The short answer is Product Market Fit.
The long answer, A young person recently contacted me. A working professional with a business idea. Aspiring to be an entrepreneur. I am not quite sure why he asked me for guidance. However it was my privilege to share the knowledge I had.
Disclaimer: I did not guided him, I share what my mentors told and what I believed in.
I had a 40 minute Skype call. Discussing the idea and the questions. I gave my best possible answers and the suggestions that I thought was relevant.
Suggested Actions Plan
- Meet all potential client and share your idea.
- See if any one is interested in buying it from you.
- Don’t think of building the product first.
- Instead meet as many clients and sell your idea.
- Create a SaaS model and provide it on licensing fee.
- Discover if you have a business in your idea.
- Read Lean Startup book.
- Go to meetups and start building relationship with like minded people.
Question asked to me.
Should I build the complete product first?
No.
What is a business model?
One I know is Business Model Canvas
What technology stack to use?
Don’t worry about it now, use what you know
Don’t I need product to talk to clients?
You need MVP or Mockups to talk to clients.
How do I compete with the big players in my space?
You don’t. You solve your clients problem. You find the niche area where you can add value.
Bonus
Asked him to go through How to Build a Startup by Udacity
If you want to discuss any business challenges in details contact me LinkedIn. We can have a peer-to-peer talk.
Vikram Shetty 