While the term “product-market fit” gets thrown around a lot in the startup world, it’s not always very well understood. In fact, we can’t even agree on who created it! Some people say that the concept of product-market fit was first developed and named by entrepreneur and investor Andy Rachleff. Others give credit to famed investor Marc Andreessen, who at the very least popularized term product-market fit when he wrote about in a 2007 blog post. He said, “Product-market fit means being in a good market with a product that can satisfy that market.”
In other words: You could have an amazing, sophisticated, well-thought out idea — and people just don’t get it. (Think: That first focus group for Pied Piper on HBO’s ...
Somehow the startup world has convinced people to work for "free" on a regular basis, with the theoretical benefit of some big payout on equity later.
The truth is, those bets rarely work and once the pixie dust of the new startup wears off, what's left is a bunch of frustrated employees who can't pay their bills.
Although we have little to no money to pay today, we should always try to incorporate some level of cash compensation, even if it's incredibly small, to help offset the cost of life that our team is going to inevitably face.
When our team is more focused on going broke than contributing, we're not really doing anyone a favor!
Compensation doesn't have to be "all or nothing."
Just because someone mak...
When we talk about celebrating startup wins, it's not about a big funding round. It's the fact that we just made payroll again.
Along the way, we forget to celebrate those tiny wins. Instead, we get distracted by the day-to-day problems, the emotional roller coaster, and the grind that is startup life.
Every possible positive step.
We just shipped a feature. We increased site traffic by 10% over last month. Our last customer just sent us a glowing review to the team. Every last one.
Each of those victories compounds into the overall goal. When we overlook them, or worse, fail to recognize them within our team, we lose out on the opportunity to build positive morale and momentum.
In a startup, morale...
Product design is the entire process of taking a product from idea to customers — and everything in between.
“There’s a widespread misconception that design is all about aesthetics,” product designer Eric Eriksson writes. “Most people don’t seem to understand that it’s about solving problems instead.”
There’s another, more limited, definition of product design which we’re not going to explore in detail here. But basically, that other definition is talking just about how a product looks and functions. For the sake of product design for startups, we’re focusing on the more holistic, process-oriented definition.
While product design is part of produc...
“A support network of other entrepreneurs will make any journey a lot more enjoyable—and a lot easier, too! By joining key networking groups, like YEC, and moving into a co-working space, building a support group of like-minded entrepreneurs after starting ZinePak was easier than I would have imagined. I never expected to make so many close friends so quickly!”
“What I initially believed would be the most difficult part about starting a business for myself, which I would say is the process of coming up with and registering a name, filling out the prope...
Product differentiation is process used by companies to clarify the differences between their products and other products on the market. Those other products can include competitors but also a company’s own products, to prevent overlap between the offerings. The goal is to find a product’s unique selling point (USP).
Product differentiation is important because it makes your product stand out from the crowd! It’s easier and easier to create a company or sell a product or connect directly with factories in China these days. So what makes your housewares product or dating app or SaaS product different from all of the other housewares products, dating apps, and SaaS pr...
There are weapons, and there are weapons made with plutonium. Well, there is competitive intelligence, and there is the competitive intelligence made by Knowlium.
Knowlium is the maker of the competitive intelligence software called Reveal – a product that “accelerates your digital strategy with real-time competitive insight.”
Which is to state matters very very simply. You must have a look for yourself to appreciate the comprehensiveness and sophistication with which Reveal processes data. If you want simple scores to understand your market position com...
In America, we tend to value workaholism.
We often admire someone who works long hours and talk about how amazing it is that someone is a “machine.”
But is it really best for you and your business?
Research indicates that overwork harms your overall productivity and can even cause problems for your business. Chances are, instead of working more, you probably need to take a break from work.
Before you get too excited about working long hours, consider some of the ways that overwork harms your business:
You’re the leader in your business. Overwork harms your business by creating a potential leadership deficit. According to an article in the Harvard Business Review, working too hard c...
It’s a crazy, multi-device world.
According to one report from Facebook, 60% of online adults in the U.S. and U.K. use at least two devices each day, meaning that mobile is at the epicenter of many brands’ marketing, sales, and product strategies.
This trend creates a window of opportunity for companies that are looking to reach audiences at multiple points in their buyer journeys. The challenge, however, is that mass-market tools and analytics technologies haven’t caught up—basic reports in Google Analytics only provide aggregate-level traffic data, for instance. It’s tough to dissect the steps that your audiences are taking to become customers and repeat customers.
Despite this lack of transparency, one concept holds tried and true: you’r...
Imagine stumbling across a Glassdoor review of your company filled with damaging declarations and seemingly unfounded statements. You’d be shocked, right? I know I was.
Our former employee’s description seemed so foreign, I didn’t recognize the company being described. According to the review, we were growing too fast, too furiously; we were operating in a knee-jerk manner.
It was clear the past employee wasn’t aware that we look to hyper-vet everything we do. Decisions are hardly made on whims; they’re quite nuanced. Of course, none of that matters to employees if they’re not hearing the truth.
What had happened? To make a long story short, complete miscommunication on our part.
We’re not the only business that’s dealt with miscommunicati...