Entrepreneurs should secure customer commitments or pre-orders before investing any money in product development to validate product-market fit and minimize the risk of building something nobody wants.
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Stop building before you sell! The golden rule of startup success.Añadido:
So, I always tell them, this is what I irrespective of EV or non-EV business, my friends.
When you start your entrepreneurial journey, before you spend a single penny [music] into either building a product or building a business, first secure customers.
See, securing customers these days is very easy, right?
For example, the practical basis you identify customer profiling.
Identify some people, go talk to them, at least sell your solution on presentation.
Consider if you can get an advance of say 100 INR, 1,000 INR, 10,000 INR, doesn't really matter.
>> [music] >> As a pre-order commitment or pre-purchase order or a commitment from the customer that I'm going to do it.
Try imitating that with 10 people, and if you're able to at least win three to four such orders, that money may not be sufficient for you to build, but that's a validation that what you're building has got a customer.
Most people what they do, they invest their time, efforts, money, energy, everything into developing a product, and only once the entire product is developed, they go into the market only to find that, "Oh, man, product market fit doesn't exist to my offering." And what do you do? You die. Right. Right?
So, please always ensure the first [music] thing that you will have to focus is validate whether your product market fit exists. Your services, your offering versus the price at which you position
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