Hey guys!
I'm close to launching my first product and thereby my first StartUp as well!
About the product itself:
It's something that's theoretically already available - but no one knows about it. Why? The other party approached it rather unprofessional in another country. So in the other country many people know about it, but it still isn't very popular. And here I come into play: I see a lot of potential in this product!
A prototype has already been built and I've already got some feedback: People would buy it but not at my price. Why? They like - no, they love the idea, but there're still some imperfections which make the product create "quite cool" but not "WOW" reactions.
So what are the next steps?
- Improving the prototype based on my test group's and my own experiences
- getting more feedback and doing the same as above, to create an awesome product which will be superior to the other party's one
- contacting the manufacturers and starting production as soon as possible
- starting marketing (already in progress a little bit)
...
What are my goals and opportunities?
- creating a strong brand with regard to possible upcoming competition and the already existing other party
- it's a very innovative idea. If people like the way how my product deals with this idea, it could become a huge market
- there're many many options to improve and alter the initial product and many connected sub-markets/products. Here I see lots of potential in the long-term
- I have a very good profit margin, so I could easily go down with the price if necessary
What are my risks/ what can go wrong?
- My estimations of the possible popularity are totally wrong and the product won't sell. Why is that possible? My test group has been quite small so far and the product doesn't totally work as it should or as I want it to. Theoretically my attempts to improve it will be unsuccessful and it will become a failure.
- my approach itself will be bad. It don't have a lot of experience, so I'll certainly face a lot of unexpected situations and will have to make (for me) difficult decisions. To make it clear: I'll definitely make bad decisions - but I'll learn from them.
To be honest, I wouldn't care that much in case of a failure. I'm 19 years old and don't have anything to lose in this case. I have other not directly fastlane related things going on besides and therefore I can't commit all of my time to this business. This will make the procedure going on slower and more likely to fail, I admit, but in my situation it would be dumb not to follow these other things as well (and I'm sure you would agree if you knew my exact situation).
Most important for me is, to gain experience and experience and experience.
In a few years I'll be in a situation where I'll have to count on my business and might have or want to go all-in, so i'll go with trial-and-error as much as possible until then.
Thanks for reading! I'll try to keep you up to date...
Gecko
I'm close to launching my first product and thereby my first StartUp as well!
About the product itself:
It's something that's theoretically already available - but no one knows about it. Why? The other party approached it rather unprofessional in another country. So in the other country many people know about it, but it still isn't very popular. And here I come into play: I see a lot of potential in this product!
A prototype has already been built and I've already got some feedback: People would buy it but not at my price. Why? They like - no, they love the idea, but there're still some imperfections which make the product create "quite cool" but not "WOW" reactions.
So what are the next steps?
- Improving the prototype based on my test group's and my own experiences
- getting more feedback and doing the same as above, to create an awesome product which will be superior to the other party's one
- contacting the manufacturers and starting production as soon as possible
- starting marketing (already in progress a little bit)
...
What are my goals and opportunities?
- creating a strong brand with regard to possible upcoming competition and the already existing other party
- it's a very innovative idea. If people like the way how my product deals with this idea, it could become a huge market
- there're many many options to improve and alter the initial product and many connected sub-markets/products. Here I see lots of potential in the long-term
- I have a very good profit margin, so I could easily go down with the price if necessary
What are my risks/ what can go wrong?
- My estimations of the possible popularity are totally wrong and the product won't sell. Why is that possible? My test group has been quite small so far and the product doesn't totally work as it should or as I want it to. Theoretically my attempts to improve it will be unsuccessful and it will become a failure.
- my approach itself will be bad. It don't have a lot of experience, so I'll certainly face a lot of unexpected situations and will have to make (for me) difficult decisions. To make it clear: I'll definitely make bad decisions - but I'll learn from them.
To be honest, I wouldn't care that much in case of a failure. I'm 19 years old and don't have anything to lose in this case. I have other not directly fastlane related things going on besides and therefore I can't commit all of my time to this business. This will make the procedure going on slower and more likely to fail, I admit, but in my situation it would be dumb not to follow these other things as well (and I'm sure you would agree if you knew my exact situation).
Most important for me is, to gain experience and experience and experience.
In a few years I'll be in a situation where I'll have to count on my business and might have or want to go all-in, so i'll go with trial-and-error as much as possible until then.
Thanks for reading! I'll try to keep you up to date...
Gecko
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