How to turn an idea into a startup, when you're broke AF? 🤯

Marisa Guerreiro
5 replies
Hello everybody! I have an idea for a project/startup but I don't have any money to invest. Is there anyone here that was in the same position that can share some tips and insights on: - should I find a mentor? If yes, where is the best place? - how to find an investor? - how to protect my idea? - in general what to do to make it happen? Thank you in advance :)

Replies

Marisa Guerreiro
I'm a copywriter for "troublemakers"
Hello everybody! I have an idea for a project/startup but I don't have any money to invest. Is there anyone here that was in the same position that can share some tips and insights on: - should I find a mentor? If yes, where is the best place? - how to find an investor? - how to protect my idea? - in general what to do to make it happen? Thank you in advance :)
Surender Singh
Founder @pensil.in
Find the core of that idea. Design a basic click through demo on Figma. Build a thesis around who could be your potential users. Show them the Figma Demo. Ask more, sell less. Rinse and Repeat.
Alexander Moen
McSmartyPants.com Customer Eval + AI = $
Investors? Unless you have family and friends that would do it, or massive connections already, don't go that route. That's a full-time job in and of itself and takes time (and money, ironically) to do. And, chances are good that you will spend all of that time and money and not get investors anyways. Protecting your idea? Don't even worry about that. It'll be hard enough to get people to pay attention and care at all, much less get them to care so much that they want to steal it. Plus, even if they did steal it, if you positioned yourself properly in the right niche, nobody will budge anyways. If you think you'll have a widely known product in a million niches right out of the gates, I'd say that thought will doom you to failure. Find a small number of people in a very refined and small niche that will pay a premium if you want the best chance to succeed. Before taking any actions though, treat this as an objective science experiment. Your business is clearly a new idea that is resting on a bunch of assumptions. First, list out every step of your idea. Then think and research all the underlying big bets you're making (why would it make so much money?) and figure out where your risk factors are (internal and external things that could take out your business). What happens next depends on the idea. If you 100% truly cannot find a way to bootstrap it, then find a peripheral offering that is a step or two away that you can make at low or no cost. Target that offering around proving/disproving the big bets and risk factors from before. Ideally, you want to make this a high price and high margin item. Think of it as an unscalable, premium product that is mostly based around your time and efforts and not things that cost money. But, this thing should also be useful and spill over to your future offering (your current startup idea). Sell fewer options at a very targeted and select problem at a much higher price, and use those profits to create a lesser offering that spreads out to a slightly larger group that also touches on remaining bets and risks. Do this until you have a community that knows and trusts what you have and that also has enough profits to chase after your original idea. If you share your idea here, I can give you more details for what I'd recommend. Hopefully that was helpful.
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Alexander Moen
McSmartyPants.com Customer Eval + AI = $
...or, what may also happen, is you do it until you find out that your big bets are unlikely to pay off or that a risk factor would kill your business. Don't get emotionally attached while evaluating these. Too many people stick with passions that no consumers want at a deep enough level and that are destined to failure. Find a new passion to test instead. Otherwise, it's like staying in an abusive relationship with no future and you're just trying to convince yourself that things will change.
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Mert Baser
Co-Founder @ TransferChain ⛓️☁️🔐
Mentors > Needed. Investors > Nice to have For an early stage, family&friends should work fine as an initial capital to get to MVP level and maybe even generating revenue. But before anything, you would need a business plan to have a clear vision and goals!