Product quality is critical in new ventures
Someone on Linkedin asked about feedback on the following "litmus test" for new ventures, which I thought was a good test. I share below my answer.
http://tinyurl.com/2cg58w
The litmus test covers basic issues, but it leaves out the most fundamental issue: the product.
In other words, I submit that the product's quality, the technology behind it, the cost, the benefits, etc. are far more important than the "business" issues.
My own "litmus test" for aspiring entrepreneurs and for myself is to put my product (even a prototype version if I have to) into the hands of a real customer, and then to ask her what she thinks about it.
My philosophy is that nothing succeeds like success, and therefore, a product must succeed in itself and satisfy a real need before other issues can be tackled (marketing, sales, business planning, etc.).
This is why, when I teach entrepreneurship, I encourage students to ask, "What exactly is my product?" A crystal clear definition of the product and exactly what it will do to improve the lives of customers, is paramount to success.
Rather than talk vaguely about "launching a venture," it would be more strategic and instructional to talk about "improving a life." The life of the customer. There is nothing more common, alas, than people launching ventures that are useless to others.
The real courage -- and genius -- of successful entrepreneurs lies in focusing all their energies and ingenuity toward solving a real problem experienced by real people. This relentless focus on getting to know targeted customers in order to be able to create products and services that will improve their lives, is what leads to success and great wealth!
Peter Nguyen
Serial entrepreneur
http://millionaireconsultingnetwork.wordpress.com
http://tinyurl.com/2cg58w
The litmus test covers basic issues, but it leaves out the most fundamental issue: the product.
In other words, I submit that the product's quality, the technology behind it, the cost, the benefits, etc. are far more important than the "business" issues.
My own "litmus test" for aspiring entrepreneurs and for myself is to put my product (even a prototype version if I have to) into the hands of a real customer, and then to ask her what she thinks about it.
My philosophy is that nothing succeeds like success, and therefore, a product must succeed in itself and satisfy a real need before other issues can be tackled (marketing, sales, business planning, etc.).
This is why, when I teach entrepreneurship, I encourage students to ask, "What exactly is my product?" A crystal clear definition of the product and exactly what it will do to improve the lives of customers, is paramount to success.
Rather than talk vaguely about "launching a venture," it would be more strategic and instructional to talk about "improving a life." The life of the customer. There is nothing more common, alas, than people launching ventures that are useless to others.
The real courage -- and genius -- of successful entrepreneurs lies in focusing all their energies and ingenuity toward solving a real problem experienced by real people. This relentless focus on getting to know targeted customers in order to be able to create products and services that will improve their lives, is what leads to success and great wealth!
Peter Nguyen
Serial entrepreneur
http://millionaireconsultingnetwork.wordpress.com
posted by Super Peter at 5:13 AM
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