I'm designing a new product with limited resources, how do I know what's important from what's not?

Overloaded? Not sure where to start? It's time to prioritise.

Not all cars need the same level of features

There are many ways you can do it but here's a quick one. Classify things into 3 categories, basic first, then comfort then luxury.

Basic is what you need to do as a requirement, there's no other option. Comfort is what is nice to have and bring you extra points from your customers. The more you do of it, the better it is. Luxury is all the rest, not essential but amazing and very differentiating.

Now back to priorities: start with basic and do it as fast as possible, without spending time to make it perfect. Then do comfort: as many items as you can, fast as well. The aim is to reach luxury items as soon as possible, and make a difference by spending time on what really differentiates your product.

Comments

How can I balance my cashflow and my product development?

Unless you have a regular source of income that covers all of your product development spendings, you'll have to continuously make sure you don't overspend. This has hard consequences: postpone work that isn't top priority, be frugal when dealing with salaries, focus on revenue growth instead of quality. Bootstrapping a startup requires to make hard choices to preserve your cashflow! Cashflow is king for most startups: even if you hand team problems skilfully, maintain a upbeat pace compared to competitors, money problems are still able to kill your business relatively quickly. One way of handling this is to have several regular revenue streams that make it possible to invest in building a quality product over time even if you don't get any funding. Stable resources are the key to a sustainable product roadmap!

Why should youth be more careful and elderly take more risks?

Youth are known to be foolish and the elderly to be averse to risk... Why do we take fewer risks as we get older ? Come on, Victoria, let's get this plane up in the air, we're covered by bullet proof insurance! The older we grow, the more security we get: financially, through life insurance... So that should give us more reassurance to invest into risky business. Youth on the contrary are right to take risks, for all the good things it brings, yet should be wary of not loosing more that they win. Be careful in your decisions then go for it and make it happen. Remember the older you get the more you should take risks.

When in one's life is a good time to become an entrepreneur?

There's never been a better time to be an entrepreneur : you can start with hardly any money at all and there's loads of advice available. On Business Ideas at least. Isn't it better to catch small fish by yourself than work in a big factory? Now's the time for employees, even if they have a full job. A project can be simplified to be tested on a small scale , within a few hours a week, before being expanded. Now's the time for students, projects that are part of their studies can be extended to become a small business for a small cost. Now's the time for the unemployed, be your own boss and prove you can do much better than people would think.

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