Tactic 10: Engineering

Introduction

Prototyping is important for an entrepreneur starting a new business because it allows them to test and refine their product or service before investing significant resources into production and marketing. This can save time and money by identifying and addressing potential issues early on, and can also provide valuable feedback from potential customers. Prototyping can also be used to create a visual representation of the product or service, which can help attract investors and partners.

There are several ways an entrepreneur can save time and money in building the first version of their software product for a new venture:

• Identify the minimum viable product (MVP) and focus on building only the core features that are essential for the product to work. This will help avoid building unnecessary features that may not add value and incur additional costs.

• Use open-source software and libraries that are freely available, as these can provide a cost-effective solution for building the product.

• Leverage the expertise of a development team that has experience in building similar products, as this can help reduce the time and effort required to develop the product.

• Leverage cloud services, such as hosting and storage, to reduce the cost of infrastructure and maintenance.

• Consider using a subscription-based pricing model for the product, which can help generate revenue early on and offset the cost of development.

• Conduct market research and gather feedback from potential customers to ensure the product meets their needs and preferences, which can help avoid costly changes and rework later on.