What is value?
What are the forms of value creation?
How does the customer see it?
#WikiCourses
https://wikicourses.wikispaces.com/Topic13+Creating+Value
3. Creating Value
Mohammad Tawfik
#WikiCourses
http://WikiCourses.WikiSpaces.com
Make something people want . . . There’s
nothing more valuable than an unmet
need that is just becoming fixable. If you
find something broken that you can fix for
a lot of people, you’ve found a gold mine.
PAUL GRAHAM,
FOUNDER OF Y COMBINATOR,
VENTURE CAPITALIST, AND ESSAYIST
AT PAULGRAHAM.COM
11. Creating Value
Mohammad Tawfik
#WikiCourses
http://WikiCourses.WikiSpaces.com
A venture that doesn’t create value for others is a hobby.
A venture that doesn’t attract attention is a flop.
A venture that doesn’t sell the value it creates is a nonproit.
A venture that doesn’t deliver what it promises is a scam.
A venture that doesn’t bring in enough money to keep
operating will inevitably close.
58. Creating Value
Mohammad Tawfik
#WikiCourses
http://WikiCourses.WikiSpaces.com
1. Get Feedback from real potential customers
instead of friends and family.
Your inner circle typically wants you to succeed
and wants to maintain a good relationship with
you, so it’s likely that they’ll unintentionally
sugarcoat their Feedback.
For best results, be sure to get plenty of Feedback
from people who aren’t personally invested in you
or your project.
59. Creating Value
Mohammad Tawfik
#WikiCourses
http://WikiCourses.WikiSpaces.com
2. Ask open-ended questions.
When collecting Feedback, you should be
listening more than you talk. Have a few open-
ended questions prepared to give the
conversation a bit of structure, but otherwise
encourage the other person to do most of the
talking.
Short who/what/when/where/why/how questions
typically work best.
Watch what they do, and compare their actions
with what they say
60. Creating Value
Mohammad Tawfik
#WikiCourses
http://WikiCourses.WikiSpaces.com
3. Steady yourself, and keep calm.
Asking for genuine Feedback (the only useful
kind) requires thick skin—no one likes hearing
their baby is ugly.
Try not to get ofended or defensive if someone
doesn’t like what you’ve created; they’re doing
you a great service.
61. Creating Value
Mohammad Tawfik
#WikiCourses
http://WikiCourses.WikiSpaces.com
4. Take what you hear with a grain of salt.
Even the most discouraging Feedback contains
crucial pieces of information that can help you
make your offering better.
The worst response you can get when asking for
Feedback isn’t emphatic dislike: it’s total apathy.
If no one seems to care about what you’ve
created, you don’t have a viable business idea.
62. Creating Value
Mohammad Tawfik
#WikiCourses
http://WikiCourses.WikiSpaces.com
5. Give potential customers the opportunity to
preorder.
One of the most important pieces of Feedback
you can receive during the iteration process is the
other person’s willingness to actually purchase
what you’re creating.
It’s one thing for a person to say that they’d
purchase something and quite another for them to
be willing to pull out their wallet or credit card and
place a real order. You can do this even if the ofer
isn’t ready yet—a tactic called Shadow Testing