Posts filed under ‘product development’
Or, the true value of instinct vs. market research… (more…)
On Sept. 1, Inc. Magazine published a list of seventeen “words of wisdom” from serial entrepreneurs whose companies are on this year’s Inc. 500. The second item on the list caught my eye. It is the headline of this blog post and was attributed to David Friend, CEO of Carbonite.
The company earned it’s spot as America’s fastest-growing IT service company by selling unlimited online backup space for personal computers. Carbonite grew 11,208 percent in three years, earning $19.1 million in revenue.
What can we learn from David Friend’s admonition to write the ad before we build the product? It’s simple. Building a product is painstaking, detailed work. It takes a lot of time, energy and investment to get things right. Once it’s ready, the sales and marketing folks have to sell it. It is the product after all.
But writing the ad first makes us focus on the customer before we’re committed to a feature set. If we can communicate a real solution to our customers’ needs in just a few words, we’ll do a better job of designing the product. If we lose sight of the customer, we’ll have a much harder sell.
via Ben Parr, Editor (Mashable)
Almost every great business, both big and small, can trace its roots to an entrepreneur (or more often, a couple of entrepreneurs) with only their determination and an idea for a new enterprise. The very first step for almost any entrepreneur tends to be the idea: finding something that other companies don’t do well or simply don’t do at all.
While you may be an entrepreneur who’s brimming with countless ideas, or maybe you’re a group of friends who see an opportunity, you should never just “jump right in.” Most of the time, that approach ends with heartbreak and a lot of lost cash.
The first thing my entrepreneurial mentor taught me as I was learning about the startup world was the “Will the Dog Eat the Dog Food?” test. Just as Purina tests to make sure canines will eat the dog food they create before it goes to market, a smart entrepreneur has to test and research his or her idea before turning it into a business.
The first step in testing whether the dog will eat the dog food is to answer these questions…