Hi folks, I want to share with you a concept that I recently bumped into. I think this is very valuable for the kind of people who are on this forum. Whether you are a wannabe entrepreneurs who is struggling to find an idea or a serial entrepreneurs who has failed a few times, this is for you. If you are that kind of person who has many business ideas but none of them seems to be working, this is for you. Even worse, if you have already spent a fortune to build your product or service and the market does not seem to buy into it, this is for you.
Here is the concept: Pretotyping.
No it's not a typo. It's a made up word to explain a more sophisticated concept. Basically the concept is this:
create a fake product and get people to buy it before you build it.
In this way, you can actually validate how customers will react to your product and whether the market is ready for it. Also, building a fake product and running experiments is usually way way cheaper then building the whole thing. Sounds familiar? that's exactly what Elon Musk did when he sold Teslas before they were even built.
Alberto Savoia, a serial entrepreneur and Innovation Agitator Emeritus at Google, explains this technique very well with lots of use cases and examples (watch the video below).
Mastering this technique will help us avoiding failure and stop losing money. I myself spent a few thousands dollars on developing 2 apps that never really got any traction. If I knew this technique I would have spent nothing and focused all my time and energy on the right idea.
I am curious to know what you think about this concept and have an open discussion about the topic.
PS. @MJ, for the title, I used the advice you gave us on this thread. I hope it does not violate the forum policies.
Here is the concept: Pretotyping.
No it's not a typo. It's a made up word to explain a more sophisticated concept. Basically the concept is this:
create a fake product and get people to buy it before you build it.
In this way, you can actually validate how customers will react to your product and whether the market is ready for it. Also, building a fake product and running experiments is usually way way cheaper then building the whole thing. Sounds familiar? that's exactly what Elon Musk did when he sold Teslas before they were even built.
Alberto Savoia, a serial entrepreneur and Innovation Agitator Emeritus at Google, explains this technique very well with lots of use cases and examples (watch the video below).
Mastering this technique will help us avoiding failure and stop losing money. I myself spent a few thousands dollars on developing 2 apps that never really got any traction. If I knew this technique I would have spent nothing and focused all my time and energy on the right idea.
I am curious to know what you think about this concept and have an open discussion about the topic.
PS. @MJ, for the title, I used the advice you gave us on this thread. I hope it does not violate the forum policies.
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