Hi I am working on EdTech idea. I got positive response in survey and not so sure response from some. I have developed app mock-ups and now looking to hire developer for MVP. I took loan out from bank to finance my idea. After 5 months of R&D and so many flows, I came up with the solution but at last moment I am feeling scared. There is scary feeling of failure and on the other hand positive feeling of success. Honestly there is one word after “what if” either successful or fail. Is that normal for a founder? I have no team member at the moment. I have asked many people around me to co-found idea but got no interest.
Having been in the same position I can empathize.
It's normal to be both excited and scared.
There are risks but also great rewards in creating a successful company.
Different people will have different ways of deciding when to go all in.
My approach (which may or may not be applicable) was to de-risk as much as possible, i.e. get as far as possible with the MVP before being all in.
Some important considerations were:
1. Having emotional/financial support from family/friends
2. Having completed all the go-to-market steps (even though the plan is never exactly how it turns out to be).
3. Getting comfortable with the financial implications e.g. investing my own money, not taking a salary in the first year, and the lost income.
4. Making sure it was the right time in my life to take such a risk.
Ultimately it could be a massive success or... not
If you fervently believe in your idea you will only find out if you try :)
Good luck!
Answered 4 years ago
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