I Have a Great Idea, Should I Start a Company?

Dear Lucas…

I have an idea I’ve been working on that I’d love to get your feedback on. I’d also like a little mentoring on startups and the like if you’re willing.

It’ll probably take me a couple more weeks or a month to have my prototype ready and my idea crystallized. What I could use guidance on is how to go ask for money from VC’s or Angels…literally how to find them and get in front of them. Not averse to cold-calling and such but just need a starting point.

Also some advice on whether to even go ask for money. I don’t have savings and have the wife and two kids to care of, so taking some loans is doable but adds more risk.

And then of course would really value your opinion on whether you think my idea is good in general. I’m not expecting you to say…”yes, go do this” but want some external sense from someone I trust whether I’m on a good path with the idea.

—On the Ledge

Dear On the Ledge,

The long and the short of it… Don’t do it. Just don’t do it. Why are you even thinking of trying? You have a family to support, this is not the right time. The product doesn’t seem to fit any real need, I can kind of see why someone might use the thing, but I don’t see why anyone would ever pay for it. It is a product looking for a problem to solve. I am happy to talk to you tomorrow, but this will be my advice.

—Lucas

Dear Lucas…

Yeah, I was hoping that I wasn’t doing the “looking for a problem to solve thing” but perhaps I am. Really the goal is to make it as easy as possible for business folks to do widgets. Sounds like I’m stretching though.

As far as timing I wouldn’t take too big of a risk here but the timing’s as good as it’s going to get from this point on I believe. My wife is in my corner and we’re decently setup.

Anyway, no need to talk tomorrow. Thanks again for the feedback.

If I have ideas in the future do you mind if I share them with you like this?

—On the Ledge

Dear On the Ledge,

I am happy to talk to you still, you can’t get defeated so quickly if you ever stand a chance. If I can talk you out of it in 88 words, you will never succeed. All ideas start out terrible, that’s not the point. The point is the fight, the point is execution. If now is the time, nobody should be able to talk you out of it. There are always a hundred thousands reasons not to do a startup, they are all valid reasons, they are all correct reasons, they are all good reasons. You will never succeed if you listen to reason.

Does your idea suck right now? Yes. Does that mean it is the end of the line? Only if you give up on yourself.

“Success is the ability to go from one failure to another with no loss of enthusiasm.” -Winston Churchill

Are you ready to give up on yourself before you have even begun?

—Lucas