Example<\/a><\/p>\n4. Business Process innovation<\/h2>\n
In the olden day, the only way to read the news was through newspapers but in the last few decades the TV and now it’s slowly moving to Twitter.<\/p>\n
When you see a quite variable opportunity, build the MVP and try to test the product, get the initial traction and get the investor on board. Don’t doubt yourself otherwise you may get into a product development hell which basically takes a lot of time.<\/p>\n
[personal note: I think mixcommerce is likely going in the development hell direction, I should write that down and evaluate]<\/em><\/span><\/p>\nWhile you will try to meet people from different groups, you will find designers, developers, project managers, and digital marketers.<\/p>\n
5. Building Prototype\u00a0<\/strong><\/h2>\nFrom this stage, people often take 2 routes.<\/p>\n
\n- Take the BPO, Do business research, and brings funds into the company to build the product (less than 1% of first-time founder manage to do this)<\/li>\n
- Building product, getting some traction to prove that the product is viable and then doing fundraising through VC.\u00a0 Note: This necessarily might not be the product market fit.<\/li>\n<\/ol>\n
Building a prototype is the next thing to do once you have clarity on the business. As a first-time founder, you’ll have to go through a lot of rejection if you are looking for someone to work for free.<\/p>\n
The fastest way to build a product after being clear will be to (1) get the UI design done (2) Do a user flow test with the real user (3) Find a developer a get it developed.<\/p>\n
Note<\/strong>: You should really have a good client in hand, who can pay you once you build your product to do this test. You should do this with at least 3 clients, on max 20 clients to test your product design.<\/p>\nDo this on weekend on lunch with a business owner, go to their office, schedule a meeting and get the flow clear. See if they are able to solve the problem they face, which makes sense to the business.<\/p>\n
\n- The solution should save money (by saving on manual labor, time, or reduction in overall expenses or etc)<\/li>\n
- The solution should make more money<\/li>\n<\/ol>\n
I don’t have a lot of money and we want to build the product.\u00a0<\/strong><\/p>\nThis is a bad position to be in but nonetheless “Necessity is the mother of ingestion” and we had the necessity and we have solved it for ourselves and here is the trick.<\/p>\n
\n- Find an experienced person who has done the job you want to get done for several years (Likely a manager or Experienced Developer)<\/li>\n
- Ask him to contribute 30 minutes to 1 hour every day with your intern<\/li>\n
- Hire an intern from internshala<\/strong> for (3K\/M to 5K\/M), Build your POC<\/li>\n
- Start inviting your leads to use the product (the leads whom you talked to earlier and the people who will likely use this product)<\/li>\n<\/ol>\n
We have done this and it worked. Do not expect the best quality output because you are putting the best people to do the job. Expect a decent MVP and work on making that happen.<\/p>\n
“Build Fast, Fail Fast” but make sure to drive the traction otherwise you basically wasted your resources.<\/p>\n
If you are getting a big amount to build the product, get clarity on the product, get the design ready and try to build a team of experts to lead and interns to build.<\/p>\n
6. Hiring<\/h2>\n
This is where draper house and many other communities come in support. They will likely refer you to someone who can collaborate with you and help you in building POC.<\/p>\n
While events are conducted, a few hosts ask questions to the audience to introduce themselves and the thing they can offer “Their name, What do you have to offer”.<\/p>\n
You often find people who offer UI UX, Software development, website design, marketing, operation, hiring and etc.<\/p>\n
This opens up a lot of opportunities. If you aren’t able to make it then try to talk with a few founders that are already above you and running their startups.<\/p>\n
Note<\/strong>: Founders may not respond to you as your message, follow up, they will reply to you.
\nReach to many founders(15-30), not just one in one go. 10-20% of people should respond in a week.<\/p>\n\n- Founders will ask you very straightforward questions and it is very advisable to be open-minded and present real information on budget, timeline product complexity, hiring, etc.<\/li>\n
- Take different perspectives from different entrepreneurs on the same problem. Most of the Founders will not judge you because they have likely come from the same background and they don’t judge but try to support.<\/li>\n
- Founders are often busy and like to be on point and spend on things that matter to them.<\/li>\n<\/ol>\n
7. Traction<\/h2>\n
Once you have your product ready, now it’s time to build traction. Traction is a word that describes the usage of your product by the end user.<\/p>\n
To make this happen, invite all the customers\/audience you talked to earlier and try to get the product tested by everyone who can potentially be a customer.<\/p>\n
if you have already exhausted your list, then, it’s time to do marketing.<\/p>\n
<\/p>\n
Resources:\u00a0<\/strong><\/h2>\nLocation stat on average<\/strong><\/p>\n\n- Draper House ( Students 20%, Entrepreneurs 40%, People in job and wantrepreneurs 40%)<\/li>\n
- KTech (students (10%), founders(40%), wantrepreneurs (40%), others(10%)<\/li>\n<\/ol>\n
Data were taken from personal experience.<\/p>\n
\n- K Tech (Slightly better but almost similar crowd comes but a few good startups) | Demo Day is now often being done which is good for startups in the early stage to get some traction (Note: This traction might not be from paying customers, Evaluate your audience properly)<\/li>\n
- Founders Meet (Founders meet happens, likely once every three months). This is one of the best ways to connect a lot of founders. Sometimes the event might be paid but go for it, it will bring a lot of good contacts that can help you in long run.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"
Being in the bad company can ruin your life but Being in Good company can take your life to the very next life. That means, if you want to be a billionaire then start time with billionaires That also means, if you want to be a good billionaire then start time with good billionaires That […]<\/p>\n","protected":false},"author":3,"featured_media":2136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-seo"],"_links":{"self":[{"href":"https:\/\/ranajayant.com\/blog\/wp-json\/wp\/v2\/posts\/2129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ranajayant.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ranajayant.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ranajayant.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/ranajayant.com\/blog\/wp-json\/wp\/v2\/comments?post=2129"}],"version-history":[{"count":6,"href":"https:\/\/ranajayant.com\/blog\/wp-json\/wp\/v2\/posts\/2129\/revisions"}],"predecessor-version":[{"id":2138,"href":"https:\/\/ranajayant.com\/blog\/wp-json\/wp\/v2\/posts\/2129\/revisions\/2138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ranajayant.com\/blog\/wp-json\/wp\/v2\/media\/2136"}],"wp:attachment":[{"href":"https:\/\/ranajayant.com\/blog\/wp-json\/wp\/v2\/media?parent=2129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ranajayant.com\/blog\/wp-json\/wp\/v2\/categories?post=2129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ranajayant.com\/blog\/wp-json\/wp\/v2\/tags?post=2129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}