Doubts about business idea

[StephenMLevinson]

Hi Guys,

So for the past couple weeks I have been pitching my new business idea to leadership consultants, small business professionals and several other Entrepreneurs. They all seem to think it's a really great idea. But for some reason I'm getting cold feet and can't snap out of it. Even my lawyer thinks it is a good idea. And originally I thought it was going to be amazing. But now I just feel the amount of effort will be > return.

Any thoughts on previous ventures other Entrepreneurs have started and gotten cold feet before launching?

Thanks,
Stephen

[Southern_Lenders]

I've gotten cold feet on several in the past, and one I've got going now which I'm probably going to terminate. I see it one of two ways:

A) You got cold feet because you realized that the capital it will take to launch is larger that what you initially thought it would be..or you realized the amount of work it is going to take was much more than what you expected from your "simple business idea".

B) You've done more research on the idea and have come to the conclusion that your idea is no longer that great.

C) Your ready to pull the trigger, but when it comes time to write the big checks you have second thoughts

I've been down both those paths for "a" and "b". If the research supports the idea, then the only thing in your way is your own emotions. You'll have to jump in at some point as no one can do it for you and no one can assure that you'll be successful.

[StephenMLevinson]

Wow! That was extremely helpful! Thanks!

[goldsecret.org]

I feel the same way if I haven`t done proper market research/testing the market before scaling. If you`ve done your testing then it`s time to go for it.

[Parvaze]

I've raised significant amounts capital in the past for various ventures. With one of those companies I got cold feet about half way through the dog and pony money raising show realizing that I was becoming afraid of what it would take to make the venture successful and just how much I was putting on the line if the venture failed. Needless to say the next couple of pitches were horrible, but after thinking it through and regaining my confidence was able to move forward and get the venture off the ground.

Good luck!

Best

[JKansas]

If you're on Southern Lender's C, then I beleive Lorazepam would do the trick

What are the people that you talk to with little or nothing to gain, and not family, saying? Of course the lawyer you're paying to write it all up thinks its a good idea, and your advisor, accountant, etc.

If you've done your research and made it this far, i'm guessing it's more cold feet. I did the same thing. Presentations actually helped me at first, then some went bad and it got rough. Still glad I went through with it, even though i'm still here tonight!

[wiggy21]

I think the cold feet happens to most people just before launch of a new product, hope it goes well. what are you launching?

[kevinkllewis]

Is this idea something you really want to do or is it something someone told you was a good idea? I find that the easiest businesses to start are ones that you would do for free. If your would do it for free that means you are passionate about it and you will see it through no matter what the critics or conventional wisdom tells you. Those businesses will always be successful because you will continue working on them until they are. For example, if you love basketball start a coaching business. Find a way to make money coaching basketball. If this is something you are passionate about you will keep working on it until you are successful.

However, if you are just starting this business because it sounds like a good idea but you are not locked into it chances are you will not devote the consistency needed to make it lucrative. That might be the cold feet you are feeling.