Six months to build it and six months to sell it.
Today, we’ll talk about what to build first in your startup.
Some startups suffer from what I call the “Vision Problem”. They have a vision in their mind about what the product/service should look like AND they have to have it on the first day they launch their business.
Truly great visions take years to put in place.
You’ll need to go to market with an initial product and then over time build on it. This first product will not be the full embodiment of your vision.
So what should you build first?
Start with the easy, not hard. Think about what Amazon started with. Their first service was “We sell books online.”
Over the years they built an empire on top of those humble beginnings.
For software it should take 6 months to build and 6 months to sell. If you can’t build it in 6 months you scoped it too large. If you can’t generate sales in 6 months then you built the wrong thing.
You need something that will generate revenue. A cash cow business will greatly help your business down the road. Most cash cows don’t look exciting or appear highly innovative but it can help fund the exciting innovations you have in mind.
Thank you for joining us for the Startup Espresso where we help startups and investors connect for funding.
Let’s go startup something today!
Copyright (c) 2020, Hall Martin and investorconnect.org. All rights reserved.
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.