10/20/2024
Nathan Chan, CEO of Foundr hosted a session recently where he elaborated on the following question that a lot of us in business are always trying decipher.
To come up with a product idea, he says:
1. Find a problem: Look for common issues people face. Hint: Everyday challenges are the best ones.
2. Focus on a niche: Serve a small, specific group really well.
3. Talk to customers: Learn what they need and are willing to pay for.
4. Test the idea: Validate demand with a simple version of the product. Simple version is key!
5. Adapt fast: Launch quickly, get feedback, and improve.
The key is solving a real problem for a specific audience.
Are you on the fence about your product idea?
Being in the business world for the last 25 years, I can describe the experience as nothing less than a roller coaster ride. The peaks, the falls, the known and the unknowns - it’s scary.
The most successful ones have mastered the art of resilience. Resilience, in my opinion is a skill one acquires through failure, only failure. Those experiences that break you, that shatter your core time and time again - magically end up building you stronger.
Fail, fail again, keep failing and continue on with the journey and DO NOT GIVE UP.
Failure is a teacher that helps you get to success. All the best!
