Building a market fit product, building a committed, driven team and reaching breakeven and profitability should be your startup’s goal, because when you get to this level, you can proudly say you are in control of your business destiny.
Building a startup can be so draining with no market fit product, with no team to drive results and no progress in terms of sales and profitability.
Having the right playbook for achieving market fit products in a lean way can be the game changer for your startup business. Product-market fit means being in a good market with a product that can satisfy that market. How can you rate your product market fit reality?
Be careful, do not do what most startup entrepreneurs do. They excitedly start hiring people, pushing for massive action, and optimizing their product before they have actually discovered what needs to be built (product market fit).
Startup entrepreneurs are encouraged to build MVPs (minimum viable products). In a good market, an MVP (version 1 of the product) is all a startup entrepreneur needs to get initial customers, interact with customers, and receive feedback that will inform the building of version 2, version 3, version 4 etc. So to find product market fit, choose a market where users have a real, meaningful problem, launch quickly, and listen to your users.
Watch this session on discovering a niche market
The size and kind of team you need will depend on your MVP, market entry. Whether volunteers, interns, co-founder (s), family members, friends, paid team members, a startup that will go places will always need more talented committed hands. The kind of commitment and drive startup team members bring to the table will either positively or negatively affect the startup’s competitiveness. Without the right team you will find it difficult to take your startup to that level of victory.
Study says that about 60 percent of startups fail to take off due to poorly constituted teams! This statistic establishes the fact that behind every successful startup is a team of passionate individuals who work tirelessly towards a common goal.
Virtual Start-Up Success Boot Camp:
Breaking Comfort Zone Edition – 4 Days to Stretch You Into Business Success.
Day 1: Startup Business Management 101, Day 2: Business Idea Validation/Market Fit, Day 3: From Idea to Money Making Framework, Day 4: Business Framework for Starting/Expansion, Click here to join admission group for further details:
Your business dreams are possible. Remember as you build, building a market fit product, building a committed, driven team and reaching breakeven and profitability should be your startup’s goal.