They almost always fail for lack of customers. Yet surprisingly few companies take the basic step of attempting to learn about their customers (or potential customers) until it is too late. I've been guilty of this many times in my career - it's just so easy to focus on product and technology instead. True, there are the rare products that have literally no market risk; they are all about technology risk ("cure for cancer"). For the rest of us, we need to get some facts to inform and qualify our hypotheses ("fancy word for guesses") about what kind of product customers will ultimately buy.
And this is where we find Steve's maxim that “In a startup no facts exist inside the building, only opinions.”
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