As I am coaching and mentoring a few start-ups in Melbourne and elsewhere, I have noticed common pattern of issues across the board.
- All start-up founders are really enthusiastic and dream of becoming rich –> Nothing wrong with it
- All start-up founders have a strong idea in mind ---> Nothing wrong with it
- Most start-up founders believe that their idea would take over the world, even though they have never tested beyond one user ---> Something wrong with it
Recently I read a story about start-up failure: “Patient Communicator”. The founder built fantastic features applying an iterative development method, however, it was never tested beyond his father’s medical center.
As the founder shares his experience, PC began as a product for my father’s medical practice. Plain and simple, I never assessed the market need for a patient portal. It’s extraordinarily difficult to take a product that was built perfectly for a particular user and commercialize that into a broader market.
If you are on a start-up journey, think beyond one particular user!