Steps for achieving Product-Market Fit
- Product-market fit involves forming and testing a value hypothesis that identifies product features, targeted audience, and business model.
- Success is often achieved by iterating value and growth hypotheses, evaluating what to build, for whom, and through what model.
- Startups should initially define and test their value hypothesis before moving onto the growth hypothesis.
- A key process to finding product-market fit involves a scientific method approach and customer development processes.
- Experiments and build-measure-learn iterations lead to discovering product-market fit.
Importance of market over product
- The marketplace is pivotal because it can not be changed, whereas aspects like people can evolve.
- A great market ensures a chance for success even if some company factors are lacking.
- Time invested solely on product without considering the market’s adequacy often leads to failure.
- Being in a good market with an acceptable product offers greater chances of success than the reverse.
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