I met with an entrepreneur in City who has a great idea but he went “cheap route” to implement his idea. He outsourced his idea to an IT professional in some third world country with a condition that his cost of development will reduce to 1/9 and the developer will take 9 months in developing the solution!!! So if the cost would have been 9,000 GBP, it will cost him only 1000 GBP :-). Sounds cool on paper. But after 9 months he realised that what turned out is a crap product development and total waste of 9 months!!!
During this 9 months time, there is already slightly similar concept already in UK marketplace and his solution is still far from achievable. This case opened my eyes that how come entrepreneurs keep forgetting the basic market principles!! As a Startup entrepreneur, I think one should
-Move faster into marketplace
-Reduce entry barrier (mainly cost which is major factor for Startups) but not at the cost of time to enter to market!!! Very Very Very important
-Feel as if somebody else is dreaming your idea
-Invite partners to your idea (This reduces the burden of upfront investment)
– Build what is essential to enter to market
-Participate in the product development, be it marketing or on technology side
Any other key suggestions ?