Before coming to Launch, many students ask if they should be coming with or may bring in their own established idea or company. There is no correct answer to this but there are some things to keep in mind when weighing your options.
Entrepreneurship is not a Solo Sport: If you are the idea originator, it’s important to remember that your teammates at Launch are considered your co-founders which means there should be equal respect amongst everyone. It takes a collaboration across different skills and personalities to be able to start a company, and all must work in harmony and with full drive. Success is more about the team and execution of the business than the idea. The entrepreneurial mindset will be the most important thing you learn leaving Launch, but can only be learned when working well in a team.
Team > Idea: It’s also important to remember that while it might be your original idea, you are now working with a well-equipped team of brilliant peers with whom you need to find a common vision of success – for the summer and the company. Ideas are a dime a dozen, with most having been thought of or even worked on before, so success comes down to execution. To execute well, you need all the skill sets of your team. This includes market research first and foremost, with open-mindedness to feedback. Almost ALL ideas change from their origination to actual implementation, especially in successful companies, and your teammates will be well positioned to bring a fresh perspective. Humility and openness to feedback is key.