We had a
great business idea. It ticked all the boxes. There was a huge addressable
market, it could scale, there was differentiation, there was unique and
protectable IP, and it had social impact. We were encouraged to enter a $100K business
plan competition. It took our team of four over 20 hours to prepare the business
plan and practice for the event.
not win but our idea was well-received and we were told we should enter more competitions.
We did this and invested another 40-50 hours. We did manage to win $5000. But
we had invested over 100 hours!!!!
it was graduation and we started asking ourselves the questions we had kept
putting off: Were we really going to start a business? Who was ready to move to
the low-income country where our business was located?
on all of us that we had spent so many hours entering competitions that we had
not really thought about the business itself and how to run it. We looked back
over all the business plans that we had written and noticed that we had changed
the strategy/objectives each time to meet the criteria for entering and winning
that particular competition. We knew a lot about writing plans. We knew a lot
less about actually starting our business and running it. We also discovered
that only one of us was actually prepared to move to the low-income country
where our business is located.