A few key words of wisdom I give entrepreneurs is: (i) launch fast; and (ii) fail fast.
Launch fast simply means figure out a minimal viable product (MVP) and get it into the market as soon as possible. Too often an entrepreneur wants to build a “Rolls Royce” solution with all the bells and whistles that are in their head, instead of simply launching a functional “Ford” to start, and evolving to the “Rolls Royce” over time. The MVP advantages of the “Ford” is: (i) it is less expensive to build with your limited startup capital; (ii) it can get your product in the market faster, before your competitors do; and (iii) it more quickly allows for consumer testing, to ensure consumers really like the core service and truly need the additional luxuries that would get built into the “Rolls Royce”.
Read the rest of this post in Forbes, which I guest authored this week.
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