Building at arm’s length

Technology has made it possible for part-time or remote inventors to get an idea into the mainstream

Modern communications technology has reduced the impact of distance on starting a business as it is possible to hold meetings with vendors, clients and even potential business partners from remote locations. Entrepreneurs in rural areas still need to follow the same steps others do when it comes to finding funding, conducting feasibility studies, sourcing prototypes and all the other stages in starting a business. That said, nothing beats face-to-face meetings when it comes to building a rapport with a potential investor, vendor or customer. It is possible to get a business started with minimal travelling, but it is highly beneficial to budget some time and money for travelling to meetings in the city.

Developing a new product and bringing it to market takes a lot of work. That’s why entrepreneurs who are not ready to quit a full-time job will need to be willing to do that work while maintaining their current employment. In addition to the extra work, there are other factors pertaining to those trying to balance a full-time job with creating a new product. For one, the turnaround times for project-related tasks will be far slower if the entrepreneur is unable to work on them during normal business hours. This delay may make it harder to find investors whowant a fast turnaround on their investments.

Entrepreneurs who do not leave their full-time jobs for their new venture may also have trouble finding investors because leaving shows confidence in the new product. If the business owner isn’t confident enough that the business will be a success, then investors may not be confident enough to invest.

Entrepreneurs need to take ownership of the whole process of bringing an invention to market, and this may take more commitment than is possible while holding down a full-time job. If the entrepreneur is not intimately involved in all stages of the project and outsources too much of it, he or she may not be happy with the final result; the product may not end up being congruent with the creator’s initial vision.

However, there are some signs that could indicate entrepreneurs may be able to leave their current workplace to pursue an idea full time. For instance, a promising feasibility study shows the innovative idea could lead to a viable business. Success in the initial fundraising stages means others are confident enough in the entrepreneur’s idea to stake money on it, and, more importantly, that the entrepreneur has enough money to cover the short-term costs of running the business. Finally, the entrepreneur must be emotionally ready to make the leap from a secure, full-time job into the world of small-business ownership. Without self-confidence, the entrepreneur will never be able to make his idea a reality.