In the latest article by bzn start , Open Circle Capital partner Rokas Tamošiūnas share his thoughts on the topic: What you need to know before starting the business? (LT)
◼️ "The service sector is the cheapest in terms of the investment. You may not have any costs. The crafts needs tools, instruments, so the cost will be bigger. And if we are talking about the product business, first we need to create a product prototype and it is already costs the money, ” explains Rokas Tamošiūnas.
◼️ According to R. Tamošiūnas, before starting a business, two things need to be done: check the product/market fit and find out as much as possible how to produce that product: "This can be done by organizing preliminary sales, advance payments or even shadow sales, when you try to sell product before it is created.” These measures will help to make sure that the customer really needs your product and that it will be in demand.
◼️ Of course, in addition to these two steps, you also need to have a good team - business partners. “If you’re a salesperson, look for technologists. If you are a programmer, look for a salesperson or a marketing specialist. Try to supplement your starting team with competencies that you personally lack, ” advises Open Circle Capital partner R. Tamošiūnas.
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