Friday, 06 October 2017 23:46

5 Mistakes a mobile app entrepreneur is likely to do Featured

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I discuss and engage clients about all kinds of mobile app ideas almost daily, the app concept, the app design, the app business model etc.  I will get to it but first let me say a word about the app entrepreneurs. If there is anything like that, it would be someone who comes with a concept for business using a mobile app. It could be any type of mobile app utility app, enterprise app or a game app. We have all witnessed how simple concept mobile apps have turned the market upside down and generate billions if not more for the inventors. Usually it all starts with “I can get a mobile app for that” and then follows with the famous question “how much does it cost to make an app?” which will be answered with a very dull unsatisfactory answer “it depends” and the process goes on till we get the wonder maker mobile app with all the bells and chimes.  I have the privilege of talking to many mobile app entrepreneurs here at inovosystems. Sometimes via chat or phone and sometimes in the boardroom. I want to share with you what I tell my clients.

mobile app based business development inovosystems

Finishing before starting - Half-baked concept

Usually when the light bulb goes on in your head you are like “Eureka “ swishhhh through the door and look for a developer. This usually causes many entrepreneurs to give up on the first encounter with the developer or investor. The app business starts with the concept of a mobile app but it needs to connect to the actual business, how I do make my money, why would anyone download the app, what are the features that people would use, why would an investor be interested, the budget, the sustainability etc. You need a proper strategy and plan, this is where the mobile app gets created not at the developers’ computer.  Before you run out finish what out started.

Sharing concept without proper engagement - Concepts for my mom and compliments for my bae

I know it is exciting. You will need to discuss it with people to see reactions and comments besides it feels good when someone appreciates you brainchild. As an entrepreneurs you need to value your ideas and disclose them properly when needed. Discussing it on the coffee table and on all quotation hunting activities will increase the risk of losing your idea or devaluing it by variants of your concept that pop up overnight. This is why we offer our clients a standard NDA upon discussion and we email back the script of our sales chat.

Keeping the light bulb under the blanket - How did they think about it because I never told anyone

On the other hand, it is equally detrimental to keep your idea and concept from blooming out there and make difference. This could be due to what they call ‘analysis paralysis ‘where you keep analyzing the idea overly you can’t take action at all,  or could be because you feel it is so unique idea that you don’t want to share it even with your developer- well potential developer I should say. The truth is that, if you can think of it so are many others. The difference is who is going to commercialize the concept properly and effectively.

The app got hit by a bus - Search for the cheap and quick development agency

Building business mobile app is simply exactly that, the operative word being business. Cheap overnight mobile app designs and nifty builds will not cut it, if you are looking for a stable well optimized mobile app with a great support then you need to research, invest and create relationship with a reputable development agency. Minimize cost – yes by all means but look at value not the final rounded figure. Great concepts can fall simply because they are not interpreted properly into the technology they are supposed to be. Most of all make sure you development agency is there to support your business not just the mobile app and maintain, evaluate constantly.

100% of Zero is 0% of hundred  - Misconception of equity financing

Like any other business wo/men, mobile app entrepreneurs need capital and business skill to make the concept work. It is important to do the cost benefit analysis as to whether equity finance your concept or wait till you get the capital you require. Love of your concept should not border the obsession that suffocate the idea dead. Rather look into the value the investor or partner brings in and more importantly if you are a startup do not underestimate business skill you would harvest from your investor not just the dry percentages. It is the business skill which is a vital part of the commercialization. The concept needs to be packaged and commercialized properly before you can attach any value to it and most good investors can help you do that.