First, let's get some semantics out of the way. When I talk about a "market" I'm describing *the sum of demand* for a particular thing: 1) Number of potential customers 2) How much they spend 3) The frequency at which they buy 4) Their willingness to pay
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Justin Jackson podał/a dalej Alan Klement
(Hat tip to
@alanklement for the concept of "willingness to pay")https://twitter.com/alanklement/status/1305947004602920962 …Justin Jackson dodał/a,
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Before you build a product, you're looking for *evidence of demand*. Sometimes, folks are already buying products in a category, but they're itching for a better solution. Other times, you might notice folks putting considerable effort into hacking together their own solution.
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Another misconception (
@jasondoesstuff said I could share) I'm not saying everyone should start a coffee shop! "The point of the metaphor is: don’t do demand-generation. Rather go where demand is built-in; then, it's easier (even when there are competitors)." –@asmartbearpic.twitter.com/yKOazxYzNR
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There's a huge misunderstanding here. When surfers spot an oncoming wave, their ability to ride it depends on how good they are, their position in the water, etc. The skills, network, timing, and execution of the founding team *do* matter. (But without a wave, they're useless)pic.twitter.com/Mr0TAjKRY3
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"Build it and they will come?" YES! If the demand is there, and you're the right founder for the job, and you've built a product that meets the demand, and your timing is right, and you've found some good distribution channels, then... Yes, they *will* come.
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It doesn't matter how good of a surfer you are.
No wave?
No surfing.
It doesn't matter how talented of a founder you are.
No demand?
No business.4 odpowiedzi 5 podanych dalej 42 polubionePokaż ten wątek -
Another misinterpretation: "Market with demand" ≠ "Popular" or "easy" market None of this is easy. Most good opportunities are not obvious (especially to outsiders). You're looking for evidence of unmet demand in a category that you understand!pic.twitter.com/p4mssWT3kI
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If customers already have multiple options (that they're happy with) it's most likely a low-demand opportunity. This is why bootstrappers probably shouldn't build another to-do app, project management app, etc... (unless you've truly noticed some untapped demand).
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W odpowiedzi do @mijustin
With this specific example - project management - what if the experience was tailored to a niche’d down audience? Same core features but with some new attention to detail specific to one particular audience?
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Justin Jackson podał/a dalej Justin Jackson
This came up on the livestream too! I answered it here:https://twitter.com/mijustin/status/1306007990890307584 …
Justin Jackson dodał/a,
What matters is:
- how have you seen demand demonstrated in that market?
- what gaps exist that nobody else is serving?
- what strengths, skills, and connections do you bring to the table? pic.twitter.com/ELxk5txGWX-
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W odpowiedzi do @mijustin
Perfect! I literally came on the livestream as you were ending it. Appreciate the conversation.
0 odpowiedzi 0 podanych dalej 1 polubionyDziękujemy. Twitter skorzysta z tych informacji, aby Twoja oś czasu bardziej Ci odpowiadała. CofnijCofnij
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