A Quote by Ritesh Agarwal
There were business challenges, a lot of imitators sprung up, but we built a product that customers love.
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Customers are a great way to finance a business for many reasons. First, customer financing is typically non dilutive. They want something from you other than equity in your business. Customers also help you fit your product to the market. And customers will help debug and improve the quality of the product.
I think I had a lot of people who were like, 'Payal, we love you, but product's not there,' or 'business is not there.' I never gave up, though.
Everyday has its challenges - keeping up with the business, and we are a real business, unlike a lot of the reality shows. We build all the cars. It has its challenges, but at the end of the day, it's not a bad way to make a living.
A new DAO is like a startup. It requires a product/market fit, business model realization, and a lot of users/customers.
Entrepreneurs always begin the journey believing that they have the next big idea. They dream of the fame and fortune that awaits them if only they had the funding to pursue it. But the reality is that as the product is built and shared with customers, flaws in their concept are discovered that - if not overcome - will kill the business.
You’ll find that the movie business is paid for by those mega movies. The movie business is paid for by Big Macs. By movies as product. Movie studios use that term “product” all the time. Product? You mean you have a lot of stories? No, we have a lot of product. You have stories.
The banks' product is debt. They try to tell customers that "debts are good for you," but the customers can't afford any more debt, so there's no way the banks can continue their current business plan.
We built Zoom for the business customers.
Not being in tune with your customers is like living in an alternate reality; the way you think your customers feel about your product is not always the same as what your customers really think about your product.
The Nehru years were rather very peaceful years. A lot happened in those years: dams were built, five-year plans were made, Chandigarh was built in front of my eyes. Those were the years I grew up in.
I have connected by phone with customers who have left negative reviews and had a chance to get to know them. Not only was I able to solve their problems, a lot of the customers were so happy with the customer service that they become repeat customers.
The most common way customer financing is done is you sell the customer on the product before you've built it or before you've finished it. The customer puts up the money to build the product or finish the product and becomes your first customer. Usually the customer simply wants the product and nothing more.
There's a lot of guys who use their likeness - to do movies, and do other business stuff, but not too many guys are actually making product. I'm making product, it's a different thing. A lot of guys are holding up Coke cans and get paid a lot of money to do that, but no one's making a Coke can. I'm the guy that's trying to make the Coke can.
The technical challenges were technical challenges that were not unbeatable; it was just that we had to learn how to do things and how to build a sensitive enough device. That took us 20 years after we built the first version of the LIGO detector.
We built TransferWise focused on customer innovation. That means we build our product based first and foremost on our customers.
Your customers are the lifeblood of your business. Their needs and wants impact every aspect of your business, from product development to content marketing to sales to customer service.
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