Entrepreneurs go through many challenges. But one of the worst experiences is spending money on a product that no one will buy. Passionate business owners often have a bias toward their innovations. And this is one of the main reasons that 90%of start-ups fail. Lindsay Tabas, or The Lady Engineer, is a designer-turned-startup-coach and product-market fit expert. She helps founders design and sell the right products for their audience. She chats with Bold TV about finding the right innovation to launch your success.
Spend more time on the problem than solution
The No. 1 reason start-ups fail is customers don’t want an entrepreneur’s product. Finding an engaged audience is difficult. So how do you know which product will create loyal customers? Spend more time on the problem than the solution. Typically, people run full-speed toward a solution. Problems bring anxiety. But solutions make you feel better. Those creative juices lead to innovation. But if you run with the first idea you have, it probably won’t be unique or ground-breaking. The people-centered approach to entrepreneurship is understanding a problem first and then solving it.
Design a product based on research
On that same coin, a common myth is “if you build it, they will come.” You shouldn’t create a product simply because the technology is cool and cutting-edge. A cool product doesn’t guarantee success and popularity. Entrepreneurs are typically very excited about their ideas and think they’re the next Steve Jobs. But that zeal can go over the top and lead to bias. Market and customer research is key. Jobs researched his audience for years. He had data to reinforce his innovation.
These tips are only a small part of the perfect product formula. Learn more in this interview! And for more entrepreneurial advice, check this out.