Three factors to startup success

Good thread, obviously not every possible startup will fit into this mold, but the ones that do have a much better shot at success.

Plus, if you can find a large group that fit the second point, then you've already got a list of potential customers.

As I was reading The Mom Test, I realized that a lot of products seemed to follow a familiar format. I wrote a thread about it on Twitter but would love to get IH's thoughts on it. Here it is:

Three factors to startup success

1. Painful Problem
2. Homegrown Solution
3. Better Custom Solution

Without any of these, your startup will fail. Let me explain.

1. Painful Problem

When talking to customers, don't talk about your product at all.

Ask questions about their day to day activities, and whether they're facing the problem you're trying to solve.

Because if they're not even facing a problem, your startup doesn't need to exist.

2. Homegrown Solution

Customers must be doing something to solve the problem on their own.

We all have a ton of problems in our lives but if they're small enough, we're not going to solve them ourselves, much less pay someone to solve them.

The pain must be strong enough.

3. Better Custom Solution

Your product must solve the problem in a better way than they're currently solving it.

Because if you solve it in a worse way, why would they pay for something that's worse than their current homegrown solution?

Recap: Your startup can only do well if

• customers feel a pain
• and they're solving the pain themselves
• and your startup can solve it in a better way

If any one of these aren't true, your startup most likely will fail.