Welcome to the fifth article of our Entrepreneurial Wednesdays series. In this series, I share my thoughts on lean entrepreneurship as I take my first steps in my journey. I will be sharing my lessons learned with you.
There is no way for one person to control everything in a project that grows quickly. But to maintain the project is a completely different story. To simplify and make controlling easier you have to divide it into different parts or areas. To do this you have to base your project on two hypothesis.
Give me value!
The first one is the hypothesis of value. I have given some information about this hypothesis in the last part (without even mentioning it) but it has a wide use. It is needed for the control of your project because it tracks how your customers see your product on the market. How they prefer it to other products, but most importantly, if it has its own identity. A specific and remarkable feature which makes customers buy your product and ignore the rest. On the other hand, it also helps you to track your work and work of your colleagues. Stabilizing the growth of the company is equally in the hands of the employees. And the effectiveness can be reflected in how the customers see the value.
Give and take
But this is not the end of the matter! This is when the hypothesis of growth kicks in. This hypothesis focuses on how new customers come across your product. You simply can’t rely on customers buying your product without any logical reason or because they want to help you. Customers always want something from your product and unless you can’t provide it to them, I wish you good luck. What you want to do is make your product go viral. Marketing is a mission to help your product find new customers. But we are not speaking billboards or advertisement in magazines. We are speaking tons of emails and calls to the right people. By this, you spread the word that something new is in the process making while you are looking for early adopters. Never heard of them? Early adopters or earlyvangelists are people who are eager to try new products. Willing to invest or buy unfinished projects and also people who are likely to spread the word even more and partially drive your marketing campaign forward. You REALLY want these kinds of people to hop on to your ship because they will help you create the momentum! And guess what? You could give them some benefits in exchange for their purchase/investment to establish a long term customer-company relationship.
The smaller the niche of your focus is,the more precise your work has to be. For the starters, you have to clarify what parts of you plan are facts and what are assumptions. To lower the risk and increase success you have to look for ways to check if your assumptions are real and worth the energy. Based on this you should be able to create your MVP! First early adopters and now what, MVP?! This won’t be new to most of the startupers but let me explain. MVP or minimum viable product is a product with basic features which is used to test the feedback of the customers it is supposed to reach. MVP (successful or not) will give you tons of valuable info. MVP also gives you an idea of potential revenues and costs and get you a starting number of early adopters. MVP is the starting line which can be upgraded and worked with very easily in a way that satisfies your customers. And that is what builds a continuous business.
In the end, let me share with you the purpose of this article in a simple sentence from David Forrest: “Industries constantly change and our mission is to change with them.”