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Startup Workshop #1: Product/Market Fit
Milan Vukas, a startup mentor, discusses the critical concept of product/market fit, which is defined as having the right product at the right time for a market in need of a solution. He emphasizes the importance of validating business ideas through customer interactions and testing minimum viable products. Vukas also offers mentoring sessions to help startups succeed in their early stages.
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Startup Workshop #1: Product/Market Fit
- 1. Welcome! www.milanvukas.com @m_vukas hello@milanvukas.com MilanVukas - Startup Mentor
- 2. Milan Vukas Featured &Recommended by: 2 Startup Mentor Co-Founder of:
- 3. Find Product/Market FitHowto succeed as an early stage startup
- 4. Agenda What isProduct/Market fit? Find Product/Market fit Measure Product/Market fit
- 5. Startup Life Cycle Theearly stage phase Idea Start Present What is missing in the world? What can I make better? Hypothesis Found a problem worth solving Went out of the building and spoke to people Prototype Build your first Product/Service
- 6. Startup Life Cycle Theearly stage phase Idea Start Present What is missing in the world? What can I make better? Hypothesis Found a problem worth solving Went out of the building and spoke to people Prototype Build your first Product/Service
- 7.
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- 9. 66%drastically change theiroriginal plans 9 #Funfact:
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- 11. Product/Market fit is: Theright product at the right time for a market that is searching for a solution to a problem. 11
- 12. 12 Problem Test theproblem Speak to potential customers Test your understanding of the customers problem/need
- 13. 13 Solution/ ProductTest the solution Builda MinimumViable Product (MVP) Tech:Web application, App Service: Process Understand customers need
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- 15. Ask yourself now: 15 AmI building/offering something people really want? Yes NO!
- 16. No..... 16 First answer: Kind of…Sortof…. NOT A STARTUP! People have been nice to you
- 17. So….how do Iknow? 17 “The customers are buying the product just as fast as you can make it!” (Marc Andreessen) WorkingNot Working Poor conversions No word of mouth Slow usage growth Long sales cycle
- 18. Agenda What isProduct/Market fit? Find Product/Market fit Measure Product/Market fit
- 19. Agenda What isProduct/Market fit? Find Product/Market fit Measure Product/Market fit
- 20.
- 21. 21 Business Model Canvas Business ModelCanvas Check SlideDeck #2
- 22. Key metrics –Before Product/Market Fit 22 Acquisition Activation Retention Revenue Referral How do users find you? Do users have a great first experience? Do users come back? How do you make money? Do users tell others? Value metrics
- 23. Key metrics –After Product/Market Fit 23 Co Owner Acquisition Local Manager Support Activation Retention Revenue Referral Growth metrics
- 24. Product Market FitCycle 24 Product Hypothesis Define your “customers” Build a MVP Test Analyze Learn Define your BIG vision Identify your customers Positioning + Go2Market Strategy Private Metrics Make decisions/Pivot
- 25. Lessons learned Workon: Product | Market | Solutions Get out of the building – Test problem/solution Think – Work – Learn – Repeat No speculations! – NO assumptions! Hard facts!
- 26. Let’s Talk! Free 1on1mentoring session – Online/In-Person Book your session today! 26 milanvukas.youcanbook.me
- 27. “In a startupabsolutely nothing happens unless you make it happen” Marc Andreessen (Co-Founder, Andreessen Horowitz) 27
- 28. Thank you!Milan Vukas- Startup Mentor www.milanvukas.com @m_vukas hello@milanvukas.comÇ Ö
Editor's Notes
- #2 Welcome to this workshop web series – Dedicated to early stage startups Entrepreneurship in the last 10 years has grown into something big, that everyone today can afford to start a company. And more and more people want to do exactly this. What is stopping people from changing their life? Is it fear? Is it knowhow? Money? And even though it has become radically easy to start a company – People are still asking over 48 thousand times per month: “How to start a business” And this is where we are today. Today you have decided to join this workshop and to learn more about how to get going and how to get started. Lets start with the first step!
- #3 Assist entrepreneurs in reaching their next level Finding a right Business model Working on the Sales cycle Preparing startups for funding and grants
- #8 I hate to be the bad guy who destroys your dream….but this is the sad reality: Most products and ideas fail! To be exacted: 9/10
- #9 A startup is a temporary organization used to search for a repeatable and scalable business model.
- #13 As mentioned earlier, the first phase of early stage startup is where you would state a hypothesis. The next step in phase 2 is where you would test the problem. You get out of the building and talk to people and test the problem. And test your understanding of the customer’s problem and needs. You are going to figure out how to build the first prototype.
- #14 Next: You will test the solution by building a first minimum viable Product (MVP). This gives you the opportunity to understand the customers’ needs and where your solution matches it.
- #15 And this match: Is what we call Product/Market fit and it is the holy grail for entrepreneurs.
- #16 And you have to ask yourself: Am I building something that people really want? And this question can be answered quite simply: With a YES or NO.
- #17 You have to verify and answer the question as best as possible. Do people agree that your solving high value problem or need? Now, what is really depressing for a lot entrepreneurs when we go over this for the first time, is that the answer most often is: NO! Well…simply said…kind of…sort of is not a startup. Kind of…sort of is people were bening nice to you. The only time you know that you have something that is worth investing your time and money, I when people are really wanting your product…even at an early stage when it still full of mistakes or bugs.
- #18 And this is what you’re looking for! This is Product/Market fit. If you havn’t found it yet: That’s why the product/Market process is a circle: It assumes that you will go through this for some time until you finally find the perfect fit.
- #21 Consist of 9 fields which all have to fit together to form your business model canvas. You start asking yourself questions about:
- #25 Ask yourself: 1) Do I need to modify my product? 2) Is my positioning strategy not working? 3) Is my Go2Market strategy not effective or scalable?