Entrepreneurs and Prototype Discussion homework help

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Entrepreneurs and Prototype Discussion homework help

Description

Respond to the discussion post:

According to Kawasaki, there are many mistakes that entrepreneurs are making that affect their plans to succeed. I chose to focus on mistake four. There are often times when entrepreneurs tend to focus on their sales pitch when they need to be focusing on their prototype (Berkeley Haas, 2014).

Entrepreneurs work so hard to prove that they have an elite team and prove that their product or service will work based on the market numbers (Berkeley Haas, 2014). As an entrepreneur, the first thing that needs to be work on is not the pitch, but a prototype of your idea (Berkeley Haas, 2014). To have proof of how well you can withstand in the market, you must have a prototype to share with customers to see real outcomes and results (Berkeley Haas, 2014). A successful prototype will speak for itself to investors without needing the most perfect pitch to back it up (Berkeley Haas, 2014). Kawasaki explains that pitches are necessary for your product, but the goal of your company should revolve around creating a great product and not purely the pitch (Berkeley Haas, 2014). One of the best ways to pitch your product is to show off what it can do (Berkeley Haas, 2014).

I personally chose this rule because it will be so important within my business plan. I plan to email my Championship Charts prototypes to coaches so they can see firsthand how useful they are. A coach will be more willing to pursue my product when they can easily see what all we can do for them. By giving the coaches a prototype, it will answer and eliminate many questions they have about the products. The product will be easier to sell when there is a prototype, it is harder to sell a concept to a potential customer (Admin, 2018).

There are three types of prototypes, low fidelity, medium fidelity, and high fidelity (2021). Low fidelity is usually done in the early stages, they are simple corrections that can be made in a short amount of time (2021). Medium fidelity is used in the intermediate stages and is more functional (2021). The high fidelity prototype is the closest to the final product (2021). They give the test groups the most real experience of what the product will be like (2021).

Also, creating a prototype will help solve issues the business may face in the future. When you create a real version of your product, it allows you to evaluate it and see where changes need to be made (Admin, 2018). A prototype is also necessary so the business can test the product so there are no mistakes before it officially hits the market and leaves customers disappointed (Admin, 2018).  Changes that need to be made will be much cheaper in the prototype stage of the product than backtracking when the product hits the shelf (Admin, 2018).

The feedback you can get from allowing a test group to use your prototype is extremely valuable (2021). The more feedback you get, the stronger you can make your product and the closer you will get to solving the customer's problem (2021) After you hear the customer's opinions on things they liked about the product, then it can help build your marketing plan (2021). Different features that are rated higher with customers, as well as their own personal testimonials, can be used in marketing campaigns (2021).

There are many different mistakes that entrepreneurs can make but it is clear how valuable a prototype can be compared to a pitch in regard to the future of your business. My business plan will be taking Kawasaki’s advice and implementing prototypes for potential customers. Creating prototype overall help businesses build products that customers will love and rely on (2021).

References

Admin. (2018, May 21). Why Is Prototyping Important? Schmit Prototypes. https://schmitprototypes.com/why-is-prototyping-important/.

Berkeley Haas. (Oct 3, 2014). The top 10 mistakes of entrepreneurs with Guy Kawasaki [video]. YouTube.https://www.youtube.com/watch?v=Oe5c9KK3ZIs (Links to an external site.)

Prototyping in Design Thinking.Types ? 5 Reasons why Prototyping is important. Yukti. (2021, January 25). https://www.yukti.io/why-prototyping-is-an-important-stage-of-design-thinking/#:~:text=%20Let%E2%80%99s%20Discuss%205%20Top%20Reasons%20what%20Makes,king%E2%80%9D.%20Serving%20them%20in%20a%20way...%20More%20.

Explanation & Answer length: 250 words.

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