Product Market Fit – We have all heard it before – Conduct focus groups, do the market research, find out what surveys reveal by asking the right questions.
But are the above facts really true?
Or just a bunch of bullshit we’ve been led to believe.
I think it’s a question worth asking.
Let me take this on a tangent…
This question reminds me of a podcast I once listened to…
I’ll butcher the story, but for the sake of its lesson… I’ll tell it how I remember it.
One day I was listening to a podcast of a gentleman who was interviewing a prominent artist.
This artist was talking about his music and how when he drops albums – how he often thinks a particular song to be the one that will make it big.
Funny enough, he’s often faced with the reality that the audience likes one that he least expected.
Wow. Pretty freaking interesting.
This is particularly interesting to me because an album is usually about a dozen songs.
Have artists found a better way to reduce the risk of being wrong by hedging their bets in sets of more than ten?
Has this type of concept been introduced in Entrepreneurship?
Are there funds of mixed venture capital deals that can reduce the risk of being wrong on one particular “guaranteed unicorn company?”
This also reminds me of business development. For example, if there are various innovations that can be done within a company – should several of them be introduced at once in small budgets as opposed to “bet it all” on one product market fit.
Anyway, it’s easy to look at product market fit in hindsight and say it was easy to know… Yet when you’re looking forward it’s really tough.
Maybe entrepreneurs would be better off by placing their bets in sets as opposed to needing one specific tag line, product, or service to resonate with the market.
That’s it for today.