Specialist: 3 essential steps before reaching a perfect product
The founder and CEO of the "Baitk" application, Khaled Al-Hamli, talked about creating an online store that starts with analyzing the entrepreneurial idea and creating and choosing the appropriate business model.
Al-Hamli said during a lecture organized by the Asharqia Chamber represented by the Communications and Technology Committee on Wednesday evening, April 5, 2023, moderated by a member of the committee, Muhammad Al Muammar, that the steps should include viewing growth models, creating a graph of expected growth, determining the type of store, determining development methods, and a delivery method. The product, as he referred to the life stages of startups, begins with formulating the idea and talking about it to everyone, reaches a product that is suitable for the market and capable of growth, and reaches an appropriate marketing channel.
On understanding the economic unit, Al-Hamli pointed to several methods that help in this, including creating a growth chart, determining the value of the company and the possible investment, determining the marketing budget, and identifying exit opportunities.
During his speech, Al-Hamli referred to several challenges and invested in them in finding appropriate solutions to them. Referring to important steps that must be adopted before reaching an ideal product, the first begins by asking whether the problem is worth investing in the solution for sustainable growth based on the data of the economic unit, the size of the large sector, and the customers' need to serve you.
The second step is represented by verifying the hypotheses of the idea and developing it by listening to customers, working on developing the product and modifying it based on clear goals to improve the economic unit. Developing the product, reducing spending, and not worrying about growth.
