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shared by rduton on 21 Jun 12 - No Cached

The prospect of pivoting down the line can encourage entrepreneurs to pursue a passion to build without evaluating their hypotheses up front
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But successful ventures don't just dive into a single direction, confident that if they're wrong they can drastically change course. The reality is that a single concept is a collection of variables expressed as a whole. Some are core to the vision, while others are educated guesses.
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Sketching or mocking up experiential prototypes and then testing them with consumers or potential partners, while also explicitly jotting down your operating and business assumptions and using them to discuss the business with industry experts, allows you both to pick a promising route to invest in the development sprint and to pivot with confidence.
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This kind of work can be done with a very small team, and incurs drastically less development cost than a new product version
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Like a product feature, the idea is not to perfect the economic model prior to building the MVP, but to have some idea that the economics you are proposing will set the venture up for eventual profitability and a low-friction scaling process.
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