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MenuIs this idea validation or harmful, good practice or a off on the wrong foot?
Wanted to validate my photography niche idea so I called a bunch of photographers off google and asked them if the offer this kind of service...most said they had never done it before but could easily incorporate it into their workflow and talked prices and procedures.....perfect! I now validated the idea (still need to validate customer side) Was that sketchy... should I tell them that it was an idea and perhaps they would like to partner or will they be displeased to hear their potential customer is another photographer...I thought it seemed fair because they just gained knowledge of a potential new rev stream for themselves.
Answers
Could it be called Sketchy? Yes. Does everyone do it in every industry to get insider info on competitor pricing and presentation.... Pretty much.
With that said if any do present as people you would like to work with, then for sure let them know what you were doing, that they made the cut, and that you would be honored to work with them.
What exactly is your question? No you are not a terrible person.
I would love to share a quote that this reminded me of, "If Someone Offers You An Opportunity And You Are Not Sure You Can Do It, Say Yes - Then Learn How To Do It Late" - Richard Branson and my latest tweet :) https://twitter.com/AverageJoeVC.
You are doing everything right! You are not sketchy at all and the truth of the matter is, they likely receive a lot of these types of inquiries. What you are potentially doing for them is presenting them with additional business for their endeavors, almost like providing them with additional deal flow. If you can firm up exactly what your offering is, how it would be fulfilled, the costs associated with fulfilling it, and ultimately come up with a price for that offering, you can then go work on the customer side of the equation to match the customer with the provider who would fulfill the solution and essentially broker the deal. Looks like you may be building a Marketplace of some sort and I encourage you to keep on moving :). Good luck.
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A startup is in essence the "art" of juggling. Of course you need some sort of "income" to pay for rent, food while your startup or business begins to generate cash flow. Ideally you should have at least 6 months of saving, sufficient time to give you a clear outlook of what will happen with your business. But some businesses start generating cash liquidity at faster pace. What is definetely certain is that you will need "leverage" in order to get your business started: savings, past clients, loans, investor capital, or even grants. Happy to jump on call and explore more :)HJ
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How do you get access to the right people to validate an idea?
The art of the "cold pitch" is definitely something that needs to be worked on, and doesn't come naturally to everyone. A couple of quick tips: 1. 4 is not a big enough target group, you've got to cast a bigger net. Try pitching 20, and aim to get 3-5 responses. 2. When sending a cold email, really think about what you are offering them. Whilst you'll get the odd good egg that simply wants to help - you can't expect entrepreneurs and small biz owners to take time out of their day to answer your questions. To counter, why not tell them you're conducting research in the space, and would be happy to send the finds/reports back to them in a nice format, which could in turn help their business. 3. Don't give up, keep hustling. Try changing around the emails slightly, track which emails convert into responses, and fine tune from there. Good luck and feel free to book a call if you want to chat more. Best James.JP
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How do I expand my network with people who are MORE influential than I am? I'm looking for tips and tricks to do this online (with LinkedIn, etc)
I've done a lot of work in this space (created the new art of conference network: Hashtags to handshakes). Here are a few thoughts for you: -get clear on you goal(s) and the type of people who can help you. -take inventory of what you have to offer(use this acronym Work history, Hobbies, Education, Network) -once you see the people you want to connect with, do the online research to see if you already have something or someone in common(LinkedIn). -read and comment on their content or something in their profile. -Invite them to 15min virtual coffee as an introduction call. (Be in a "how can I be of assistant mindset) -ask them two question during your virtual coffee (1. What are you working on that you're most passionate about? 2. What the biggest challenge?). Once you know someone's challenge you can find ways to be helpful. -Be patient. -let me know if you need more support ;)MA
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Is it better to have focus on one service offering or have many service offerings to gain more market share, faster?
I think there are great lessons to be learned from Exec. They started out wide, but have gone very deep on cleaning. It depends on the core thesis of your vision. Do you have a different product experience that could be competitive to existing marketplaces? Or are you just going for land-grab? The most important thing to understand about the services marketplace business is that it's a very localized business operation. I believe that if you're just looking to make money, the best way to do this is to go to "secondary markets" and build up marketplaces with a plan to sell to someone who has already raised great VC and has a presence in the major markets. If you are looking to compete in major market cities, then the safer bet is to find the very deep opportunity unless you really believe your customer experience can beat the established players. Happy to talk this through with you in more detail.TW
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At what point does an idea become valuable enough to warrant being monetized?
If it's SaaS, you should be monetizing from day one. An MVP in SaaS is the minimal product that people will pay for, that's the starting point. You evolved the product from there. If it's a consumer app, that's a little more complicated. Often times, monetizing preemptively can stunt growth and kill the trajectory, due to lack of focus, user experience, etc. It's really a question of access to capital in this scenario.AD
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