Want to know why building a tech startup is TWICE as hard as opening a restaurant?
It’s because both the product AND the market are unknown.
They need to be figured out…
… for a sushi restaurant, you just need to know if people in your city eat sushi – which most do.
So the risk is only in building a great restaurant experience… the market & “product” are proven.
With tech, it comes down iterating and testing both of these assumptions:
1. Will the product actually do what I think it will (technology / science / etc).
2. Will anyone want it?
The cool part is both of these can be figured out fairly quickly if you do it right.
One word of caution:
It does NOT require an MVP (Minimum Viable Product).
Actually, I have a huge problem with the term MVP because it has the word “product” in it.
I have a much different (and far more cost+time efficient) approach that I cover in today’s video:
It really comes down to a few simple frameworks that I’ve created to help you validate your ideas… and generate the confidence (and initial funding) you need to go all in.
Here they are:
1. Idea: Problem, Pain, Passion
2. Validated Research
3. Clickable Prototype
4. Pre-Sales
I’ve used this approach to build ALL my companies and it doesn’t matter if it’s for a consumer application, or a solution for big Fortune 500 companies – it can be done.
So before you pour your savings (and the next 6 months) into building an “MVP”…
… take 5 mins right now to watch today’s video and make sure you’re setting yourself up for success right out of the gates.
Have an incredible day!