How not to make a second successful startup
TL;DR
Succeeded once; could not reproduce.
- success & experience does not guarantee a second success
-
“[existing solutions] were […] not great, but just good enough [so] our
USP
unique selling proposition/point
was a nice to have and not a killer feature.” Research showed people were interested in looking for solutions, but it just wasn’t worth solving for enough potential customers- if there’s no marked market response to a release, drop the failed idea quickly
- if some customers are enthusiastic it might be because of a good customer support team rather than actual product value
- use contractors for mentoring, not development
- cap advertising spend based on profits
-
RFCs
request for comment
/ideation: take time to draft, then sit for weeks, then revisit every few months to check for persistent relevance & more insights. Do not rush to implementation -
keep reminding about
MVP
minimum viable product
definition regularly- Personally, I’d like to add to this… don’t let implementation ease drive product evolution