Two Birds with One Project

I am taking two classes this semester, both of which are project classes. I was thinking the other day that my semester is going to be a bit busy (although, when has a semester ever NOT been busy) because I have two project classes, plus being a TA, plus working on a business idea. And that's in addition to being an RA, and organizing an entrepreneurship conference. Oh yeah, research is in there somewhere too. Whew!

But the good news is that I have found a way to simplify my life.

My major is machine design, which means that I get to take classes in how to design things. These are my favorite classes - I've taken a product design class, and a precision machine design course. I love the creative element. This semester one of my classes is on mechanical product development. Students work on products that are in the prototype stage, and learn how to design those products for manufacturing/production. So it's basically taking a prototype and making it a real, commercial product.

The first day of class, we listened to students who had prototypes give short speeches about their idea. We then had to pick teams, by the next class period. I wasn't really enthused about any of the projects, so I was just trying to pick the one that would require the least work (so that I could focus on my other projects this semester). Hey, when you are a grad student you can be honest about your motives... :)

And then, a lightbulb went off.

I HAVE a prototype! The product for my business idea!

In fact, in order to move the business idea forward, this semester I was already going to re-design the prototype to be a commerical product.

Well, DUH, Miss Outlier, use the business idea for the class project!

One quick meeting with the professor later, I was set. I recruited a mechanical engineering friend of mine in the class to join my team (wasn't hard, she likes working with me), and one other classmate also wanted to join (an engineer with a ten-year business/finance background).

I am now really excited about how this term is going to go. I'm thrilled that all the work I will be doing for the class is also helping the business move forward, and selfishly I'm happy to have a couple classmates helping (and yes, they know it's my business, I made that clear up front). I'm also thrilled not to divide my time amongst three projects, only two. AND, the work I did for the business class on this idea LAST semester will be a good building block for the assignments for this semester (we have to do things like market analysis, etc.).

Onwards to a commercial product!

Crossroads

Life could be so easy. I'm on track for the PhD, I'm doing interesting research, and in two or three years I could be Dr. Outlier. Humming along, busily researching away in my comfortable niche.

I've always expected that after picking up my final diploma I'd go to work for a startup, or be somehow involved in an entrepreneurial venture. In fact, I've made my PhD minor "entrepreneurship."

And that has led me to take a class about how to start a company, where I am working on a business idea with a team. The good news is that the idea turns out to be a very good one, and throughout the class the signs have all been positive. Inspection of the finances shows that the business could be worth millions in several years. (And I'm an engineer, remember - so I don't throw those numbers around lightly or without justification.)

And now, dear internet, life gets complicated. I'm at the point now where I have to decide whether I want to take the idea from a class project into actuality. Now is the point where things become suddenly, frighteningly real.

First I have to decide if the idea is worth pursuing. Yes, I have decided, it is. 

Then I decide if the team I have is a) willing to go forward with the business, and b) the right team to work with. In the case of a), I think that all my team members are excited about moving forward. Unfortunately in the case of b), they are not the right team. For this idea, we need three people - a technical person, a business development/finance person, and a sales/marketing person.

I already cover the technical role. None of my team are sales/marketing people. And the two business people are not at the right stage in life to launch a company - they have wives, and jobs to go back to after they finish their MBA degrees. There is a thing called a "risk profile" or a "risk tolerance," and all founding members of a business need to have the same risk level. A married man with two small children will bail out long before a young, unattached grad student willing to live on beenie-weenies to make the company succeed. So am I prepared to hand out pink slips to my teammates?

And then, I have to think - do I know the right people for the team? And yes, I do. Would they want to work with me? Yes, I think they would.

So now the question comes down to me. Do I want to start this company? CAN I do this while still doing a PhD? If I get an investor to sign over a quarter million to me to start this business, I can't tell him I'm just going to work on the side - I have to be ready to dedicate myself to the startup. So am I willing to GIVE UP the PhD (even if only temporarily) to go after this? I mean, it worked okay for Bill Gates.

So do you give up the good thing you have going, to go after what might be a better thing?