Unless your name is Steve Jobs, “Build it and they’ll come”, is not a viable product development strategy. That a business looks good in your head, does not mean it will play out in the real world. That’s why it’s always good to lay out the concept in documents, feasibility plans, focus groups and pilots.
It’s also more cost effective to hire a contract business developer to bring your idea to market, than to take on a full timer for an unproven revenue stream. You’ll be stuck with the HR cost.
Furthermore, be careful about deploying personal equity to make a business work (like Jay Z and Tidal or Don Jazzy and Flobyt). Personal equity can be pricey in the long run. You don’t want to be stuck with a business that relies on your name to continue to succeed. Be like Apple. Yes, there was incredible infusion of personal equity by Steve Jobs, but its products were delightful enough to eventually sell on their own merits.Click To Tweet