Sometimes when faced with a tough situation you start to second guess yourself. I've had a long talk with one of the group members about the doability of our app. It seems like we have mountains to climb. The research we've done suggests the app will cost at least $60k to get started. I've read some articles about apps of this caliber costing $200k. That's crazy.
With physical products there's a chance you can make a relatively inexpensive prototype to beta test or even go out and get feedback right away. I feel like our MVP, or minimum viable prototype, might be too costly to build, thus making it riskier to even attempt. Then again, I've studied cases where companies create a great big expensive product, only to have it fail miserably because they never validated their concept. This is a lesson I'd rather not learn personally. People always say, "Learn from your mistakes." I say, "Learn from others mistakes." It's much easier for you this way (and a hell of a lot less expensive).
Another area I have reservations about is the resources of the team. I'll be quite frank, we're all college students who don't have a lot of money. We have great academic experience but don't have the impressive background of an experienced business veteran. We're developing an app. Something that none of us have any technical knowledge about. And for me, I like to know or at least be familiar with everything that's going on in my company. It's hard to find a developer we can trust. And they also must be talented and know what they're doing.
I don't know.
All this second guessing is good I suppose. Too many entrepreneurs are drunk on their own Kool-aid and end up failing because they refuse to accept feedback. I guess my fear is a good thing. It keeps me grounded. I'm my own worst critic but I think it makes me a balanced person.
I know this app will work out. And even if it doesn't, I'm not one to just quit. Adapt or die they say. Well I've made it this far and I don't have any intention of stopping. Well it's 3 in the morning and brain is calling it quits. Bye for now.