How a Wealthy Doctor Burnt $200k (Real Story)

This past year, I spoke with a physician who wanted to start a business based on remote diagnosis for dermatology. I listened to what he had done and urged him to stop building an infrastructure for a service that he hadn't done any market research for. I told him that initially his service could literally go live from the backend of a Google Sheet without having to spend tens of thousands of dollars on an infrastructure that he wasn't ready for. Met the same physician several months later and found out that he had continued to build that infrastructure without any additional research or testing. Fast forward a few months after that and he has abandoned the venture and everything he put in, the money, the time, the effort went down the drain. But I hope he learned from that experience. You have to test out a service before you spend money and effort building it. You roll out the service with a minimum set of features to see if there's a market for it, and then you get customer feedback to improve on that service.