4 Tips for Doing Business Development at an Early Stage Company
I've been doing business development for over a decade and I've actually worked at 5 early, early stage companies. And, I get people that often send me e-mails who wanna go to coffee because they wanna learn more about business development at the very early stage. The 0 revenue, maybe we haven't even raise money stage.
The first thing I tell them is, it's not even really business developmeent. Maybe call a business development but it's not that you're out doing partnerships when you don't have a product, you're not making money yet right? What you do is a business develop in an early stage company. The first thing is you're just a salesman. You're out selling often without a website. You're selling without a product.
Second, you're relaying product feedback. So, when you're out selling to sort of the new friends and family group, you're saying what do they need and feedback did you get and then you're relaying that to the product team.
Third, your responsibility is to always stay focused on the revenue model. How is the company going to make money?
And, finally 4 which is more of a business development function. You are starting to build that network in the industry and doing outreach although it's very slow at the beginning.,
So, those are really the 4 things that you're focusing your time on as a business developer at a really early stage company.