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10 Key Business Plan Elements Not In A Product Spec

Startup Professionals Musings

A business plan is the outward facing definition of the business you hope to drive with your hardware solution, with a hardware overview in the intro to highlight customer value and competitiveness. Use non-fuzzy terms to quantify customer value. Provide specifics on the customer business model.

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6 Reasons To Disclose Your Startup Idea Before Commit

Startup Professionals Musings

Savvy entrepreneurs start testing their ideas on potential customers even before the concept is fully cooked. I still hear too many excuses for not working early on the elevator pitch, like wanting to fly under the radar, don’t have the team together yet, or can’t afford an agency. Craft and hone your elevator pitch early.

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Startup Funding – A Comprehensive Guide for Entrepreneurs

ReadWriteStart

The primary source of your funds should be your paying customers, i.e., your business should generate enough revenues and profits to fund the growth and expansion. Any custom manufactured IoT device would require software development as well as hardware customization. Both of which are expensive and time-consuming.

Startup 150
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6 Tips To Market Your Idea Before Building A Solution

Startup Professionals Musings

Savvy entrepreneurs start testing their ideas on potential customers even before the concept is fully cooked. I still hear too many excuses for not working early on the elevator pitch, like wanting to fly under the radar, don’t have the team together yet, or can’t afford an agency. Craft and hone your elevator pitch early.

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Do This One Thing Before You Write Your Business Plan

Up and Running

The problem you are solving: How are you helping your customers? Make sure your product or service is addressing your customer’s needs. Your customer: Who is your ideal customer? A great exercise is to create a buyer persona, but you can just jot down some notes at this stage about who your customer is.

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6 Tips On Positioning Your Needs For Investor Funding

Startup Professionals Musings

That means they normally only invest in startups with a working product that has already been sold to at least one customer for full price (beta tests, giveaways and best friends don’t count). Building a huge inventory before you have a confirmed customer is not a convincing strategy. Make your focus and priorities clear.

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7 Essential Steps From A Lone Entrepreneur To Success

Startup Professionals Musings

You need to have business relationships with team members, investors, customers, and a myriad of other support people. Work on your elevator pitch. This is a concise, well-practiced description of your idea or your startup, delivered with conviction to start a relationship in the time it takes to ride up an elevator.