Created
July 9, 2023 08:31
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StartupGamePlan
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Develop a Market Thesis: Understand your target market and the problem you're trying to solve. This involves talking to potential customers and understanding their pain points. | |
Focus on the Problem, Not the Solution: Listen to your customers' problems and not their proposed solutions. Customers may not know the best solution, but they can accurately describe the problems they face. | |
Rapid Prototyping: Develop a functional prototype as quickly as possible. Don't worry about scaling or monetization at this stage. The goal is to get something in front of users for feedback. | |
User Testing: Conduct user testing sessions with your target customers. Encourage them to use your product or service and provide open and honest feedback. | |
Iterate Based on Feedback: Use the feedback from user testing sessions to refine your product. Expect to go through multiple iterations before finding a product-market fit. | |
Stay Flexible: Be ready to change your view on who your target customers are based on who shows up and how they use your product. | |
Keep Your Burn Rate Low: Make sure you have enough cash for multiple iterations. Finding a product-market fit often takes longer than expected. | |
Build a Fast-Iterating Team: Assemble a team that can quickly iterate on product development and user feedback. This is why outsourcing the coding in the early days generally doesn't work. | |
Track the Right Metrics: Use metrics to track your progress, but don't over-rely on them. Make sure the metrics you're tracking are statistically significant and relevant to your goals. | |
Be Patient and Persistent: Remember that finding a product-market fit can take time. Don't get discouraged if it doesn't happen right away. Keep iterating and improving based on user feedback. |
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