stages of development - International Business Growth Radio Network

(TAMING THE TWO HEADED BIZ MONSTER) SHOW 2: LET'S START WITH THE CHICKEN - SUPPLY - DONNA KUNDE & WILLIAM EASTMAN

15/10/2021

Last weeks show introduced you to the challenge of building a two-sided business model; the need to create both supply and demand simultaneously. Using IBGR as an example of this dilemma, we decided to build supply first because without quality hosts on the air delivering relevant content there is no hope of gaining listeners - the demand side.

EPISODE 5: YOUR INITIAL OFFER IS AN ASSUMPTION
Let’s start with the fundamental principle of very young startups - they are experiments, not businesses. The reason is simple. Until your offer and the supportive business model is market tested, you’ll never know if the business idea will work. Don’t waste time on systems and processes until you have this first question answered.

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Research is required but you have the demand of starting fast because of cash flow
Unless you co-develop with a client there is no way of accurately predicting acceptance of the offer - make your assumptions known

EPISODE 6: HANDLING THE REALITY OF YOUR MINIMALLY VIABLE OFFER
There is no real percentage I can give you for the MVO except a target - get it at least 80% right or isolate the customer's core pain point down to one or two and only solve those. Leave all the other great things you could offer and can do for later. If you are building a value ladder - this is a Level 1 Offer.

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Initial sales must test the research and assumptions
Your offer redesign must eliminate all of the initial assumptions

EPISODE 7: WHAT HAPPENS WHEN YOUR SUPPLIERS BECOME CLIENTS
This situation or opportunity may be unique to IBGR, but there are a few lessons all startups can take from this. Co-development is always the preferable method of developing an offer, especially something new or unique. It allows you to start with fewer assumptions and the time spent will be paid back when upgrading the offer.

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In the case of IBGR, our initial Hosts decision to join the Network was because of marketing and sales challenges
We used the Hosts to create our MVO (Minimally Viable Offer) for Listeners

EPISODE 8: GETTING IT RIGHTER THE SECOND TIME
With the elimination of assumptions, your Offer should be very close to the mark. The only variable that will affect whether you are 90% or 95% on target is how well the first client reflects the market. In our case, we are ‘A Network of Entrepreneurs for Entrepreneurs’, making the odds very high we have it with the first upgrade to the Offer.

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