Building a business is tough and it’s important to stay focused on the things that matter. We spent the latter half of the week with our Accelerator cohort trying to prescribe what matters and discussing potential ways to address them.
In the name of focus, Founders often get stuck to their path and don’t realize that they need to almost adopt a sort of paranoia where they’re constantly checking to make sure that they’re working on the right things and doing the right things at that. We have the storied Build, Measure, Learn loop to help do just that — it should be used even after customer discovery or beyond a v1.0.
Product pricing for example can be run through the loop to educate one’s business model and pricing structure. It seems odd and to some scary, but should be done on the fringe– it could be the difference between a lifestyle business and one that’s worth multiples more.
What might such an experiment look like? Put together a proposed pricing matrix for a client, present it to them, gauge the feedback, and try to learn from it. Did they push back? Why? What did they expect? Where was the gap? If they agreed, why? Was there opportunity left on the table?
Instead of shooting in the dark or getting blindsided, Founders should build quick loops to make sure they’re constantly course-correcting to make sure they’re working on the right things in the right way to reach their ultimate goals.
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