Q06 vExecute: HOW WILL YOU MAKE MONEY?
Please go to the Materials tab at the top of the “Exercise Downloads” page to download the exercise files for “Question 06: How will you make money?”…
Please go to the Materials tab at the top of the “Exercise Downloads” page to download the exercise files for “Question 06: How will you make money?”…
When you earn your first revenue, take a moment to celebrate. That’s an amazing accomplishment that most startups never attain. But it’s just the beginning.…
When you earn your first revenue, take a moment to celebrate. That's an amazing accomplishment that most startups never attain.
But it's just the beginning. You have to sell a lot of product to a lot of customers, keep them happy, hire more employees, keep them happy, and reduce your cost of goods sold as volume goes up. None of these tasks are easy and none of them ever goes away for the life of your company.
Fortunately, a business model that suits your value proposition has likely been developed and thoroughly tested for many years in the real world, likely by your competitors. Take advantage of your research into them (see Question 3) and apply their successful strategies to your company while avoiding their mistakes.
Unless your business model is your innovation, your pitch about your business model should mostly focus on reducing fear:
This Question switches your pitch focus from your innovation onto the business, from the great solution to an important problem to an opportunity to reach a large number of people who want your innovation enough to pay money for it.
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Short discussion to identify the best way to proceed for your situation.
Experience my process and get practical advice for an upcoming presentation or pitch.