My friend and me are college undergrads and are working on our separate startups. He focusses a lot on market research and formal paperwork. I am trying to to complete my app and focus on creating a minimum viable product. He often points out that I am doing things the wrong way, be it tech or non tech.
P.S.- Both of us haven’t launched our products.
Why do you feel you need to "do" anything? I imagine you could both learn a thing or two from each other. There are often 100 roads to each destination - none are right, they just take differing amounts of time. Thank him for his advice, kindly tell him you disagree, or that you're not going to implement it, and move on.
Get a mentor that is over 30 and has built an app and sold it.
I don't think that has anything to do with it.
You are both right. But not for the same projects. Market research is essential when your startup creates a product which innovates on a well known market. If you create a social network about something new in this field, you can and should make market research, and you will have valuable information. But if your product is entirely new, if nobody knows how it could be useful, your market research will show there is no market for this. But it may be the next unicorn.
So, both approaches are good, but one is good for innovative business, the other one for disruptive business. At the opposite, both are bad if they are not used is the right context.
I've pitched a lot of apps, and have gotten 3 of them to market, fully funded and all. I haven't seen one VC firm that didn't want market research, "unicorn" or not. There's always applicable data, unless you're literally making something out of thin air and even then there are in-direct comparisons that must be done to prove that possibility of 10x or greater ROI. Either could be the next unicorn, the homework/grunt work has to get done regardless. Might as well flush it out early, rather than waste time on something that might not be worth the time. Kid's advice/questioning has a solid point that OP needs to address.
I would make a friendly wager and put some fun into the situation.
First one to gets to pick the wardrobe of the loser for a facebook photo shoot.
No sense fighting over who is right (or wrong) - both approaches have long histories of successes (and failures)
Tell him to mind his business. There is the book way of doing a business, but reality is, I'd rather find out fast if idea is valid before wasting tons of time doing all the other stuff. That's why there is Alpha and Beta.
Personally, I don't see the point in putting the time and effort into a venture if the market research doesn't point to a yes and honestly, you can't find proper funding without the paperwork. I've seen many apps get completely developed, and stay in "beta" limbo for years on end, never seeing their final launch. That being said, really it depends on his experiences vs yours. He probably isn't trying to be hurtful, especially if he's suggesting research and paperwork (ie financials and a business plan), regardless if one of you gets funded first then that person is on to something. And again, what is he basing this off? Do you know he has skills or experience to back it up, and if not, it shouldn't bother you. Maybe it's effecting you because you're taking a route that you feel uncomfortable with, and his reminder of a different route that has typically more success is getting to you?