Two of my friends and I have decided to start a company. We’re still in planning stages, but we’ve come up with some interesting ideas and have discussed these ideas with several people including some successful entrepreneurs. On the whole we’ve gotten good feedback and should begin the actual development very soon. The first month was eventful and very rapidly moving, but we’ve hit a slump without much progress in the last couple of weeks. But I digress, let me start from the beginning.
The Team Formation: The current team consists of Me, Neeraj, and Arvind. We’re all engineering students and we’ve been good friends for at least a year. Since this school year began, whenever we used to get together, we always discussed technology-related ideas that we’d be thinking about. Finally we decided that we should formalize this process and ultimately work to implement one of our ideas. We’re all really good at different things, and the union of our skill sets seems to cover all the skills needed in company founders and so…
Sometime in late September, 2007: We had our first business meeting in my small (I stress small) bedroom. We discussed all of our motives and aspirations for the start-up and then moved on to discuss some of the ideas that we’d all been thinking about. Since we’d been thinking about this for awhile (at least the ideas), we had quite a few of them, but many weren’t grounded in reality, or were otherwise unfeasible. We selected a core few, and went on to research each specific area and look for competitors. We finally pinned down one idea, which we were all really excited about (so it made for a good candidate).
Then… : We started discussing the idea with our friends and peers, met a lot of criticism and as a result morphed the idea to still fit the same basic niche, while addressing the demands of these people. Before we started working on it however, we arranged a meeting with an entrepreneur in the area and discussed the idea with him. He loved it! So it looked like it was time to get working.
Roadblock #1: Midterms… All three of us have had exams these past couple of weeks and have been incredibly busy with school work and as a result we haven’t actually started implementing the idea at all. This will probably turn out to be one of the biggest road blocks that we’ll hit, because when it comes down to it, school comes first for all of us, so the start-up will keep getting put on hold. We haven’t even been having our weekly meetings for the past couple of weeks, which is pretty depressing, saying we have a solid idea that just needs to be implemented well (that’s the easy part). I’m hoping that we’ll get a bulk of our work done during the December break. Hopefully, we’ll have a vested interest in the company after that point and so we’ll keep working on over the course of the next couple of semesters.
My Thoughts
I’m really excited about the company, it’s a good idea that I think would be fun to work on. It provides a unique service that seems like it would attract a lot of users and it’s pretty easily monetized. I’m excited to work on it, but unfortunately I’ve been too busy to make much progress on it.
I’ve read quite a bit about starting companies from Paul Graham and others, and I know that this is one of the pitfalls of trying to start a company when you’re in school. I knew this coming in, but felt like the three of us were dedicated enough to keep working on it through the busy times. Again, we’re still in the early stages, but we’ll see how things go. I’ll keep posting updates here when things happen.