Month 2: Interviews and recap


4 month challenge - launch your startup in 4 months with FES Agency! Over the course of 4 months we will share with you tools and tips to launch your business! Are you ready to take the leap?

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Have you ever asked your mother’s opinion on one of your ideas, and she loved it, and months later, you found out that actually, she didn’t like it that much? 

We all feel insecure when asking other people for feedback on our ideas. So, what do we do? We just ask questions in a way that we will get the feedback we are looking for.

We ask if they love the idea if they would buy it (without any context), and so on! All these are terrible questions because it leads people to respond the way we want. You should ask questions like:

  • How do you currently solve that problem?
  • Talk me through the last time you experienced this problem.
  • How much money does this problem cost you?

Take a look at this presentation that will help you understand the difference between good and bad questions. This will help you get better output from your customer interviews. Why is this important? Because you should be focused on getting as much information as possible from potential customers. We want you to be experts on the problem you are trying to solve, so make sure you talk with as many people as possible

“No Business Plan Survives First Contact With Customers.” (Steve Blank)

In the past, people would spend one or two years building a product and then, on launch day, discover that no one wanted it. They had this super idea, assembled a team, and never asked anyone if the idea actually had a market! Don’t make that mistake! 

For inspiration, watch this video from Team Owlet, a startup that pitched its business model to a group of investors. It will give you ideas on applying validation and customer development to your project.

First task to get you going:

  1. Watch the 3 classes on Udacity focus on Channels, Customer Relationships, and Revenue Models:
    Lesson 5: Channels
    Lesson 6: Customer Relationships
    Lesson 7: Revenue Models
  1. Talk to at least 10 possible customers/users/beneficiaries to understand:
  • Do they feel the problem? Is there really a need?
  • If there is a need or an opportunity, are you solving it?
  • Are they willing to pay for your solution?

Let’s make a recap!

We know this is intense! 

We talked about startups, the Business Model Canvas, the Customer Development methodology, and the proper way to do interviews. By now, you have probably already talked with dozens of potential customers about your idea. And you probably feel frustrated because things are not going as fast as you wanted! Or you’ve not been able to validate your idea the way you wanted. This is completely normal, and all entrepreneurs go through a similar process.

One important thing to keep in mind is that: THERE IS NO FAILURE AT THIS POINT

Until now, the only thing you invested in was your time. You are using your time to explore different problems and solutions, learn as much as possible about the market you are getting into, and test different hypotheses for your business. The more you do now, the less likely you are to fail in the future. And that’s the goal! 🙂

Tasks to get you going:

  1. Watch 2 Lessons on Udacity about Partners, Resources, Activities, and Costs:
    Lesson 8: Partners
    Lesson 9: Resources, Activities, and Costs
  1. Talk to 10 customers and/or partners according to the previously defined experiments. If you have partnerships included in your business model, you should talk to at least two partners to understand the relevance of the partnership for both sides. 
  2. Revisit your business model and reformulate it if you feel like your learnings changed something.

Many tasks and not much time! Let’s start working right away!

See you next month!

 

Month 1: Entrepreneurship 101 and new ideas

4 month challenge - launch your startup in 4 months with FES Agency! Over the course of 4 months we will share with you tools and tips to launch your business! Are you ready to take the leap?

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