What do you do if an idea requires more resources than you have?
I have a business idea. The problem is that I don't have enough resources to implement it. Usually I try to start small, but in this particular case customers are large companies and the product makes sense if at least a few dozens of them are involved. It seems I need a whole team of lawyers.
The question is: What should the next step be?
Here is what I came up with:
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Find someone in the business, let them do all hard work.
The easiest way, but you don't control your company anymore. -
Raise money.
There is a high risk of focusing on money instead of focusing on the product. -
Make a demo version of a product, try to partner with some big companies.
Safe, slow pace. No idea whether it can be successful. But I can make it myself, so this is the best option I see right now. -
Wait, do something else.
What would you do in this situation?
IMO, find another idea.
You can't do #2 without some mixture of #1 or #3.
For those, even if you find people to partner with, you're putting so much in the hands of others that you're then at the mercy of their level of interest, productivity, etc.
What are the resources? Time management or money? Is this technical or strictly legal?
I would move with the MVP.
Try to inspire interest from a related party.
The sweet spot there is the guy in the industry working for the big company on a mid to low level IT position.
He knows how the industry works and builds the software, and is bored enough or excited enough to build something that can change it.
If it's a legal team try and get some interest from your local university. Reach out as a 'student' to faculty.
The guy in the industry idea is very good, thank you!
Technical aspect of a product is complicated but I can manage it. The problem is how to involve big companies in the game. The industry is broadcasting and a minimal product requires a lot of legal activity.
Go with 3.
For doing step 1 or 2 or 4 still you need step 3.
Its very simple. based on how confident u r in an idea you can allocate time on that. I am sure you will have 10 different ideas. If this sounds like a high success rate idea then spend proportionate time in it.
Good point!
I'm so sure the idea is good that I'm thinking to go all-in, but I don't know yet what is the next step of that way.
What do you mean by all in?
How many hours you are planning to put in for how many days?
How many dollars are you willing to invest in it?
Well i don't know what are steps will be involved in making this a success but i am sure then next step is to build the first tiniest feature that you think makes it unique and send it to 10 possible users (anybody) and get their opinion.
If you do some more reading or discuss your idea with some one in more detail you will figure out you don't need as many resources as you currently think you need.
Your next move depends on how soon you figure this out.
Also why you need lawyers to protect your product from legal issues? or your product is a legal related products?
All-in means I'm ready to dedicate all my energy, time and other resources to it.
The legal part is exclusive broadcasting rights and it's a central part of the business.
Big companies move very slowly, require a significant investment in your sales process and look for a more finished product. If you are just starting off, I would suggest not targeting the big companies at all UNLESS you already have an in i.e. network/contacts within the companies who will help you. Could you create a version of the product for smaller companies within the same industry? I think that's a more feasible way to get started