Someone asked this in this Pleb Lab chat and while I don't actually know the answer, I shared what my mind produces when I ask it for a generic answer.
- if you're working on something that appears like it won't meet your expectations fast enough, prioritize changing it to meet your expectations fast enough or pick something else to work on
- e.g. if you need it to be profitable immediately, don't build something that appears like it won't be
- if something is threatening your startup's immediate survival, prioritize it
- this is a generalization of (1)
- until you release, prioritize releasing it
- until you have 1 customer, prioritize getting 1 customer
- until your have 1 extremely satisfied customer, prioritize extremely satisfying 1 customer
- do (4-5) with 10 customers
- do (4-5) with 100 customers
- do (4-5) with 1000 customers
... and so on.
You can start making money at any point in this process. Some products are so rare and compelling customers will pay for them before they exist. More often you can't begin making money until (4) and you won't be profitable until long after, but there are exceptions to that too. You can delay making money as long as it doesn't threaten your startup's survival (2), but asking for money early is usually better if only to verify the customers are satisfied.
What you should prioritize depends on the startup, but there is this generic order to it. The easiest mistake you can make is pouring yourself a cup of water and expecting it to be wine, or pouring water and wine into your cup and expecting it to have both, etc - so prioritize not doing that. Otherwise, it's all about getting customers and satisfying them to the point that they're willing to pay you. For most products that's easier to do with a few customers before moving onto many, so prioritize doing that.
Talk to the businesses you are targeting with the idea. Ask about what their problems are in the area you're looking to solve. Present a potential solution midway through. Ask if you solve their problem and if they’re willing to pay for it. If enough people say yes, get letters of intent and start building it/raising funding for it. If not enough say yes then keep iterating on the customer problems until you find something enough people say yes about.
Do not build a single thing until then (unless you need to do a week or two of R&D to prove out difficult tech you're unsure about). The “if you build it they will come” approach to a B2B startup is mostly a lie. If you’re even moderately close to building something in that much demand, then you’ll have no problem doing the talking.
If you can’t talk then don’t build a B2B startup. If you can’t talk then say goodbye to being able to raise funds for your startup too.
Easier said than done. I’m learning the hard way.
We all learn the hard way. The best we can do is learn fast and it certainly sounds like you are.
Good insights here too :+1:
Interesting question. Super context dependent but worthwhile to think about in each of our professions.
In my line of work, which is academic research in economics, I think this is my rough ordering of priorities
Works for research, not just of the econ variety. I work with healthcare data.
Only one thing matters: make it work.
The key to success is leveraging your unique advantages. For some, it’s their network, for others, it’s experience in the field, and for others, it’s having personal funds. There’s no universal ‘better way’—just focus on what you bring to the table and what your target market needs.
The biggest threat to your company’s success is losing sight of that core goal: making it work. Often, it’s ego that gets in the way—whether it’s wanting to change something for the sake of it or believing your approach should be different from the market’s reality.
The only advice that generalizes well? Fish where there’s fish. Focus on what works, not what you wish worked.
I think it depends on the type of startup. What is the business, industry, target market, competitive landscape? I am not sure there is a simple answer.
If a startup is in deep tech or sciences they may want to prioritize hiring the best talent first and foremost. If it is a consumer good, they may want to prioritize perfecting their product first and foremost. If it is a service business they might want to prioritize their sales funnel and delighting early customers. If it is a software business they might want to prioritize getting bugs out and customer acquisition.
This is all assuming the startup has some kind of initial economic viability either via seed money, or loan or founder investment. If they have no money to get off the ground then securing initial financing should be the priority.
I should’ve shared more context. This is a preproduct, prefunding (afaik), business facing, tech startup.
Getting funding preproduct if you’re not in a network is tough. Ime you have a better time if you’ve launched already.
Tech is definitely not my expertise but if you are preproduct I would focus on the beta and finding your initial users.
In my small business, I offer services and products, but I also try to establish a relationship with the customers by connecting myself with the product and service.
How do you end up connecting yourself with the product and service? I can't easily imagine that.
I occasionally try to sell them on feelings rather than the product
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