The top reason why products fail.
The #1 reason why products fail is that we waste needless, time, money, and effort building something nobody wants.
Why does this happen?
We attribute this to the Innovator’s Bias – or prematurely falling in love with your solution.
When we get hit with an idea, what we see most clearly is our solution.
We spend every waking moment trying to bring our solution to life. But it has statistically been shown that most initial ideas don’t work. More than two-thirds of all products undergo drastic pivots along the way.
What separates successful entrepreneurs is their ability to quickly iterate from their plan A to a plan that works before running out of resources.
Doing this requires a fundamentally different approach.
Success in the new world comes from new mindsets.
A build-first or investor-first approach used to work at a time when building products was hard and expensive. Today, thanks to the Internet, open source, and globalization, it’s cheaper and easier than ever to build what we set out to build.
The key question today is: “Will anyone care?”.
Customers today don’t care about your solution, but their problems.
Investors too don’t care about your solution, but getting a return on their investment. They no longer value intellectual property, but traction — aka engagement of a product with its customers.
But how are you supposed to demonstrate traction without first building a product?
By changing your mindset from thinking like an artist to thinking like an innovator.
Steve and Larry are two archetypical entrepreneurs with similar skillsets, but different mindsets. Most entrepreneurs start like Steve (an artist) and transform into Larry (an innovator).