First-time solo entrepreneur over here and I have a problem when it comes to overthinking. The product that I am working on has both a physical and digital component. I'm considering working with a startup consulting company that have an in-house app development team. They work with people to take them from idea to launch. Overall, it is looking to around $20,000.
My strengths
- UI/UX
- Idea + Vision
- Technical knowledge (It would take time but I could code the MVP)
- Marketing
My weaknesses
- Business and Finance
- Manufacturing
In a nutshell, I would say I know how to build products that people will want. I can talk and present but I have no experience or knowledge when it comes to building a business, revenue streams etc. I'm not saying that I am the next Steve Jobs but he is an example of where my strengths and weaknesses lie.
Essentially they will provide the support to get me investment ready. We will work together to develop a financial plan, developing the business model, practicing pitching, MVP, creating marketing videos, targeted consumer market surveys etc.
I think their incentive is that along with this financial commitment if/when I get outside investment I would get their in house app dev team to build.
My experience with them thus far was that I paid $700 for them to do market research. Their promise was that if they believe there is no market they will refund the money. In the report they showed me competitors (which I knew) but the angle that they took that I did not was that I was looking at the features those competitors offered whereas they looked at their revenue, investment, number of users.
I'm not in your situation but as a woman who is an entrepreneur I understand the propensity to be very risk-averse so I have been dealing a lot with a similar inner critic. You really have the chance to develop a growth mindset here and if you are able to deal with this feedback from a loved one, it will prepare you for further bigger challenges and hurdles along the way. For me, I try to use this negative pushback I get as a way to propel me forward. Again, you did not give information about what exactly she is saying but I feel so much better whenever I am able to provide data that supports my hypothesis. So data about the market size, customer need etc. It's one thing if she doesn't want you to start a business, it's another thing if she is raising concerns about this business. Like most things, it is about taking incremental, low-cost steps. Communicate and draw up a financial plan. A huge part of business is about being able to manage relationships so you never want to forget the most important one.