Reframing startup focus
Reframing startup focus
Good to think about
1. "Get your focus right!" They shout it loud and clear to startups from every corner. And startups listen, they really do. They lock their sights onto their product. But here's the kicker; it's a common misconception.
2. Why, you ask? Well, consider this: the odds of a product taking off are only about one in a hundred. Yet, most startups are already deep into their product focus. So they keep on pushing that cart even though the horse is long gone because they've been told that quitting is not an option.
3. But where should they aim their focus, then? There are alternative directions to consider. Here are three options.
4. Focus on the ongoing changes. For example, imagine that interest rates are plummeting; this means people will be shifting away from traditional bank savings. But where are they heading to? Why? And what are the conditions? Within this context, a range of product ideas can be tested.
5. Shift the spotlight to technology. Perhaps you have this "unique" technology available at your disposal. The question is, where can this technology be applied? What's its purpose? Who stands to benefit, and how? Once again, you come up with and test various product ideas, remembering that the technology itself is not the product.
6. Focus on your target audience. Let's say 79% of working individuals have loans. The real question is, what can you offer them? How will it improve their lives? And why should they choose your solution over others? This opens the door to propose and test a multitude of product variations.
7. So, by all means, keep that focus sharp. Just bear in mind that your focus doesn't always have to be on your product itself.
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