Why does this happen?
- Entrepreneurs often believe a significantly established value proposition is necessary to create a sale.
- Focused on developing a product or service, entrepreneurs can miss that emergent ideas are really a customer development activity as much as a product or service development activity.
The Above scenario should be known as, "The Big Bang Theory of Product & Service Development."
Its Downfalls …
- Many $$$ are invested in the big idea prior to any validation.
- Much time is invested in the big idea prior to any validation.
- Valuable time is lost to discovering actual customers and refining product or service offerings to compel sales.
Why progressively evolve toward the value proposition?
- Segment risk in smaller chunks – commit less $$$ and time to validate ideas.
- Increase opportunities to discover customers and validate core aspects of value proposition.
