Join Rudolph Rosenberg for an in-depth discussion in this video Creating your product with customers, part of Entrepreneurship: Bootstrapping Your Business.
- Ideally you want to develop your product…hand in hand with your customers…so that you know that it suits their needs.…Sometimes when working with companies…it will be possible since you'll be able…to partner with one of them,…and develop a tailor made product for them…in exchange for their feedback and guidance,…but in other cases it might not be possible…since you'd be targeting the masses,…and that each person has his own opinion,…which might not be a good representation…of what most people want.…
The way to go about that is to work in short cycles,…as we discussed earlier, and to put your product…in front of customers as fast as possible,…so as to get their feedback and do a second version…that better suits their needs.…To do so, you also need to think thoroughly…about what exactly you want to put…in front of them as a first product.…When you think about your product…there are different kinds of features.…You have the key features which are the ones…without which the product could not exist…or would not make sense, and you have the nice-to-haves.…
He shows why beginning with the end is important: framing the venture by anticipating your exit strategy. He explores key resource-planning factors as well as the competencies and considerations required to fund and grow a bootstrapped business. The course then details how to manage the startup and evaluate it realistically to determine whether to stay the course or pull the plug. Finally, viewers will learn how to validate the business-plan assumptions effectively to determine viability and growth trajectory.
- Summarize the five pillars of bootstrapping.
- Determine which type of office space would be most beneficial for a given business.
- Explain the concept of linearizing expenditures.
- Identify the reason why making sales quickly is important to bootstrapping.
- Recall strategies for attracting new customers.
- Recognize the advantages of working in short cycles.
- Explain the importance of having a work-life balance.