Before a Product, Build Financial Stability
Always play from the position of strength
Many aspiring founders dive headfirst into product creation, carried away by the fascination of the process. But let's not mince words—it's an uphill battle.
The pressure to monetize quickly—to validate your worth to investors or merely keep the lights on—can trigger premature product launches, pivot you away from your original vision, or worse.
Funding is a privilege, not a given
Startup culture often portrays funding as being always within reach: craft a compelling pitch, tirelessly network, and if your idea is solid, you'll be rewarded with a cash infusion to bring it to life.
But the reality is starkly different. Despite the advent of remote work, securing funding remains a privilege accessible to a select few, concentrated in global startup hotspots. For most of the world, bootstrapping presents a path of independence, offering an option to either remain entirely self-reliant or leverage future funding on more favorable terms.
Consider starting with services
An established business acts as a financial safety net, offering stability as you venture into product creation. It's a bit like having a secure day job while pursuing a passion project—you have the freedom to experiment, iterate, and innovate without the constant worry of keeping the roof over your head.
Reflecting on my journey, I recognize how running a web development consultancy offered a prism to critically evaluate potential product ideas. It also served as a hands-on training ground, introducing me to business development, hiring, and management, thereby preparing me for the complexities of running a product-based company.
To all the aspiring product creators out there: financial stability isn't just a safety net—it's a launchpad. Take the time to establish a solid foundation before you leap into the exciting world of product creation. It might make all the difference between a graceful takeoff and a crash landing.