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I Have An Idea

Is it worth pursuing?

Whit Rasmussen
Whit Rasmussen
3 min read
I Have An Idea

It's been rattling around my head for many months at this point.

The idea occurred to me while reading the book that started this whole crazy journey. As a matter of fact, it's the same book that led me to start this website.

4-Hour Workweek↗ by Tim Ferriss.

To date, it's the most impactful collection of words I've ever read.

Shortly after finishing, I drafted a proposal to my boss outlining how and why I should only have to work 4 hours each week.

After a heated exchange, an intense staring contest over Zoom (this was at the beginning of quarantine after all), and some back-and-forth about how this would affect vacation allocation... we agreed 4 hours per week made sense.

I'm completely joking. That didn't happen at all. For the record, I would still like to have a Zoom staring contest, but that can wait until another day.

Today, we are talking about that idea I mentioned.

It's been almost one year since the fateful "AHA!" moment.

A simple startup concept.

To be clear... my idea isn't likely to be the next Bitcoin, Airbnb, iPhone, or chocolate-chip cookie. I certainly hope it is as revolutionary, but these four examples are in rarefied air.

So, while we have established my idea won't make you an overnight billionaire, allow you to travel in style, consume every waking second of your attention, or satisfy your sweet tooth... I think it's a useful concept with a lot of room to grow.

I even came up with a company name, purchased the website domain, designed a logo, researched the market, researched customers, researched competitors, and developed a high-level pricing model with projected cash flows and upfront development sources & uses of funds.

Some summary characteristics of the business:

  • It would be a small-scale, SaaS-based service offering.
  • The industry is one I am actively involved in and familiar with.
  • It would solve a problem target customers regularly encounter.
  • Early customer analysis is promising (ability to pay & industry stickiness).
  • There are currently no competitors who target this niche market.
  • Business models exist, which target a broader audience, for reference.
  • Manageable upfront development costs with ability to scale post POC.
  • Bootstrappable to diminish pressure from outside capital providers.
  • Nascent influencer backdrop provides low-cost partnership potential.

Fun fact... the only reason I purchased my professional camera was to script, video, and edit projects for this hypothetical company. At the time, photography didn't interest me whatsoever. Funny how things work out.

Back to the company...

Of course, this was only the tip of the iceberg. A substantial amount of work remained in order to graduate from an idea to a fully-functioning business model.

I likely needed partners with niche knowledge and accreditation I did not have. I definitely needed web development, legal, and accounting consultation.

To say there was a mountain of information I needed to learn would be an understatement. To say it would not be possible would also be a blatant lie.

Fast forward one year later and... minimal progress has been made.

Why is that?

The idea is promising and those I shared my thoughts with are fully supportive. I have the money required to start, and could find a way to make the time.

One year later... What gives?

The truth is I was so busy focusing on all the things I could NOT do that I lost sight of what was important. Discipline was lacking. Momentum never accrued. Lessons have yet to be learned.  

Why do we do this to ourselves?

Self-sabotage could be considered a Pandemic in its own right. The only ideas that truly fail are the ideas that are never pursued. If you try, fail, and walk away with lessons learned, that's a perfectly acceptable form of failure in my book.

But here we are. Waiting to start.

I'm sure you have similar ideas, desires, or aspirations in your life that you willingly choose to place on hold.

But by delaying the pursuit today, are you also delaying a better life tomorrow?


Parting Thoughts 🤝

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I hope everyone is happy, healthy, and life is treating you well!

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Cheers Everyone 🥂

If you made it this far in the article, thank you for your time! I appreciate you tremendously and am thrilled to have you in our community.

Also, if you enjoyed what you read, consider forwarding to a friend or two! 💌

That's it for this issue.

Until next time - be well, be intentional, and be yourself!

Have a week,

Whit

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Whit Rasmussen

Professional Private Equiteer 📈, Dabbling Photographer 📸 & Writer 📝, Obsessive CrossFitter 🏋️‍♂️, One-Time IRONMAN 🥇, Regular Reader 📚, Perpetual Learner 💡, Habitual Optimist 😎