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Entrepreneurs,Where Thou Art?
Cornelius Vanderbilt
#1 Posted : Wednesday, October 07, 2015 6:08:22 PM
Rank: Member


Joined: 8/15/2015
Posts: 817
Dear Entrepreneur, Every successful business
(1) creates or provides something of value that,
(2) other people want or need,
(3) at a price they're willing to pay, in a way that
(4) satisfies the purchaser's needs and expectations and
(5) provides the business sufficient revenue to make it worthwhile for the owners to continue operation.
Lolest!
#2 Posted : Wednesday, October 07, 2015 8:07:01 PM
Rank: Elder


Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
masukuma
#3 Posted : Wednesday, October 07, 2015 10:17:53 PM
Rank: Elder


Joined: 10/4/2006
Posts: 13,821
Location: Nairobi

Nice!!! Maybe the ugali makers should read this post
All Mushrooms are edible! Some Mushroom are only edible ONCE!
tycho
#4 Posted : Thursday, October 08, 2015 6:55:40 AM
Rank: Elder


Joined: 7/1/2011
Posts: 8,804
Location: Nairobi
Cornelius Vanderbilt wrote:
Dear Entrepreneur, Every successful business
(1) creates or provides something of value that,
(2) other people want or need,
(3) at a price they're willing to pay, in a way that
(4) satisfies the purchaser's needs and expectations and
(5) provides the business sufficient revenue to make it worthwhile for the owners to continue operation.


I don't think this is necessarily true. I suspect 'successful business';

1. Start with creating something
2. That people/businesses will need/want
3. Encourage markets to the thing
4. Control value and demand
5. Explore new horizons and direct markets to them
6. Create and maintain strong brand relationships
popat
#5 Posted : Thursday, October 08, 2015 9:50:07 AM
Rank: Member


Joined: 12/2/2009
Posts: 299
Location: kenya
Experience is the best teacher.This over analysis of biz ideas is the reason why the 'elite' and the 'schooled' never hack it in business whereas the not so smart hustlers make it by doing what makes them money though trial and error.Kweli ama rongo.
Lolest!
#6 Posted : Thursday, October 08, 2015 11:12:42 AM
Rank: Elder


Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
masukuma wrote:

Nice!!! Maybe the ugali makers should read this post

Laughing out loudly Laughing out loudly I am like the ugali makers

I have a product which I spent a some money to develop but I have not a single client in 3 months

I might have to give it out for free to clients and count it as a social contribution!smile

But on idea validation as in the article, Eric Ries in The Lean Startup argues that people actually have NO IDEA ON WHAT THEY NEED LEAVE ALONE WHAT THEY'D PAY FOR.

He argues that you don't need to ask potential customers anything before you make your item. Just conceive the idea, make an inexpensive Minimum Viable Product(MVP), then collect views from clients(initial adopters) in a validated learning excercise.

This feedback process after spending little, he opines, will save you money and could help you learn better about the client's needs than if you went out to ask if they needed a machine that would make them hard ugali in a shorter period of time! You could find out in the process, that the problem is not so much the ugali making but the stew, you could then pivot your idea towards sukuma and matumbo preparation!
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
masukuma
#7 Posted : Thursday, October 15, 2015 7:32:31 PM
Rank: Elder


Joined: 10/4/2006
Posts: 13,821
Location: Nairobi
Lolest! wrote:
masukuma wrote:

Nice!!! Maybe the ugali makers should read this post

Laughing out loudly Laughing out loudly I am like the ugali makers

I have a product which I spent a some money to develop but I have not a single client in 3 months

I might have to give it out for free to clients and count it as a social contribution!smile

But on idea validation as in the article, Eric Ries in The Lean Startup argues that people actually have NO IDEA ON WHAT THEY NEED LEAVE ALONE WHAT THEY'D PAY FOR.

He argues that you don't need to ask potential customers anything before you make your item. Just conceive the idea, make an inexpensive Minimum Viable Product(MVP), then collect views from clients(initial adopters) in a validated learning excercise.

This feedback process after spending little, he opines, will save you money and could help you learn better about the client's needs than if you went out to ask if they needed a machine that would make them hard ugali in a shorter period of time! You could find out in the process, that the problem is not so much the ugali making but the stew, you could then pivot your idea towards sukuma and matumbo preparation!

indeed, Eric Ries and Steve Bank have really influenced my thinking.... Most people will do what techies think... hide stuff and wait to surprise the world and they are the only ones who end up being surprised.... Unakuta kumbe hiyo shida ulikuwa unaona ilikuwa kwa kichwa yako tu and umemwaga pesa ndani... A local example I like to quote is BRCK - they did a kickstarter, not only to get money - they had money but to access how needed their gizmo was. Kwanza with hardware - mtu asijaribu kushtuwa dunia...
All Mushrooms are edible! Some Mushroom are only edible ONCE!
tmakto
#8 Posted : Thursday, October 29, 2015 4:36:38 PM
Rank: New-farer


Joined: 10/28/2015
Posts: 47


Worthwhile reading, thank you.

Here is another post you'd find insightful I guess

Some principles are universal but others require adaptation. In the end entrepreneurship is for some, not all.
Lolest!
#9 Posted : Monday, December 21, 2015 4:00:09 PM
Rank: Elder


Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
Mike Ock
#10 Posted : Monday, December 21, 2015 9:41:28 PM
Rank: Member


Joined: 1/22/2015
Posts: 682
masukuma wrote:
Lolest! wrote:
masukuma wrote:

Nice!!! Maybe the ugali makers should read this post

Laughing out loudly Laughing out loudly I am like the ugali makers

I have a product which I spent a some money to develop but I have not a single client in 3 months

I might have to give it out for free to clients and count it as a social contribution!smile

But on idea validation as in the article, Eric Ries in The Lean Startup argues that people actually have NO IDEA ON WHAT THEY NEED LEAVE ALONE WHAT THEY'D PAY FOR.

He argues that you don't need to ask potential customers anything before you make your item. Just conceive the idea, make an inexpensive Minimum Viable Product(MVP), then collect views from clients(initial adopters) in a validated learning excercise.

This feedback process after spending little, he opines, will save you money and could help you learn better about the client's needs than if you went out to ask if they needed a machine that would make them hard ugali in a shorter period of time! You could find out in the process, that the problem is not so much the ugali making but the stew, you could then pivot your idea towards sukuma and matumbo preparation!

indeed, Eric Ries and Steve Bank have really influenced my thinking.... Most people will do what techies think... hide stuff and wait to surprise the world and they are the only ones who end up being surprised.... Unakuta kumbe hiyo shida ulikuwa unaona ilikuwa kwa kichwa yako tu and umemwaga pesa ndani... A local example I like to quote is BRCK - they did a kickstarter, not only to get money - they had money but to access how needed their gizmo was. Kwanza with hardware - mtu asijaribu kushtuwa dunia...


... but alas, just 3 months later BRCK has won the Uhuru laptop tender. That Hersman fellow has unmatched connections in the tech industry. Never count him out!
¿
#11 Posted : Sunday, December 27, 2015 6:43:26 AM
Rank: Member


Joined: 6/4/2015
Posts: 604
Cornelius Vanderbilt wrote:
Dear Entrepreneur, Every successful business
(1) creates or provides something of value that,
(2) other people want or need,
(3) at a price they're willing to pay, in a way that
(4) satisfies the purchaser's needs and expectations and
(5) provides the business sufficient revenue to make it worthwhile for the owners to continue operation.


Innovator/Investor/Producer/Marketer/Customer. A person can be one or all of them.

User innovation
Crowdsourcing
Crowdfunding
Freelancer
Group buying
Virtual customer environment

One big problem is coordinating collaboration and participation.Such a setup might not be practical for mainstream markets or for making a profit but it is suitable for niche markets and personalized/customized products.

If the product can meet or exceed the specifications of the customers and can be produced within the collective cost(time,skills and money), the project can be wound up after delivery and if the product gains a following it can turn into a business.
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