We’ve talked in an earlier blog post about PMF and how you can use it to gain insights about your product/service and enhance your chances of success in the market. Pretty cool, right? Don’t know what PMF is? Read our previous blog post about it here (spoiler: it stands for Product-Market Fit).
Now, there are several misconceptions about PMF, and we’re here today to debunk those myths!
“The only thing that is constant is change -” Heraclitus
Organizations and entrepreneurs often fall in the success paradox. They sometimes think, “We are already domain experts and this is how things are going to happen. We already reached here doing that.” But iterating the same process is a growth curve with an end. When you reach the peak, it will take you to the bottom. What worked yesterday is not going to work forever.
When you deal with PMF as a checklist and it’s done, this is where you start falling down. Innovation is a continuous line with an infinite end. These companies are a perfect illustration of what’s said; Nokia, Blackberry, Myspace, Ebuddy…etc.
2- It Will Fit For All Segments (Early Adopter and Stream Market Persona)
Here is where most startups fall when crossing the chasm between what the early adopters want to what the early majority (the conservatives) wants.
Every tech product goes through five stages, each of those stages has specific psychographic to be able to adapt to this product. As Illustrated between every segment, you will face a gapping challenge you to reach the other segment.
“Early Adopters (Visionaries) are looking for breakthrough technology, and they are willing to pay well to be first with the new technology. The marketing strategies that win this group, however, won’t work so well for the up-and-coming Early Majority. These are pragmatists and risk-averse. Moore argues that breaking into a market is an aggressive act, and he proposes a strategy for moving from one market to the next with success.” (Crossing the Chasm book)
3- If You Are First to Market, You Will Always Win.
Six Degrees, W3Catalog, were the first of their kind. Most probably you haven’t heard about them, me too ;). They were Facebook and Google of their generation. History has always taught us; it’s all about survival not being first!
4- It Always Comes In Big Bang Style
Some entrepreneurs think PMF happens from the first time in a hockey stick curve, although this is not the case all the time. It happens after many pivots and/or twisting the strategy or/and the product.
YouTube started as a dating site, Slack came in the process of developing a game, Netflix was a mail-order service that sends you rental DVDs. All these startups didn’t make it in one day; it took years of twisting/pivoting the strategy or even the product itself.
In the end, startups and entrepreneurship are all about execution rather than ideas. Find an idea and execute it brilliantly!
Wait for the next blog covering more myths about the startup life. If you’re tired of hearing “be your own boss,” then you must wait and read it! Stay tuned.