The top 3 lessons learned from a failed product ☠️
- Ideation 💡
-There are so many opinions on this topic, that it's nearly impossible to tell which one is the right one. Why? A lot of times product just happens to be at the right place, at the right time, with the right wording for the right audience, and that's what leads to its success.
Lesson: If you see any complications up front, don't even try to come up with a solution. Stick with the newest technologies, see what's trending, and try to come up with something very simple. The faster and easier the launch, the better.
- The vision and persistence 💪
-Being fully devoted and giving it your all. We all try our best for something we believe in. As we keep hearing more and more about these successful visionary stories, we start subconsciously implementing these thoughts. But...
Lesson: It's a very self-damaging mindset to have. Trying to make everything "the best" will just waste your time on matters that aren't needed. Giving it your all to make it work, might just lead to you spending multiple months on a failed product. Try to work faster and smarter. Don't have high hopes and pull the plug out instead of trying to fix a broken piece.
- Deep research 🔬
Researching the market, customers, and competitors can easily go very deep and take a very long time. The more data you know the better, but there is another side of the card, which is Corporate/VC-backed startups that are very often far from profitable and having a Product-Market-Fit.
Lesson: Don't spend too long researching. Just make a clear picture about the sector, find out what others are doing, but don't try to become an industry expert. Use your research as an evaluation of whether you should dedicate your time to launching a product in that segment, or move on to another one.
And a bonus question ⁉️
Where do you see bigger success/failure chance?
The huge visionary product that might work out, 6 months to launch
🆚
The simple product that might hit the Product-Market-Fit, 2-4 weeks to launch = 6-12 products in 6 months
that's good advice!
trying to be best is root of evil. Delivery is more important
Yes, exactly. Working faster and smarter is the right way to go :)