How do startups find their product?
I read Justin Jackson's blog, How do I find customers? and it says It's easier when you build something people were already looking for.
I think this makes sense a lot.
I also thought why a lot of startups fail if they follow what Justin says?
Does it mean they make what they want to make?
Building a business is kind of like riding the subway across town: you're probably going to need to take several trains to get there.
At each stage, you want to make sure you're getting on the right train.
First, you need to find something that customers want. What are they already searching for?
If you find something that many customers desire, it's very likely that there will be competition (other businesses who have realized the same thing). Competition is a big reason startups fail. 😉
Just because you catch the first train (finding something customers want) doesn't mean you'll catch the second train (being able to compete with the other businesses).
What helps you compete?
- Having a good network (Who knows you? Who do you know?)
- Having investment (or your own cash in the bank)
- Having better skills than your competitors
- Understanding the market better than your competitors
- Having a better brand than your competitors
