The answers to all a startup's challenges are out there. By setting up the right mechanisms for gathering feedback, the road to success can be a less bumpy ride.
Sentiment: POSITIVE
The challenge in a startup is you hit a lot of turbulence, and you want people who understand that it's just turbulence and not a crisis.
Big ideas developed in a vacuum are doomed from the start. Feedback is the essential tool for building and growing a successful company.
The thing about startups is you can make it, and if it's wrong you can remake it, and you can build a team that you want to have, a product that you want to have. You're utterly focused on your users or your customers and their needs, and trying to figure out how to meet those needs.
Startups are rapidly changing systems. If you use an annual review cycle, you aren't getting feedback at the same pace that you need to adapt and change the business.
Every startup should address a real and demonstrated need in the world - if you build a solution to a problem lots of people have, it's so easy to sell your product to the world.
Launching a start-up, you need to get a lot done quickly. Every day is different. Everyone pitches in with everything. It's easy for the founding team to say, 'We're flexible. We all help out with everything!' But when it comes to making decisions - that flexibility can spell inefficiency and disaster.
Launching a successful product or startup has little to do with luck. Any business that gains traction on the market is the result of very careful strategizing and market analysis, not to mention the development of an original product or service.
When talking to first-time entrepreneurs, I often ask them: 'How do you know that people want your product or service?' As you can expect, the answer is often that they don't yet, but will know once they launch. And they're right. That's why it's critical to launch as quickly as possible so you can get that feedback.
The biggest problem is startups in search of a problem. Chase what you're passionate about; you'll probably already have knowledge in the space.
Startups have finite time and resources to find product/market fit before they run out of money. Therefore startups trade off certainty for speed, adopting 'good enough decision making' and iterating and pivoting as they fail, learn, and discover their business model.
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