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Showing posts with the label Short Term

What is the Minimum Viable Product? - A Guide on What MVP Means

When you have a business idea, there's a high degree of certainty that the idea is not perfect. And, that's why you need to test it out in the real world. Well, there are numerous ways for testing your ideas - for example, you could create a proof of concept, a prototype or even an MVP and show it to your target audience and get their feedback. MVP is short for minimum viable product. Although it has product in its name, it could well be a service as well. An MVP is the most bare-backed feature stripped model of your business idea that you can sell to your audience initially. That's why it is called "minimum viable". It has the minimum necessary features so as to be viable for your audience. What is the Minimum Viable Product - The Basics A minimum viable product (MVP) is a Lean Startup concept that emphasises the importance of learning in new product development.  An MVP, according to Eric Ries, the founder of the book, Lean Startup, is the version of a new produ

LLP vs LLC: Which One Should You Go For in the US?

Limited liability companies (LLCs) are a form of corporation with its liability limited. It may be considered as a toned down version of corporations. Usually large LLCs get turned into corporations.  While corporation is a favourable business structure for high growth businesses, they also involve more paper-work and compels you to put more information about your company, in public.  That's why if you are just starting out LLP and LLCs are the most favourable business structure, until you achieve and are able to sustain a high revenue, growth rate and investments into your business. Limited liability partnerships (LLPs) are a favoured choice for business owners in the US as it has a unique way of combining key elements of corporations and partnerships and offers the best of both worlds for small businesses.  Although there are some mammoth businesses operating this legal structure, for example, consulting firms and law firms, these are usually the preferred choice of operation for

How to Create the Right Business Strategy for Your Startup

All businesses have goals. But goals are meaningless if you do not have a well-defined plan set in place detailing how you will achieve them.   And that’s the job of a business strategy. However, a business strategy is not as simple as you may think. If you want a plan that you can stick with through till the end, the strategy has to go to the nitty-gritty of things.   In this article, I will show you how to create a business strategy that is suited to your own organization while at the same time, making you aware of some of the conceptual issues and future problems that may arise when you are creating or implementing a business strategy.   And, if you need any help in formulating your business strategy,  book a free consultation with us .  We help startups formulate their business strategy and even provide a free consultation in that regard! Why You Need to Have a Business Strategy If the business strategy is not detailed or does not keep individuals accountable, it is bound t

How to Write a Patent Specification (in India): All You Need to Know

If you want to get a patent in India, the specification of the patent is arguably one of the most important things you need to keep in mind, other than the claims. Getting a patent application done right, involves ensuring that the claim that you put forward in your application is well-supported by the patent specification. Patent specification is just a section of the patent application, among other sections, such as- The Title, The Abstract, The Claims, etc. While these areas are legally different from that of the patent specification, we shall be slightly touching up on them too so as to provide you with a clearer understanding of how you can draft your patent specification in the best method possible. As always, if you are stuck and need a free consultation,  book a free consultation with us   and   let us draft your patent specification for you !

Proof of Concept: What It Is and How to Create One

A proof of concept (POC) is the actualization of a technique or idea in order to demonstrate its viability, or a proof-of-concept demonstration with the goal of confirming that a notion or theory has practical potential. A proof of concept is generally a minor project that may or may not be finished. A proof-of-concept (POC) is a small-scale visualisation exercise that verifies an idea's potential real-world applicability. It's not about delivering that notion just yet; it's about demonstrating its viability. Project managers can use the POC to demonstrate that the suggested solution, programme, product, feature, or technique can be built. For example, 'Proof of concept' is a term used in software development to describe a number of different procedures with various goals and participants: A proof of concept may be used by vendor business roles to determine whether a system meets some part of the purpose for which it was created. Once a vendor is pleased, a prototyp