The startup journey is one of many twists and turns, hills and valleys to cross and sometimes you’ll encounter a chasm you just can’t overcome. I have been pondering and researching my ideas for the past couple of weeks and things are looking rather bleak.

The Hard Truths

Over the past several days, I have come to understand some hard truths about starting a startup:

• Competitive analysis matters.
• Being a solopreneur can be a lonely experience.
• Your “Why” matters.

Know Your Competition

So, one of my ideas was a NFT based authentication, provenance and history tracker that combined NFTs, NFC and permissioned blockchains to help prevent counterfeiting of luxury goods and maintain a history or the item, including it chain of custody. I know this is a real problem that needs to be solved and the market is huge and growing. However…. In doing my research, I came across two established companies already doing the same thing….Arianee and the Aura Blockchain Consortium.
Don’t get me wrong, competition is good…it drives innovation and validates the market. Arianee, while already in the market with some established partnerships and a client base, is relatively small…I think. Theyr aren’t a real deterrent to new solutions entering the market. Aura, on the other hand is a much different story…
The Aura Blockchain Consortium is a joint initiative of some of the biggest conglomerates in the luxury goods space. Their goal is a standardized blockchain platform for doing exactly what I wanted to do. What makes this a deal breaker is not only the massive resources they have at their disposal, but the fact that they are the actual target market I was going after…it’s not good when your market is your direct competitor with their own tailor made solution.
And yes, I could niche down, specialize and target small and independent brands…but I feel that market is just not compelling enough. I could also refocus to entirely new markets such as antiques and collectibles, industrial components or pharmaceuticals, but these markets present other challenges or just don’t interest me. So, at least for now, this idea is being shelved.

It’s a lonely road

Another sad truth is that, as a solopreneur, you will be on this journey alone. Not only due to the very definition of solopreneur or having to wear all the hats and do all the work yourself, but also because it’s quite likely nobody else will see or share your vision, let alone care. Don’t expect anyone to validate your vision, or encourage you. In fact, expect a lot of indifference or discouragement from others. It’s nice if others, particularly those you care about, jump on the bandwagon and cheer you on. This might even happen, which is fantastic. Just don’t expect it will. This bring me to the last truth I have learned.

Why Your “Why” Matters

Because of the solo journey you are on, your motivation and drive must come from within. The “Why” behind the project is what will keep you working late at night because other life commitments prevent you from working during the day. Your “Why” will keep you focused when distractions try to steal your attention. and it’s your “Why” that will drag you forward when the hills get steep. So, what is your “Why”? Why does this startup journey matter to you? Is it monetary gain? A desire to solve a particular problem or scratch a personal itch? The need to make the world a better place? Perhaps is a combination of all of these, or something else entirely. It doesn’t matter as long as it is matters to you. Keep your “Why” front and centre and remind yourself often.

What’s Next?

So, since I have decided to shelve my NFT idea, I will be focusing on my location based app idea. While it’s not quite as “cutting edge”, it is still pretty unique, in my opinion anyway. It also solves a personal problem I have and is an utility I would personally find helpful…so even if nobody else ever uses it, at the very least it will make my life a little more interesting. I do suspect, though, that because I see a use for it, others will too.