I have been debating with myself for the last couple months on what project I should start for my MicroISV and I think I have finally come to a conclusion. It definitely hasn’t been easy, a big part of it for me was getting past the idea that it is OK and even good to have competition. One of Eric Sink’s articles helped me figure that out, but now I can’t find which one…
I basically put together a list of some different ideas, some of them were decent, but none were really getting me excited. Then I did some thinking and I came up with something I am pretty excited about, it’s not totally unique, but I think it includes a couple small innovations. I am not ready to talk about the details of the application yet, but here are some basics:
1) Its web-based. I had a hard time with this one as I like the revenue model of desktop products better, but I truly think the web is the future. The revenue model will be advertising based which can be good and bad.
2) Its small. I don’t expect to launch it and then start hiring developers and diving into large Scrooge McDuck sized barrels of gold… but it should hopefully be successful enough to pay for itself and allow me to dedicate more of my time to this and future projects.
3) Its just the beginning. I have grand aspirations, but I wanted to start small and this is just a small part of what I would like to eventually do.
Another thing I have had to get past is the fear of failure. I could spend months on this project and it could go down in flames, if you count this up as time I could have spent billing or writing then it could be pretty expensive. Basically I just have to chalk it up as experience either way, successful or not. Even if it tanks I will learn something I can use on my next project.
-James
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Good luck!
I’ve confronted this same problem several times in the past, you have an idea and you can afford to take the time to do it…but then you look at your finances and realize that you’re basically losing twice. Once on any money you have to spend to make the idea happen and twice on giving up all the money you could have made elsewhere.
Then you start looking at the money your going to spend/lose on it, and calculating the interest on that (a.k.a. how much money will this cost me in 10 years) and wondering…can my idea make enough to overcome the opportunity cost even if it does do well?
Honestly, I’ve never been willing to do it myself.
Anyway, this might sound like I’m trying to talk you out of it but in all honesty, its just the opposite. I admire you for taking this risk for yourself and on yourself for that matter. So, I wish you luck and hope it comes out better than you expect.
It’ll probably still be cheaper than college. Especially today’s prices.
Good luck!
I am in almost same situation now. Deciding…
As for "1/". Yes, it is probably hardest one. But it imho also count what exactly one mean by "web based"… ASP.NET app, web services, smart client app (I mean desktop app – either windows forms or Avalon – delivered over the web, say via click-once), all these in one, … But you are true, web is future.
just this. And thank you for the book. Great one!
best wishes,
Slavo.
Don’t forget the most important feature of all: ship!
Most people who start a project which should ‘evolve into something which is sellable’ quit before it’s done. Stay focussed, and keep on going.
If you’re planning to work full time on it, plan ahead: make sure you have enough money. If you have money till May 2006, be sure your product is done by March 2006, so you have some time left to wrap things up if you run into trouble, and you have still time to do that. Keep in mind that it might not sell enough in the first month to make ends meet, so it’s very important to set an end date based on how much funding you have.
Thanks for all the great feedback.
Tom,
It’s a gamble however you spin it, but you gotta play to win and the potential up-side is enough to get me to ante up the time and lost earnings.
Frans,
I will actually be doing consulting while I work on it so I don’t have a set amount of time based on financials. That being said I am going to figure out some deadlines to keep myself dedicated and I already have a set scope.
-James
Good luck
If you want help with the project – please remember me(no cost)
I am doiung myself such projewcts-and I know how usefull can be a help sometimes…
Good luck, it’s worth it.
James, congrats on the decision and good luck moving forward. I’ve gone done this route myself a number of times in the past. Most have ended with me quitting within a couple of weeks. Some have morphed into open-source projects (see RssFeed, for example – http://scottonwriting.net/sowBlog/RssFeed.htm), projects where I had reached a level where I could release something, but decided against trying to make a nickel off of it.
And, fortunately, I’ve had some success, too. In one project I invested about five months building an ASP.NET-based messageboard that I decided on selling the rights/code to Microsoft. This project turned into the ASP.NET Forums and eventually Community Server. (Keep in mind that Rob Howard and others have added a ton of features and retouched my code countless times over, so I wouldn’t be surprised if there is very little, if any, of my original WebForums.NET code in Community Server today, but, nevertheless, it was my first ’success’ as an ISV. (Didn’t make a fortune, mind you, but did receive very good compensation for the time invested, better than had I been consulting full time at my rates.))
In any event, I would recommend giving it a go, but starting small. Chances are you’ll make some mistakes your first go-around, but that’s ok, that’s how we learn. Best to make those mistakes on a small project, though, not one you decide to invest months of ‘unpaid’ time. But, as your earlier comments allude, it sounds like this will be a ‘part-time’ venture, which is great, the best of both worlds – still make an income so you can afford any mistakes/lessons learned. (When I did WebForums.NET I was going to grad school.)
Can’t wait to learn more about your product idea!
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Scott Mitchell
mitchell@4guysfromrolla.com
http://ScottOnWriting.NET
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