?? The WRONG WAY to start a new business venture. Are you doing this?
Aron Meystedt ??
200,000 startup entrepreneurs: ValidatorAI.com | Symbolics.com owner (first .com ever registered)
?? The right way vs. wrong way to start.
I talk to people daily that are approaching their startup incorrectly.
Let’s discuss the right way and wrong way to move forward once you have an idea.
?? Here are the steps that most of us take, and this is INCORRECT.
1?? As soon as we get an idea, we want to start building.
? We feel like we’re making quick progress.
? We think that if we build something, the customers will soon come.
2?? We spend money, early on. This is unnecessary.
? We start to order samples. We start paying people to build a website.
? We feel we have to spend money to make money, right?
3?? We start advertising (more money spent).
? We feel we have to spread the word, right?
? We know that advertising pays if done correctly.
4?? Sales don’t start happening. ??♀?
? Hmm… something must be off with our messaging, or targeting, or our offer etc.
5?? We double down on promotion and advertising.
? We don’t see the positive results from these efforts, so we go back through this process over and over.
? We eventually give up or run out of money.
? So, you have to prove that people want your product before you spend any money developing it!
?? Here are the CORRECT steps. This is the gameplan.
1?? Determine your target market.
? Who would benefit the most from what you are creating?
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2?? Determine where they hang out.
? Where do they hang out online and offline? Go there and start talking with them.
3?? Find out what frustrates them.
? Ask them about their frustrations in the market you are entering.
Are you hearing the same type of complaints over and over?
? Does your product or solution seem to solve their problems?
4?? If your product isn’t a fit for their problems, make some changes.
? Iterate. Modify your product to fit the demand you have uncovered.
5?? Get their feedback.
? Talk to the target audience again and present your solution.
Are you hearing excitement and willingness to buy?
Are they still apprehensive?
6?? Move forward.
? Based on their feedback you should…
? Go back to step 4 if your product isn’t a perfect fit.
? Create a landing page and start telling people about your solution if it is the right fit for their problems. Explain what you’re working on, gather email addresses and expressions of interest… if they are super eager to buy, take preorders.
? Use easy no-code tools like Bubble or even Google Forms to create your simple landing page.
?? This article originally appeared in the ValidatorAI.com newsletter in November of 2023.
ValidatorAI.com offers AI powered tools to help people prove out their startup ideas and move forward.
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Great topic! Starting a venture can be tricky, and having the right approach makes all the difference. Excited to read your insights on proving out ideas effectively. Looking forward to the newsletter!