Why most of the business plans are worth throwing out of the window, I know it's not easy to
understand, let me pick a scenario-
You have an interesting product idea, you started working on that idea, and you have put in many efforts, wrote thousands of lines of code, etc…etc…. Then you have your MVP ready.
In a conversation with a product manager of 2 different companies, I asked what is success for
you in terms of your product.
One replied when My CUSTOMERS were happy! The one who will pay for the product.
Another replied when My USERS are happy! The ones who will use the product.
Great companies are made with great products. As an entrepreneur, you would probably like to launch your product with all features fully functioning, having responded to all problems discovered during the process. But many start-ups fail to reach the stage where their product is considered as product-market fit. Reasons could be the
Innovation is the key towards a successful Product,,, But Saying yes to every idea you have is
not innovation. You need to prioritise what really matters.
The product team must be aware of both the motivation behind the product's creation and the expectations of its intended users.
Growing up when everyone around me was fascinated by actors and superheroes, I was always
fascinated by people working behind the screens.
People who were called tech gurus. And that's why I became one of them.
But not very long ago I realised that all my concepts were flawed and mistaken.
I used to call myself an engineer but this is what I really was - A mere coder,, a feature building Robot,,,, A geek behind the white user facing screen.
Did you know According to a study by Harvard business school, there are over 30,000 new products
introduced every year, and 95% fail ?
In fact The research concludes 21.5% of startups fail in the first year, 30% in the second year, 50% in the fifth year, and 70% in their 10th year.
But now the question is why do so many businesses fail?