Three months after I launched my company, we were featured in The New York Times. Other national outlets followed. The attention led to partnerships with Shake Shack, Bombas, Urban Outfitters, and hundreds of other major brands.
You might think this sounds good. I sure did when it happened. Hockey stick growth is a sign of success, right? But it wasn't. My company, This App Saves Lives, had fallen into one of the most surprising and ultimately fatal traps for entrepreneurs: We grew before truly understanding our product-market fit. That mistake would ultimately result in the demise of our business.
Here's why this problem is so deadly-and how, with my new company, I'm plotting a slow growth strategy to avoid it.
For the uninitiated, productmarket fit (PMF) means building the right product to satisfy a specific type of customer's needs. It's a simple concept, but executing it is complex. To achieve PMF, you must deeply understand the wants and desires of your target customers.
I thought I had the answers.
Esta historia es de la edición September - October 2024 de Entrepreneur US.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición September - October 2024 de Entrepreneur US.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Be a Doer, Not a Dreamer
How do you build a great brand? The same way you build a great body. This former championship bodybuilder (and Hotworx founder) explains.
A Very Profitable Work Ethic
How do you run a brand’s highest-grossing franchise location? This former cop has an answer: Get your hands dirty.
Move Forward With Your Business Goals
Aspiring to become a business owner? Discover what these franchises have to offer to help make your dreams a reality.
If These Photos Could Talk Here are their stories.
Do you have a photo that speaks to you? One that you look to for inspiration? Four successful founders showed us the photos they love, and shared the inspiration they draw from it.
I Asked the Wrong Questions
Everyone said they wanted my product, but nobody bought it. Why?
A $3 Million Pool-Cleaning Business
You don’t need to be an expert to be a successful franchisee. Just look at Tiffiny Consoli, a pool rookie who is now Pool Scouts’ top franchisee.
YES, YOU CAN BE À PART-TIME OWNER
Most franchises are full-time work. But some can be side hustles. Here's how to create a money-cranking side gig.
Japan
GENERATING GROWTH AND HAPPINESS
Jade Group
AN INTERNATIONAL FASHION AND LIFESTYLE COMPANY
How to Solve Hard Problems
We waste our time chasing the wrong projects. Here's how to know what's worth your time.
