You’ve decided to start a company with your newly acquired e-residency card. You’ve had it with the 9-5 job, and you have a dream about running your own business. What’s the next step? Assuming that you already have an idea about what are you going to offer, the next step is bringing your product or service to the market. In this situation, many new founders will focus on adding features and working the design of the product they’re going to launch. Or, worse, spend an awful a lot of time on optimising the website and logo, etc – it has to be perfect before they launch.
Trying to build a perfect product without testing the market first is a deadly sin of many new entrepreneurs.
Build your minimum viable product first, as basic as it can be, and see if there’s a demand for what you are offering. Think about the main benefit you’re providing to your clients and forget the rest before you get some traction.
I can’t count the times we’ve introduced new services or products to the market to see them completely flop.
But we never spent more time and money than needed to get that initial market reaction. The quicker we can kill a new project the better. No traction, no interest, no conversions = it’s time to move on.
This is why we’re still in business with enough money in the bank to continue rolling out new products and testing new ideas.
If we went for the perfect end-result for each new idea we had, we would have closed our doors many years ago.
Don’t confuse this advice for quitting and moving on when nobody else is believing in your idea. That’s a whole different thing. World is full of examples where market converts non-believers to raving fans.