2/ Many founders I meet have a pretty narrow view of product market fit. They’re purely focused on building something someone wants. This ends up looking like a bag of features launched at a set of users repeatedly in the hopes that something sticks
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3/ They start to believe that if they can create growth, that is product market fit. They spend on growth to buy it. I call this fake growth. Instead you need to nail it before you scale it. But what do you nail? It’s not just building products customers want.
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4/ There are 3 key elements to building what we call a Minimum Viable Company: - Product Value - Business Model - Ecosystem
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5/ Product Value: I often hear founders describe their product as sets of features or technological breakthroughs. Features, however, aren’t the product — they’re merely enablers of value propositions: promises of how the product will drastically improve a customer’s life.
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6/ Business Model: Customers love bargains so if your customers are only enthusiastic about your products’ price and not its inherent value, you have to wonder if you actually have product market fit. Only exception is black swan consumer apps.
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7/ Ecosystem: Startups deliver their products into an ecosystem which includes customers, competitors, integrators, suppliers, distributors and others. Startups must understand how their ecosystem will react to their entry, their niche and the vision for scaling beyond
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8/ Danger lies in moving into growth mode before a company fully understands the dynamics within these key elements and opportunity lies in founders who care about these additional components of a minimum viable company
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Love this thread. Curious if you think establishing a minimal structure around company culture should play a part early on or if you think that needs to wait? (actual question)
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For sure. In the class I teach we spend a whole week just on that topic. Thanks for raising this!
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Reminded of this -- https://brianbalfour.com/essays/product-market-fit-isnt-enough …
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