Startup Funding Espresso – Product Challenges

Product Challenges

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are many challenges in developing, launching and maintaining a product. 

Here’s a list of challenges to consider:

Choosing what product to build.

Look for customers with unmet needs and build for them.

Choosing your ideal customer.

The ideal customer is the one you chose with unmet needs.

Understanding customer requirements.

You need to talk with fifty customers to fully understand their needs.

Building the minimum viable product.

You should be able to build it in less than six months and sell it in six months.

If you cannot build it in that timeframe, then you are scoping it too large.

Finding product/market fit.

Look at the customer’s work to see what else your product should be doing for them.

Building the follow on product.

Look at the support issues coming in from the first product and use that as a basis for the second product.

There are many challenges in product development but these are the most common ones to look for.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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