After finding a product that fills a need, I've decided to go all in on the execution. This thread is for me to keep progressing and stay accountable, so I will post updates in this thread fortnightly (or more frequently, depending on meaningful progress).
I have made it my commitment to be a successful entrepreneur, and that the journey ahead will be extremely tough. Whether this ends up being my fastlane business or a learning experience, I am going to share it all here on this forum.
If you have any advice or recommendations, connections or resources that you can point in my direction as my journey progresses, I will highly appreciate it.
Background
The product is in tech, and in the emerging area of smart wearables. I won't lie, the product concept is not original, and there are several competitors in the market. However, my product has enough USPs to stand out, and fills an existing/emerging NEED. Also, at the end of the day it is about EXECUTION not the idea, therefore I am aiming to execute superior to my competitors (thus creating a Productocracy).
It also follows the CENTS commandments, and thus a potential Fastlane if it is executed correctly.
My goal is to build a working prototype within the next 6-12 months and then obtain capital for further R & D and eventually, mass-production.
Currently I am working two full-time jobs to help fund the venture, and spending all my spare hours on the business. Once it reaches the point of bringing in income I will quit and focus full-time on the business.
Current Progress
Being based in Australia, I have just finished registering an ABN and ACN.
Once the ACN is finished being approved I will be building the website and registering the domain name (something I have some skills in).
I have done research on the materials, features and design of my product. I have contacted suppliers to obtain the raw materials necessary to build my prototype - I should receive quotes within the next few days.
I have reached out to local electronics design firms to engage in building the prototype as well.
In the meanwhile, I am studying every day on the technical knowledge of the product, while building my coding skills through codeacademy.
Conclusion
I know that was a lot, and if you have managed to get to the end, I thank you.
Any feedback, advice or help would be extremely appreciated.
I have made it my commitment to be a successful entrepreneur, and that the journey ahead will be extremely tough. Whether this ends up being my fastlane business or a learning experience, I am going to share it all here on this forum.
If you have any advice or recommendations, connections or resources that you can point in my direction as my journey progresses, I will highly appreciate it.
Background
The product is in tech, and in the emerging area of smart wearables. I won't lie, the product concept is not original, and there are several competitors in the market. However, my product has enough USPs to stand out, and fills an existing/emerging NEED. Also, at the end of the day it is about EXECUTION not the idea, therefore I am aiming to execute superior to my competitors (thus creating a Productocracy).
It also follows the CENTS commandments, and thus a potential Fastlane if it is executed correctly.
My goal is to build a working prototype within the next 6-12 months and then obtain capital for further R & D and eventually, mass-production.
Currently I am working two full-time jobs to help fund the venture, and spending all my spare hours on the business. Once it reaches the point of bringing in income I will quit and focus full-time on the business.
Current Progress
Being based in Australia, I have just finished registering an ABN and ACN.
Once the ACN is finished being approved I will be building the website and registering the domain name (something I have some skills in).
I have done research on the materials, features and design of my product. I have contacted suppliers to obtain the raw materials necessary to build my prototype - I should receive quotes within the next few days.
I have reached out to local electronics design firms to engage in building the prototype as well.
In the meanwhile, I am studying every day on the technical knowledge of the product, while building my coding skills through codeacademy.
Conclusion
I know that was a lot, and if you have managed to get to the end, I thank you.
Any feedback, advice or help would be extremely appreciated.
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