A short monologue advising entrepreneurs to validate market demand before building products. The speaker recommends front-end testing of hypotheses (offer and price), iterating on variables if tests fail, and only developing the product/service after demand is confirmed.
Always test the front end before you go and develop the back end. It's the opposite of what most people do. Like most people, when they start a business, they go and spend a laborious amount of time setting up their brochures and their business cards and their logos and building a beautiful website. And then they're trying to shoehorn that thing into their market. And it's the inverse approach that works way, way better by actually going out to your market and first finding out what it is that they want. Ultimately, when you start a testing a hypothesis, I think that this is what the market wants and I think that they will buy this at this price point. And then you're going out there and then you're just testing it. And if it doesn't work, then you need to test other variables in that hypothesis and try to figure out something that is going to work. And you go through that process and you find out what they want. And only once you find out what it is that they want do then you go and you make the product or service.
