I already have my MVP and honestly I have no idea if people want it.
I am a... “1 man founder with an mvp, no marketing capital, no target niche, very little experience, no way to monetize until critical mass is reached”... should I just quit now or try & pray for a viral miracle??
no you dont. you might have some sort of product, but its not an MVP. An MVP is a product with the least amount of features which still solves a problem. this problem is always one that occurs to a certain target audience (your user/customer). if you have build an MVP, than you know the problem, not other way around. and if you have a problem solution, than you have potentially people who are willing to pay for it.
Make something people want.
Talk to Customers.
A) if it’s a great idea, people will pay you to use it. Go hustle and make some sales. If you’re not a sales-guy, bring in an equity partner who will “earn in” by making sales. If you can’t make sells, or are unwilling to give equity to somebody who can, then give up.
B) If your target audience isn’t giving you money for it, maybe it’s not a great idea in the first place., and you should give up.
Whatever the case, if you’re not making money quickly, it’s not a business.
Oh, and, never rely on hope as a strategy. The price of admission for the entrepreneur’s journey is action.
Question asked by
May 7, 2020, 11:05:25 PM
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Wannapreneurs want to help people. They believe it is great cause.
Many first time entrepreneurs have too many ideas that they don't know how to filter and discard. Many first time entrepreneurs have this concept that if they help or want to help, then they can get investment or get paid based on that "idea". This is all wrong. Startup is not about helping people. It is about THE BUSINESS of helping people. Startup is not to make your dream of helping come true. You must help your customers achieve their dreams.
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Startup Lingos To The Point
How to turn an interest into a money maker. How to attract people, how to stimulate people to pay, how to make profit, how to make relations, how to keep relations.
How much do I have to give my audience so they can pay me something in return? What do they value? what problem do they search for answers on your own? I want to solve that problem.
Brand means name recognition. A lot of people knows what your company does and what you stand for. Brand is result of long campaign of consistent value provision and media cultivation. Brand helps a company reduce marketing cost.
Whether there are buyer willing to pay or not. For that to happen you must provide extreme value. The entire startup process would be based on guess before the validation. Validation happens in a market, not on the street.
Value is what you give customers beyond the price you charge. Value is effective solution to a problem. The price your customer pays reflects whether the problem is big for them and whether your solution is uniquely effective. Value stems from quality and detailed work.
Marketing means bring your product to the market and bring your message to your customer. Marketing is not salesmanship. Marketing is to penetrate the world of commerce through many barriers and existing networks.
Minimally viable business, or MVC, minimally viable company. A company that scrapes by, full of guess and hope and no traction and sales. When you give your customers things for free they all take it. But they never pay and you can never rent a table at the market.
Minimal viable product. A full artifact of a real product. Something that works ALL THE TIME. You can demonstrate the real effect on real people - not to sell hope. The MVP may not have certain non-essential bells and whistles, but it needs to have appeal value.
Customer is king
A business lives at the mercy of its customers. You provide your customers 10 dollars worth of value and they pay you 1 dollar, not knowing that your company only costs 99 cents to provide the item. The value is not the item - the value is what is attached to the item.
Company culture is based on a company making money. Once your workers are paid, they need to have a mission and aspiration so they are not bored everyday and make trouble in the work place.
A company valuation is cash investment divided by the percentage. As long as your story is good, the valuation will keep coming, and the investors will keeping falling into the line.
Return on investment
Investors are either behind family fortune (never work with them) or for rich clients as investment vehicle. Both need returns 2-3 times better than stock market darlings.
Having found what people want, not just what people may need. Your offering and their acceptance is sure, no longer a guess. You can provide it for profit, and you can indeed making living on it. Traction is sometimes called validation. You are no longer a theater. You have touched nature, and found cash vein.