“Thing big but in small steps.”
There’s no harm in thinking big. In the end, you can only achieve what you can imagine. But the bigger you think, the longer the road will be.
Therefore, it is necessary to break down this path into small steps that can be adapted repeatedly to keep up with the evolving competitive landscape. A 50-page business plan is not necessary but a plan that shows the process and how it can be flexibly adapted is required.
This is where the concepts from “Lean Startup” by Eric Ries, “Disciplined Entrepreneurship” by Bill Aulet, “Business Model Canvas” and the “Value Proposition Canvas” by Alexander Osterwalder come into play.
A MVP (minimum viable product) should be tested on the market with little effort and adapted to the market again and again. It’s common for start-ups to “fail fast, learn fast and innovate”.
These questions are pivotal to building your strategy:
- What is my vision?
- Where do I want to be in five years?
- Who is my customer?
- Which problem do I solve for my customer?
- What is my value proposition?
- What kind of product do I need to develop?
- How does the sales process work?
- What is my business model?
- What are my Unit Economics?
- How can I scale?
Only when the market is found is it worthwhile to invest in marketing. Only then do most investors become interested. Until then, it’s all about bootstrapping.