I must confess, he has made some substantial progress over the past week. He has a nice product, he figured out that he needs to do more business-side planning (see his realization here), he even put together a big chunk of his business plan AND performed some mathematical wizardry to create some impressive statistical analysis on the industry he's attempting to enter!
Needless to say I felt there was no better time to drop this confidence-bomb upon him than now. I'm sure he will be crushed (see potential emotional reaction below)
Remember, there is a lot that goes into a start-up. You not only need to have a product and know what you want to do with it, but you also need to know what is out there and what sort of dog fight you are about to enter. In the emerging company world, research is king!
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* Frienemy = Friend + Enemy ... now you know.
2 comments:
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