Don’t Waste Time Doing Things You Don’t Need To Do
Most people don’t know what to do when they are starting up. There is an incredibly wide divergence in the definition of success in the minds of people. In the same way, there is also an incredibly wide divergence of caliber and quality for the three-core elements of each of each startup — team, product and market.
Let’s start by defining terms.
The caliber of a startup team can be defined as the suitability of the CEO, senior management, engineers and other key staff relative to the opportunity in front of them. The deciding factor for a customer is how impressive the product is to a customer or a user who actually uses it, which decides the quality of a startup’s product. The size of a startup’s market is the number, the growth rate, of those customers or users for that product.
The answer, what’s most important for a startup depends on whom you’re asking, so there is no definitive answer to that. For VCs and senior management positions, a good team would be of the highest priority. For an engineer, product would be the most important aspect. The one thing that people would be least assertive about is the market, which is probably the most important factor of all, if you want your startup to take off.
Why? Because a market with a lot of real potential customers — is the market that pulls product out of the startup. Conversely, in a terrible market, you can have the best of products, and an absolute killer team, but the product would still end up failing. Market matters the most. There are not many people who would say it enough, but it really does. Exceptions always exist. One in this case would be when a product creates an entirely new market. But that rarely happens, since there is a difference between a new market, and a product servicing a need in a completely new way.
So, the best way to go about when you’re just starting up is to create a Product/Market Fit for your product. Once you know your market, and you know how your product fits in, it would make perfect sense to launch your product to reap the most benefits. If you want to know more about Product/Market Fit, read more about it here.