Testing my resilience as an entrepreneur

Yesterday was an interesting day: one of highs and lows that are testing my resilience and fortitude as an entrepreneur to push through with this business idea.

The first was finding out that I wasn’t short-listed for a local government innovation grant. I really thought I would at least get past the first round, but I can only guess that it had to do with the fact that I was trying to crowdfund the rest of the money.

If I were in their position, I can see the risk of their money not being used for an actual outcome. I’ll follow up with them next week to try to get some feedback. In the meantime, looks like I’ll have to pay the patent lawyers out of my savings… again.

The other was a good thing – a major milestone yesterday! I finally got to see the prototype of Product #3 for the first time. It looked fantastic. In fact, it looked to be of higher quality than I had expected which means I need to revisit my pricing strategy.

There was a problem though as the connector pieces were made from a different process and plastic than the main pieces (just for the prototype), and they don’t hold tight enough right now. It’s a simple fix in the manufacturing phase, especially since we expected some things to fail in this first prototype.

However, I’m on a pretty tight deadline at the moment, and I start shooting video on Sunday. We don’t have time to go back and have the connector remade just for the video. As such, we’ve come up with a decent work around in the meantime, but it does mean the assembled pieces aren’t quite as robust as planned at the moment.

The other challenge that we recognised yesterday was that the Chinese New Year shut-down in China is going to delay the moulds. Fortunately the holiday is in late January this year (rather than February), and so we’ve looked at the calendar and believe that we can get everything shipped to customers in March 2020 if the campaign is successful. That’s about a month longer than I wished.

In any case, I’m certainly testing my resilience as an entrepreneur this week as I got home at 10pm last night from Brisbane and jumped on the 6am flight to Melbourne this morning for some other meetings. As tired and a bit stressed as I am, it still feels way better than having a job!