We thought it would be interesting to write an article about how we did to back our project financially.
From an idea to the release of a concrete product, there is a very long road that can only be walked with two very important components, time & money. (I should also mention passion for your project, but that one seems obvious)
Before getting on the boat of entrepreneurship, I always believed that Benjamin’s Franklin quote ‘Time is Money’ was indeed right and quite obvious in some ways but also very narrow minded.
Because there are always so many parameters that can have an impact on how fast and how well you would go down that road. For example and to quote only a handful of these: Network, Knowledge, Skills, Flexibility etc.
In the end, you slowly realize that this could not be more true. Because time and money can bring to you all of these parameters.
With time, you will get a stronger network, improved skills and knowledge with experience.
With money, you simply take a shortcut by bringing all of these parameters to you, generally by hiring the right people to do the job for you. Usually, spending more on one of these two will reduce the need of the other, just like shifting the weight on a old school balance.
Aëdle is not yet at the end of that road, but from day 1 until today, things have changed a lot in our way of doing things. When facing a problem or a new challenge, the questions we always ask ourselves are:
- Is this part of our core business, of what we do best ?
- Is it worth doing this internally rather than externally ?
- How can we solve this issue efficiently?
In the end, you realize that being good in doing one thing is often better than trying to be average on many levels. Focus on your core business and get help for anything else that requires a real added value, pay or slowly develop and leverage your network.
Unfortunately, for anything that requires a skill or a service that cannot be done by yourself, you will eventually need cash, which brings me to the second part of this article.