I met with an entrepreneur yesterday. A couple of years ago, he had an idea of a hardware product, started developing it, investing time and resources for months. Then he presented his idea and realised they were no traction.
So he asked me for feedback.
I see this pattern very often with entrepreneurs and inventors: “built it and they will come”.
Often, it’s not that the idea is bad, it the lack of connection with the market. The market fit.
Here are a few points that were included in my feedback.
First, this is a very common mistake, few entrepreneurs really check the market fit early in the process.
Second, the lack of sales doesn’t mean that the idea isn’t relevant; it could be not the “right” execution.
Third, when developing the idea, you need to start checking with the market as early as possible, is the problem you are trying to solve really exists?
Fourth, it could be a business model problem. Maybe the idea and execution are good, but the price positioning isn’t accurate. Too often I see businesses case built on manufacturing costs and not the value proposition.
What is the most common mistake you see in your field?
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