Product-market fit - Back to the basics
What is Product-Market Fit? Product/market fit, also known as product-market fit, is the degree to which a product satisfies strong market demand. That's the definition of Product-Market Fit as per Wikipedia. Why is Product-Market Fit so important? When starting any new venture, the idea and the vision alone are not enough. As a matter of fact, 90% of startups in the world fail. Out of these failures, 70% happen during years 2 to 5 of a business. Those numbers are huge, and the bad news is that these failure rates seem to be fairly similar across industries. As an entrepreneur or startup founder do you really want to fail 9 times out of ten? Do you want to build 10 startups to only succeed with 1? That is assuming you're learning from every previous failure as you might very much as well start and try a100 times but still fail every single time. If you're looking for success when pursuing your ideas then Product Market Fit is something you need to understand and want to k...