ESYB2 040 - Product Mistake
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[00:00:00] We just covered how to write the section of your business plan for a product or service, and you're ready to start writing yours. But how do you know if you are correct? So in this video, I want to give you some examples of errors and additional correct ideas for strategies. So items one through four that you see here is something that we covered previously.

Items five through seven are examples. So let's go through these examples together. Remember, these are apps for entrepreneurs to start a business. Now let's look at number five. Number five says the app has a photo sharing functionality because we want to be the next LinkedIn for entrepreneurs. So that could be a feature you might add to the app, photo sharing.

So the question you should be asking yourself, is this a necessary feature? Do entrepreneurs want to share their photos? Some, sure, but they can have many other places to share photos like Facebook, like Instagram, and etc. But the problem is that I don't think there's a lot of value add to have an entrepreneur share their photos because the [00:01:00] daily work of entrepreneurs is kind of just sitting behind the computer and it doesn't look very glorious or fun.

So this feature is not really something that would really add to the app. In fact, it would take away money and time developing this without a lot of benefit and maybe it would detract. Because it would clutter the app. So this is an example of something that you don't want to have. It's a distraction kind of a feature.

Bad idea. Let's get rid of it. Let's look at the next one. Now, number six. We also want entrepreneurs to post business photos and become the Instagram for business. Well, there's no such thing, Instagram for business. There's no need for that. So let's get rid of that too. But now here we have something interesting, number seven.

We want entrepreneurs to post business tutorials of what they learned and we want to become the next Udemy for business and sell courses taught by top business people who essentially succeed. So there's entrepreneurs who are on the app when [00:02:00] they succeed or when they become better and stronger entrepreneurs, they would create tutorials and business lessons for different kinds of businesses in different verticals.

We would sell this as courses kind of like any e learning platform does. Now, this as a strategy looks extremely promising. What do we know? We know you learning is really lucrative because people come and they buy so we can make sales. It gives us a lot of products to sell. Second, we already have these entrepreneurs on the app.

They're already working on their businesses. They're already gaining experience and this will just be a way to help the monetize. Okay, so this all has slightly better. And we already know that courses for business are in large demand because obviously They're sold on many e learning platforms, so we just want to take a piece out of that big pie.

So there's a proven lucrative market for this. The only question you might ask is, well, a lot of these entrepreneurs are kind of junior still. So the tutorials would be a little bit juniors. So we would have to [00:03:00] restrict it so that the tutorials would only be made by experienced entrepreneurs. That's something that this sentence doesn't address.

And we might address it by the fact that we would have to handpick the instructors. But certainly if this became like the number one learning platforms for entrepreneurs, because entrepreneurs need to learn, they don't need to post photos, they need to learn and become better. So this is extremely useful.

And if we became the number one learning hub for entrepreneurs, that's extremely lucrative. Now this app never became that. But if that was a strategy goal, that would be extremely compelling because we know it's very lucrative and it's very needed and it's extremely synergistic to what the entrepreneurs are already doing on the app.

So these are examples of bad and good ideas you can add to your product vision just so you get a better sense of what to add and what kind of things not to add.

