Some business points that I have compiled from my readings and experience.
- Solve people’s problem. Can start with own problem face. A lot of products in the world are result from some frustrations, problems etc of the founder.
- Start with what you have. Start with how much you have and can burn, with what technology/tools you know, with who you know. Don’t wait everything perfect to only to start.
- Validate with MVP (minimum viable product) or RAT (riskiest assumption tests). Don’t spend everything you have to start. Start small, get real feedback. Are people willing to spend money to buy and use your product?
- Economy of scale – a proportionate saving in costs gained by an increased level of production. Specifically referring to manufacturing but also applicable to other industries
- Focus on activity that yield the most return/profit/revenue. There are activities that create values, others don’t create any values. It is called waste.
- Eliminate. Automate. Delegate