Mon, 20 September 2021
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Founders need to bring startup mental models to bear on their business.
Here’s a list of key mental models to know:
Least worst option -- use this model when all options are not ideal.
Jobs to be done -- use this model to discover how your product fits into the customer’s workflow.
Minimum viable product -- understanding the bare essential features a customer will pay for.
Product-market fit -- shows your product meets a set of customer requirements in a market.
Network effects -- the value of the network grows exponentially with the number of participants, so your product value grows with the size of the network.
Economies of scale -- costs decrease as the quantity of units increases by spreading the cost over more customers.
Disruptive innovation -- an innovation that displaces competitors and redefines the industry.
North star -- the one metric that guides decision-making and drives actions by the team.
These are key mental models startup founders need to know.
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