03 Oct '11, 9am

Bad idea: Not having a clear business model from the start

Bad idea: Not having a clear business model from the start

When asked what were the mistakes made in the past, Vinod calmly replied without hesitation – “not having a business model from the start”. He states that the real test of having a classic product/market fit is when your users are willing to pay. Only then would a startup be said to have customers. Due to the lack of a clear business model, they were unable to generate revenue, and prior funding obtained soon ran out after operating for a few months.

Full article: http://sgentrepreneurs.com/singapore-entrepreneurs/2011/1...

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