The biggest mistake you can make as an entrepreneur is to spend all of your time and resources building a product without doing the proper validation – ie: figuring out who your customer is, and confirming that this customer is willing to pay for your product.
This 5 Minute Pick Me Up is a story about a founder that we mentored who made this classic mistake. Fortunately, the story has a happy ending.
His team had spent over a year building a product with hundreds of features, with the idea that it could help almost any small business with customer retention. After hearing this, our advice was simple. Stop building, and start selling. They needed to raise money to continue operations, and the only way to do that was to prove that there was real demand in the market. We gave them advice on their pitch, and suggestions for how they could start selling quickly. Within a few months, they had several paying customers.
In 5 minutes you will:
-Learn how to quickly get in front customers to test and sell your solution before fully building it out
-Understand how early customers can help you simplify your product, saving you time and money down the line
-Learn why trying to build and sell to everyone is a recipe for disaster, and how you can be successful by solving a big enough problem for a very specific type of customer