You Have a Great Business Idea, But…

3 Major Concerns

The hardest thing to do when pursuing a new idea is getting started. Shadrach and I had many concerns when we were beginning Lite. Here were our 3 major concerns:

  1. There is probably someone who is already doing something similar.
  2. We don’t have an engineering background. How the heck are we supposed to create a mobile application?
  3. How will we succeed, since most startups usually fail?

We focused a lot on our fears and what could go wrong. This happened for a couple of months. Then we came up with WGGT.

We’re Gonna Get There #WGGT

Let’s create a mobile application to change the way people interact with personal finance.

This was the idea we talked about at 10pm sometime in September of last year. I was leaving Shadrach’s house and was getting into my car until we stopped and talked for a few more minutes. We had been talking for months about how we wanted to create something. We were always talking about it but never took any action. That night, we had an epiphany. “Let’s start with a name, business plan, and start reaching out to friends who have experience creating their own business.” These were concrete things that were actionable. This was a breakthrough

We had some momentum and told each other we would make it happen. We’re gonna get there, we just needed to start somewhere.

This is how it went.

We met the about a week later, and decided that we would come up with the name for our app. I thought to myself: “Yeah this is a perfect direction. If we have a great name we will start off on the right foot.” We spent about an hour brainstorming different names: “Gold,” “Sound,” “Froot,” and so on.

This was not going so well.

Then we looked at each other and asked: “Why are we spending so much time on our name?” This was such a critical question because our name was not going to determine whether we were successful. Our app itself, and what it contains will be the deciding factor. We both had a lite bulb pop into our head and realized that we needed just pick a name and run with it. Thus, Lite was born. We wanted to shed Lite on personal finance. Perfect!

Actually Getting Started

After finally picking our name, we actually got started. We got started by tackling our 3 major concerns.

  1. There are definitely people out there who have similar ideas but we decided that we are going to beat them to market. We realized that business creation is a race. The only way to be successful is by executing, and executing fast. We set goals and built a timeline for things we wanted to accomplish.
  2. We were not engineers and could not create a mobile application ourselves. This video changed our lives. We started prototyping, because that was something we could do with just a paper and pen. Shout out to Patrick for that one.
  3. There is a lot of failure in entrepreneurship. This should NEVER stop you. We realized this quickly, because “you miss 100% of the shots you don’t take.” Shout out to Wayne Gretzky. If you keep the passion for your product, success will follow. Just keep pushing.

It is important to always be executing. Set realizable goals, and ensure you are holding yourself and others working with you accountable. The hardest part is getting started. Don’t let external factors dictate whether you begin. Just tell yourself over and over again that you will be successful. We all have to start somewhere, and your journey throughout the whole process is part of the story you tell when you become successful!