That new venture you’ve thought long and hard about will take hundreds of hours to get off the ground.
The fresh product you’ve been waiting to share with the world comes with a $30K price tag just to build the prototype.
That life-changing idea you’ve sat on can’t get off the ground for anything under $150K.
Yes, all three scenarios involve a lot of time and money that you might lose. The first effort you try, you’ll probably fail. Most new businesses don’t make it.
If the project doesn’t work, you’ll have the losses of time and money that were put in. But that’s also all you’ll ever have to lose if things don’t work out. Mathematically, you can’t lose any more than that. You already know the worst that can happen before you’ve even started.
What if the new venture works, though? What if this idea becomes the next big thing? The potential gains literally have no limit. You could be sitting on a concept that could become worth a million or even $100 million.
But let’s take money out of the possibly lucrative equation. Having the satisfaction of getting something off the ground sparks an incredible sense of pride and accomplishment. Who can put a monetary value on carving your own path to the future?
To experience any kind of success, though, you’ve got to take the leap. The leap will cost time, money or some combination of the two. But if you can muster it, I think you should take the jump.
The upside is so much greater than the downside.
Are you a growing company looking to build a game-changing product? If so, Geoff and his team at Three Five Two can accelerate your mission. Find out more here.
When starting something new, people often make the mistake of striving for perfection. They simply take too long getting whatever they are working on out to the world.
I can speak so candidly on the subject because I made this very mistake with my businesses in the past. I once lost $1 million solely because I kept a product in development for too long to try to make it perfect. By the time it got to market, my competitors had already beaten me to the punch. I took that blow to the gut because I wanted everything to be just right.
What’s actually more important than being perfect when you launch is being the first to evolve and adapt. So, here’s what I’d rather you do: put something out in the world that isn’t perfect. Let the people decide if the idea is right. They’ll always let you know. If it’s right, they’ll tell you how to make it better. If it’s wrong, you can drop it and move on to your next idea before you put in too much time and money into something that has no future.
The key is to be committed to listening to your first customers and rapidly adjusting to meet their needs. This is truly how success with a new project is achieved.
Get it out there. Listen to the feedback.. and evolve quickly.
Your second launch is more important than your first.
Are you a growing company that wants to get a new digital product off the ground? If so, Geoff and his team at Three Five Two can help. Find out more here.
Whatever you dream of doing — the company you’d love to start, the product you’ve been dying to build, the career move you thought about making — there is no better time to begin working at it than right now.
I started my first business in high school. Got my second company rolling in college—and I still run it to this day. Both were damn good times to start. No kids. No mortgage payment. No issue with eating ramen noodles and crashing on the floor of a friend’s house. I had dreams to fulfill and nothing was going to stop them from materializing.
Had I waited, who knows what would have happened?
Every year that goes by, more things will try to hold you back. More responsibilities. More obstacles. More excuses for staying comfortable with the life you’re currently living.
I promise you that, tomorrow, it will be harder for you to take that next step than it is today. Next week, next month and next year will only make it more difficult to make the moves you want to make.
Now is the best time to start.