“Being crazy and being a failure are instrumental parts of being an entrepreneur.” – Fred Cary
The entrepreneurial journey is filled with challenges. If you find yourself on it for the first time, there are so many unknowns. Luckily, our goal is to get you out of the dark! We asked Fred Cary, CEO of IdeaPros, to answer your questions and help you see the light at the end of the tunnel.
1. What can I do to get the necessary start-up capital?
If we had a list of all the challenges entrepreneurs encounter on their way this would be the first one on it. Getting the capital is an ongoing challenge from the day you start throughout the entire process. You mustn’t run away from it, embrace it, and go step-by-step. Don’t think how much money you need for the whole process, think how much you need for the first step, and do everything you can to get the first step done.
Borrow $2,000 from somebody or charge it on your credit card to get you going. Don’t approach possible investors before you can tell them: this is what I have, this is the problem it solves, this is why people will love it, and this is how much money we can make.
Remember you’re starting with a blank canvas, right? Imagine going up to people who love art and going up there with that blank canvas and saying, do you want to buy this? You’re not going to get any action.
2. How do I find the right companies for my product?
If we are talking about a target audience, the first thing you need to know is WHO is that audience. You should know that before you design the product. If you don’t know who you are going to sell too then you have tactics without a strategy.
“A product that solves a problem for a group of people is a product that these people will buy.” – Fred Cary
You will confirm who your audience is by doing consumer surveys or focus groups. If we are talking about a licensing deal, you still need to know who your audience is, do the surveys, and know what you are going to offer. When you have all that, you can find a licensing expert to help you approach a company you want to sell to. Don’t fall for the companies that promise you success without you having to do anything. It doesn’t work that way.
3. Do I need a prototype?
Building a prototype is expensive but you will need one. Prototypes are necessary for the manufacturing process before you get ready to manufacture. They can help get capital along the way. You want to see what it looks and feels like, and what was drawn in 3D on paper looks and feels the same as what you are envisioning.
4. What is the Facebook Shop Announcement feature?
Facebook did announce Shops recently, but it is not something entirely new. They’ve just made it easier to get your shop going and it’s tied with Instagram too. The idea is to help you start selling without having a full e-commerce shop. On the other hand, Facebook is not the place where people come to buy, so it is difficult to convert a Facebook user into a customer. Whether you use Instagram, Amazon, or Etsy it is important to use as many verticals as you can to sell your product.
“Work on your idea and then think about as many relevant opportunities that you have to expose your product.” – Fred Cary
5. When do I move on?
Never! As entrepreneurs, we only have two choices: either continue following our dream or not. When you choose not to, you will regret it for the rest of your life. You don’t want to see someone else make millions with the idea you had before and didn’t pursue it.
“Life’s a mountain and it’s a hard climb. But if you don’t make the climb, you’re never going to see what’s on top.” – Fred Cary
Did we miss a question that you have? Submit your question for Fred here.
The “Idea Pros” at IdeaPros have the resources, experience, and tools to help you at this step or any step in the entrepreneurial journey.
We partner with entrepreneurs at any stage and who are ready to invest their ideas. Apply for an interview and let’s explore partnering together.