Hi! Not sure if the general folder is the right place for this thread and sorry if this is going to be a long post. But I really need some advice, guys.
Some background first:
So I’ve been sitting on a startup idea now for almost six months (basically since I’ve been a member on this board) and so far have mostly been conceptualizing and refining the idea, which is a B2B web application that consists of 80% selling digital products and 20% lead generation model. The digital products will be created by myself and a partner and we’ve started creating some content. I’ve also just started research into my potential customers (still looking for people to interview), but am also getting a bit anxious to execute on the actual website since it feels like procrastinating without having anything concrete on my hands. Since I have no skills in programming, I would need to hire a software developer to create the website.
Through meetups and friends I’ve got in touch with two experienced entrepreneurs within the last three weeks and I’ve had the good fortune to talk to each of them in person for an hour or so about my project. They have been very supportive and I like to think of them ideally as my mentors. Although both come from a similar background, they seem to have totally opposite views on the process of executing a startup. I find merits in both views but find it really hard to reconcile both views which is what I hope to do. Although I’m very aware I will have to make this decision on my own, I’d still hope to get some input from other experienced entrepreneurs on this board.
Let me first roughly describe my two mentors, I’ll call them Mentor A and Mentor B:
Mentor A:
Entrepreneur and sometimes angel investor based in the Bay Area, aged around mid to late 40s
Background in software, has successfully created and sold a software business before (presumably in the early 2010s)
Mentor B:
Entrepreneur and sometimes angel investor based in Silicon Valley, aged early 60s
Background in software, has successfully created and sold a software business before (in the 1990s)
So much for the similarities. When I discussed my idea for a startup with both of them, they gave me what appears like radically different advice.
Mentor A’s advice is firmly grounded in Lean Startup principles (which I tend to agree with, having read the book Lean Startup). Summarized, his input is the following:
- My idea has potential for a startup (despite not being super special), but it’s impossible to say for sure without validating it first.
- Therefore, stop focusing on the product for now and focus on validating the idea through an MVP. Focus on generating sales and metrics such as customer acquisition cost, generating traffic, ads, etc. Use the MVP as a tool for learning.
- Specifically, his idea for the MVP is a “quick and dirty” landing page (basically a simple blog page made with Wordpress) that explains my solution and offers my digital products for download against payment. However, the MVP would not contain any of the other more complex features intended for the final website which includes things like customization, interactive user interface, customer service and lead generation. So it would really be just a stripped down version of my envisioned product.
- The objective of this exercise (ie, the MVP) is to test if there are customers out there who would be willing to buy the digital product in the first place (note that there are established websites who offer similar products, but usually for a different market segment, so the products even on the MVP would have a clear differentiation based on a feature). The idea is that customers who see a solution to their problem on my MVP will put up with a less than polished presentation.
- Don’t spend any money on a web developer yet until you have validated the idea through the MVP.
- Try to do all the work related to the MVP by yourself as much as possible before thinking about outsourcing.
Mentor B’s advice is almost the complete opposite. When I told him of my path based on Mentor A’s advice, he disagreed very strongly with my intended approach. His input is summarized below:
- From the beginning he likes my idea a lot, thinks there is great potential and is keen on supporting it, even considering investing in it.
- But in his view, creating an MVP for idea validation (in the form as described above) is a waste of time. It’s basically me dabbling when I should put all my heart into the idea. It shows him I don’t believe enough in my idea and in myself and am not fully committed. So I may as well not execute the idea at all.
- The MVP would not be able to achieve anything because it is not a true representation of what my product can do for the customer. It would prove nothing and would most likely not be able to generate any sales at all because people will not accept anything half-baked and pay for it.
- Instead of trying to create a “worthless” MVP, better focus on my vision and my product and work on making it different and better than anything that’s available on the market. The main selling point should be the user interface which helps customers customize the digital content for their needs. This can only be achieved through a fully functional website, not just a landing page with some downloadable content.
- The website creation is a minor problem, just hire someone to do it and focus on your vision and solution and then launch.
- Do product testing with real people once I have a functional prototype of the website.
As I’ve mentioned, I do see merits in both viewpoints. I totally get the idea of an MVP following Lean Startup principles as favored by Mentor A. But I also agree with Mentor B that working on the real solution, not a half-baked one, is what I should focus on. And just trying to learn how to create the landing page with Wordpress.com (not even the full version on .org) seems like slowing me down a lot. So I’m wondering if this is really time well spent. I’m now trying to find a way to reconcile both viewpoints, if at all possible, and decide on the right path for me.
Would really appreciate hearing viewpoints from other startup veterans that could help me in my decision-making process.
Thanks a lot!
Some background first:
So I’ve been sitting on a startup idea now for almost six months (basically since I’ve been a member on this board) and so far have mostly been conceptualizing and refining the idea, which is a B2B web application that consists of 80% selling digital products and 20% lead generation model. The digital products will be created by myself and a partner and we’ve started creating some content. I’ve also just started research into my potential customers (still looking for people to interview), but am also getting a bit anxious to execute on the actual website since it feels like procrastinating without having anything concrete on my hands. Since I have no skills in programming, I would need to hire a software developer to create the website.
Through meetups and friends I’ve got in touch with two experienced entrepreneurs within the last three weeks and I’ve had the good fortune to talk to each of them in person for an hour or so about my project. They have been very supportive and I like to think of them ideally as my mentors. Although both come from a similar background, they seem to have totally opposite views on the process of executing a startup. I find merits in both views but find it really hard to reconcile both views which is what I hope to do. Although I’m very aware I will have to make this decision on my own, I’d still hope to get some input from other experienced entrepreneurs on this board.
Let me first roughly describe my two mentors, I’ll call them Mentor A and Mentor B:
Mentor A:
Entrepreneur and sometimes angel investor based in the Bay Area, aged around mid to late 40s
Background in software, has successfully created and sold a software business before (presumably in the early 2010s)
Mentor B:
Entrepreneur and sometimes angel investor based in Silicon Valley, aged early 60s
Background in software, has successfully created and sold a software business before (in the 1990s)
So much for the similarities. When I discussed my idea for a startup with both of them, they gave me what appears like radically different advice.
Mentor A’s advice is firmly grounded in Lean Startup principles (which I tend to agree with, having read the book Lean Startup). Summarized, his input is the following:
- My idea has potential for a startup (despite not being super special), but it’s impossible to say for sure without validating it first.
- Therefore, stop focusing on the product for now and focus on validating the idea through an MVP. Focus on generating sales and metrics such as customer acquisition cost, generating traffic, ads, etc. Use the MVP as a tool for learning.
- Specifically, his idea for the MVP is a “quick and dirty” landing page (basically a simple blog page made with Wordpress) that explains my solution and offers my digital products for download against payment. However, the MVP would not contain any of the other more complex features intended for the final website which includes things like customization, interactive user interface, customer service and lead generation. So it would really be just a stripped down version of my envisioned product.
- The objective of this exercise (ie, the MVP) is to test if there are customers out there who would be willing to buy the digital product in the first place (note that there are established websites who offer similar products, but usually for a different market segment, so the products even on the MVP would have a clear differentiation based on a feature). The idea is that customers who see a solution to their problem on my MVP will put up with a less than polished presentation.
- Don’t spend any money on a web developer yet until you have validated the idea through the MVP.
- Try to do all the work related to the MVP by yourself as much as possible before thinking about outsourcing.
Mentor B’s advice is almost the complete opposite. When I told him of my path based on Mentor A’s advice, he disagreed very strongly with my intended approach. His input is summarized below:
- From the beginning he likes my idea a lot, thinks there is great potential and is keen on supporting it, even considering investing in it.
- But in his view, creating an MVP for idea validation (in the form as described above) is a waste of time. It’s basically me dabbling when I should put all my heart into the idea. It shows him I don’t believe enough in my idea and in myself and am not fully committed. So I may as well not execute the idea at all.
- The MVP would not be able to achieve anything because it is not a true representation of what my product can do for the customer. It would prove nothing and would most likely not be able to generate any sales at all because people will not accept anything half-baked and pay for it.
- Instead of trying to create a “worthless” MVP, better focus on my vision and my product and work on making it different and better than anything that’s available on the market. The main selling point should be the user interface which helps customers customize the digital content for their needs. This can only be achieved through a fully functional website, not just a landing page with some downloadable content.
- The website creation is a minor problem, just hire someone to do it and focus on your vision and solution and then launch.
- Do product testing with real people once I have a functional prototype of the website.
As I’ve mentioned, I do see merits in both viewpoints. I totally get the idea of an MVP following Lean Startup principles as favored by Mentor A. But I also agree with Mentor B that working on the real solution, not a half-baked one, is what I should focus on. And just trying to learn how to create the landing page with Wordpress.com (not even the full version on .org) seems like slowing me down a lot. So I’m wondering if this is really time well spent. I’m now trying to find a way to reconcile both viewpoints, if at all possible, and decide on the right path for me.
Would really appreciate hearing viewpoints from other startup veterans that could help me in my decision-making process.
Thanks a lot!
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