Scipreneurs/7-day-intro/3 - find out what do you need
I am extremely happy you are still engaged with this series of e-mails. I know it is tough to maintain the focus with so many things happening around.
After this e-mail, you'll be almost half-way with the crash course! So bear with me just a little longer.
We have focused on your reasons to become an entrepreneur and how are you going to deliver your idea to the world.
Today, I want you to start thinking about what you need to get off the ground.
Some weeks ago, I had a chat with a former colleague, a professor at the university, who told me: if I had a million dollars (or euros), I could turn this idea into a great product.
Sometimes we get fixated with big amounts of money. It may be because we see how much money startups are raising, 20 million for a quantum computing company, 100 million for a biotech.
However, no one started with multi-million amounts since day one.
Understanding what you need is a very challenging task, especially because it is surrounded with uncertainty. But it is OK to be speculative at this stage. After all, this is just a crash-course.
Let's imagine yesterday you decided you wanted to build a physical product. It is extremely tempting to think that what you need is enough money to build a prototype and try to sell it. Or you have developed a new synthesis protocol and want to start selling a new molecule.
But building and selling a product requires much more than just buying its components, or just repeating the protocol in the lab.
The first step is imagining the context where you are going to be producing your solution. Do you need a lab, a workshop, or perhaps an office? Would the famous garage in your parents house be enough to get started?
Think about the materials that you need, specialized components, measuring instruments.
Also think about how are you going to reach to your customers. Are they close by? Will you meet them in a conference? Will they come to see your product?
You can think about this as a wish list of things you want.
Have you added your own salary to the list? You may or may not need money, but you definitely need time.
If you are like me, you won't be satisfied with a list of things you need. You will want to add a price to them. Go ahead!
How much money do you think you need to get started? I am curious to see what number you came up with.
I'm excited about tomorrow's topic. We are going to focus on a crucial skill you'll need to develop to be a successful entrepreneur.
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