The advice I always give to entrepreneurs is: stop overthinking and just get shit done. Most of the people I talk to spend way too much time planning when the best thing to do is just get out there and start testing. Execute!
When you have an idea for a product, the most important thing is to ensure that you’re solving a problem. Figure out who you’re solving that problem for, and then find them. Meetup.com is a great place to find people of all demographics in all markets. Be creepy, flag people down in parking lots, make cold calls: put your product in front of real people who you think match your target market the best. And get their feedback.
Don’t talk, just listen.
Once you have your MVP (minimum viable product), you can start thinking about pricing it out. Take a step back and make sure you understand all the costs involved. Think about:
- building your product
- running your company
- managing your budget and cost flow
Make sure you have a viable company as well as a cool product.
So now you have your MVP, you have your pricing model structured, you know how much it’s going to cost to run your business… then what? The answer isn’t sit around in a board room and debate over the price. The answer is: Launch it. Sell it. And if your customers buy it, you know you have something.
If you need help starting or scaling, reach out to Open Sky Ventures. We’re here to help.
Emile McLean is the founder of Open Sky Ventures.