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SHIV DIXIT
CHAIRMAN - BITE INDU... • 6m
11. Hypothesis Testing • Before launching, treat every aspect of your business model (e.g., pricing, customer needs, market demand) as a hypothesis that needs to be tested • Use experiments (like surveys, interviews, or early product demos) to validate or disprove these hypotheses 12. Minimum Viable Product (MVP) • The MVP should have just enough features to attract early adopters and validate the core product idea • Avoid the temptation to build a perfect product; focus on validating the core value you offer 13. Iterative Product Development • Product development should be done in small, manageable iterations, allowing you to quickly adapt to feedback • Each iteration should aim to address key customer feedback, improving the product progressively 14. Financial Sustainability • Ensure your startup has financial sustainability from an early stage. Understand your burn rate (the rate at which you spend money) and plan for how much runway (time) you have before needing additional funding 15. Early Adopters vs. Mainstream Customers • Differentiate between early adopters (those willing to try new products) and mainstream customers (who wait for more proven products) • Early adopters give you the feedback necessary to refine your product for the larger market 16. Building a Sales Team • As your startup grows, it’s essential to build a scalable sales process and train a sales team that can effectively communicate your product’s value to the market • Focus on a repeatable sales model that can be scaled as the business grows 17. Legal and Regulatory Awareness • Be mindful of legal and regulatory issues, such as patents, trademarks, and industry-specific regulations. Ensure that you protect your intellectual property and are compliant with any legal requirements. 18. Raising Capital • Understand when and how to raise funds. Make sure you have validated your business model before seeking venture capital • Consider the timing of fundraising to ensure you’re not diluting ownership too early or too much
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