Product Challenges

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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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.