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A while ago, I got into a pretty heated argument with someone I knew.
This person had several failed startups/businesses (none made any profit), ranging from marketing agency to ecommerce to web application. Fortunately, he has a day job to fund himself. His past ventures have helped him gain more knowledge about a lot of things, like marketing and design and things like that.
I, on the other hand, am still working on putting together my first ecommerce store, still learning the ropes.
The conversation basically went like this:
Him: I'm going to start a new startup! I'm going to make a new service for women!
Me: Cool! Is there a market for it?
Him: Sure there is. Why wouldn't there be? Who wouldn't want this?
Me: Did you research it? Did you at least talk to some women about this?
Him: No. I don't have to. Why WOULDNT women want this?
What this conversation came down to was me insisting on researching (even reminding him that he once said in retrospect, he should've researched those ventures. REALLY.) while he kept saying that there definitely had to be a market.
In the end, he told me that I didn't know how startups and businesses worked because while I'm still working on one, he's had several in the past.
So ladies and gentlemen, if you are ever met with the question "have you tested the market?" or "is there a need?" or any variation, just tout your past credentials and laugh at their comical "due diligence" mindset. Who needs due diligence when you can create a fast kick-a$$ MVP, which will later lead to your billion dollar exit?! BUILD FAST, FAIL FAST.
This person had several failed startups/businesses (none made any profit), ranging from marketing agency to ecommerce to web application. Fortunately, he has a day job to fund himself. His past ventures have helped him gain more knowledge about a lot of things, like marketing and design and things like that.
I, on the other hand, am still working on putting together my first ecommerce store, still learning the ropes.
The conversation basically went like this:
Him: I'm going to start a new startup! I'm going to make a new service for women!
Me: Cool! Is there a market for it?
Him: Sure there is. Why wouldn't there be? Who wouldn't want this?
Me: Did you research it? Did you at least talk to some women about this?
Him: No. I don't have to. Why WOULDNT women want this?
What this conversation came down to was me insisting on researching (even reminding him that he once said in retrospect, he should've researched those ventures. REALLY.) while he kept saying that there definitely had to be a market.
In the end, he told me that I didn't know how startups and businesses worked because while I'm still working on one, he's had several in the past.
So ladies and gentlemen, if you are ever met with the question "have you tested the market?" or "is there a need?" or any variation, just tout your past credentials and laugh at their comical "due diligence" mindset. Who needs due diligence when you can create a fast kick-a$$ MVP, which will later lead to your billion dollar exit?! BUILD FAST, FAIL FAST.
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