25 tough questions for startup founders [Answer them before building the product]
1) Value proposition
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What problem does your product solve?
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Is your product a painkiller or a vitamin?
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What value would users get from your product?
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How do you describe your product in 1 sentence?
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What do you understand about this problem that others don't?
2) Acquisition
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How do you plan to get the first 100 users?
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What are your top-3 acquisition channels for the first year?
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How much can you spend on ads?
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How many users do you need to hit ramen profitability?
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Why visiting your website is more entertaining than Tiktok?
3) Conversion
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What conversion to purchase do you expect?
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How do your users experience an A-ha moment?
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How can your nurture your leads to buy the product?
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What is your pricing strategy?
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How can you nudge people to recommend your product?
4) Delivery
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What is your MVP?
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How are you different from competitors?
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What is your target Persona?
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Why would people return to your product every week?
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What emotions would people feel while using your product?
5) Operations
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What is your North Star metric?
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What is your end goal for this product?
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How do you know that it's time to move on?
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What tasks do you need to delegate?
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How will you balance marketing and development weeks?
Conclusion
Buying a domain and coding all night is fantastic. No doubt.
But try spending 1 hour on problem-solving your next big thing.
It will change the way you build products.
Source: Twitter
The is a really good framework to follow before setting up a start up thanks for sharing these guidelines :)
thank you!
Can you expand on this point?
"Is your product a painkiller or a vitamin?"
What difference would it make to know that for you?
Painkiller — you will go 5km to buy it. It can be an expensive, ugly package, but you want headache gone more
Vitamin — it's nice to have for most people. Everyone says you should buy them, but you usually forget about it because it's not a top priority.
I hope that helps!
I have observed there are atleast 7-8 competitors in every category how can one handle that? And even if there are no competitors once you start growing people will jump into your industry and start competing. How can one handle that? (Assume it is saas industry)
Great questions.
In some markets you don't compete with other companies, you compete with a traditional way of doing things. So you educate people and push them to pick a technological solution.
If you market is well-developed the key would be to niche down. Focus on the single use case and master it. It will definitely give you a momentum
Hope it helps
An insightful article. Thanks. :)
thank you! glad that you liked it
good stuff, also I would suggest using more with tools, here's a list of free tools that might help a lot - https://unicamel.io/checklist-kit/