I last spoke about the Use of Funds that may have led to my (not my persay, but the one I worked at) recent startup’s death. Another cause I want to highlight:

Product Management

A product built in its infancy, particularly by a fledgling company, should be neatly trimmed and concise. It should focus on core functionality that is unique and offers an edge from larger players in the space. This is the key to building a successful, viable product which will become a valuable acquisition target.

Let’s take a look at some notable stars:

Google: Started off as a simple search engine and today has built a platform of various products

Facebook: Niche focus on ivy leage college students with the ability to add friends and poke…7 years later, it’s changed the social media landscape

The key is to start with some type of niche focus, even if your product is something that could extend itself to numerous segments - you must start somewhere to build momentum.

The more-defined and thought-out your product roadmap and guidelines, the more likely you can build a product that can survive. Many web-companies offer a beta testing of their products before a massive launch. While this may postpone revenue generation in some cases, this is a common strategy for fair reason - a new product will have bugs. You may have massively missed direction or made a cumbersome product. Hone in on what your customer wants and develop something that is truly differentiated. When your brand is unknown, your distribution channels are nonexistent and your marketing budget is nihil, an amazing product or service will garner the attention of evangelists who will spread the word about your product! Beta testing, furthermore, can often increase excitement about the public release of your product. This in itself can be a marketing ploy.

Trying to develop a full fledged application without any customer or usage experience is a trap that most startups are not capable of handling. Smart small and grow big.