problems aren't exactly with the partner, but the problem is clear expectations, written plans/responsibilities and a good partner operating agreement to define your relationship.

 

[PatrickP]

So how would you go out and get partners?

 

[CommonCents]

So how would you go out and get partners?

hang out where your prototype partner would hang out

online and/or offline.

network

 

[PatrickP]

Where have you done this?

You know like a step by step thing how it worked for you?

 

[CommonCents]

Where have you done this?

You know like a step by step thing how it worked for you?

fortunately I didnt have to go too far, my ex GF brother in law is an experienced developer. Working on a project, but will be doing a review soon, and might be too tied up with family/newer job. We might network more and outsource and he can oversee development, or I may need to network more myself to find a new partner that has enough time, probably a single person. haha.

If I need to ramp up my networking for a developer, i'll be going to schools, forums, developer communities, to find someone hungry and local. I need to meet face to face. They can outsource some of their stuff remotely if they see fit.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[TK1]

Read this again and again guys, this guy is offering you to make you rich for free - it's like Shark Tank without Cuban taking % of ownership and/or royalties.

P you are crazy for that offer - kudos!

I am not sure why you think you can't do it by yourself?

Is it because you don't know programming? If so you can hire people to do that via Odesk, Elance etc.

I am happy to help any way I can. If you like you can search around my posts, I never take a fee, ask for part of a company or anything like that. I am retired while having a business which is run by my VP with more than enough income to live on, buy fun things and stash away a good amount of money. So I am basically bored and happy to help where I can.

Shoot me a PM if you like.

Same goes for anyone reading this post.

PLEASE I can't watch another Judge Judy episode lol

 

[PatrickP]

lol Thanks

It is actually a trap. I am building my list to sell the unicorns I am trying to get made for me in China


HA just kidding.

 

[johnp]

It's an internet based business. But don't get me wrong, it's nothing revolutionary such as a tech startup, a new fb or to do with social media ;-) I wouldn't waste a second on ideas like that.

This makes no sense.

a new fb or to do with social media ;-) I wouldn't waste a second on ideas like that

The people who are now billionaires, and all of the people who are making millions as a result of social oriented businesses which have latched onto social media, probably have a completely different opinion on this.

 

[JAJT]

I personally find these kinds of threads really hard to add value to due to the total lack of details.

I get wanting to keep the "thing" secret so nobody steals it (as unlikely as this usually is...) but there are almost always way to draw parallels and give examples without giving away the farm.

Plan on selling apples? Use oranges as an example. New auction site that focuses entirely on car parts? Use pool parts as your example. Facebook for engineers? Call it Facebook for visual arts students.

This is doubly important if you are asking for specific assistance. Generic questions don't get specific answers. Only specific questions get specific answers. You can't say "a thing people need", "internet product" and "it's been done before" and expect to be given a golden compass.

 

[balikoc]

Approach the company that is solving it in the US and make a deal for their backend and International rights to market it outside the US.

Good point! I have been investigating the company, what they do, how their platform works etc. and it was also a single person who started it! Unfortunately, I have figured that only 80% of what they do in the U.S. will work in Canada. This is because the market here is slightly different. But I think that's not bad, because this also let me discovered flaws and I believe I can even build a better solution.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[balikoc]

The same as the other guys: Why you can't?

You don't need to learn advanced programming, just the basics to know who to hire and what to ask.

If you don't have enough money, hire in parts, first the design/mockups, then the front-end and finally the back-end.

And this: Guy jumps in swimming pool off balcony | Best Funny Gifs and Animated Gifs Updated Daily - Gif Bin

Thanks. My feeling is, this is what needs to happen

 

[balikoc]

Reading his posts again I get the feeling he means he isn't a talkative guy and for this to work he would need to approach businesses in person.

Yes. A bit scary, because I don't have much exprience in the industry this business operates in I am educationing myself right now and will give it a shot.

 

[balikoc]

Balikoc, I am a similar to you as the last thing I would usually want to do is connect with strangers, or look like a fool trying to discuss ideas with professionals in their arena. But, with time I got use to looking like a fool, and growing. haha. I am more of a doer than a talker.

With that tension comes growth in your biz and your relationships that could get you where you are going.

Try out Toastmasters if you want to get a little more comfortable talking in front of people and communicating, Not everyone was born a charismatic communicator, I know I wasn't.

I am a bit the opposite. I like to educate myself first, before I go out and do stuff. In the past, I operated an SEO/online marketing consultancy for a while and I remember how grateful I was that I learnt as much as I could about the industry, technology etc. before providing services! But, I believe that's how it is. If you want to grow in life, there is no other way than throwing yourself into the deep water.

Will look at Toastmasters Never heard of it, but thanks!

 

[balikoc]

I didn't even read the post. Hire, get the right experience, or give up.

Ok. So your answer basically is, hire and get the experience... because giving up is not an option for me.

 

[balikoc]

I personally find these kinds of threads really hard to add value to due to the total lack of details.

I get wanting to keep the "thing" secret so nobody steals it (as unlikely as this usually is...) but there are almost always way to draw parallels and give examples without giving away the farm.

Plan on selling apples? Use oranges as an example. New auction site that focuses entirely on car parts? Use pool parts as your example. Facebook for engineers? Call it Facebook for visual arts students.

This is doubly important if you are asking for specific assistance. Generic questions don't get specific answers. Only specific questions get specific answers. You can't say "a thing people need", "internet product" and "it's been done before" and expect to be given a golden compass.

Sorry, but this thread is not about the idea. It doesn't matter what the idea is. All I am asking is for some advice or wisdom from people who may have been in a similar situation in how to tackle an idea that seems to be much larger than their confidence/experience/knowledge.

I know how to program, set up websites, run an e-commerce store or provide online consulating services. But like I mentioned in this thread, this is not a macro business. To execute this, I will need to have industry connections, make contacts to other businesses, consumers etc. and my whole insight into the industry is still very little.

I sort of wanted to know if people would approach strangers for help, get experiences mentors, join mastermind forums or just do it all by themselves by hiring people and learn from their failure? I guess, I am more trying to get some "lessons learnt" from other people.

But thanks for all the helpful contributions so far!

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[PatrickP]

I know how to program, set up websites, run an e-commerce store or provide online consulating services. .

Well, with these skills you are WAY ahead of most people wanting to start a business including myself.

Why not run an ecommerce business, wait til you have a few hundred thousand and use that to build a business around this big idea you have.