The success of a new startup depends on many things of course, but often hinges on the coexistence of a set of variables: the right product with the right features for the right audience in the right market. If you’re even a little bit off in your planning, you can end up wasting time and resources, and potentially put your company in a very difficult situation.
Many founders of new startups are so optimistic that they already understand how to design a winning product. They are excited to get to market ASAP, therefore, without studying their customers and their needs, they plunge straight into production. This is one of the common issue for ambitious but unexperienced entrepreneurs who base their designs on guesses and their own personal opinions. Then they put themselves in financial turmoil due to over-investing in products and features that weren’t relevant to their customers, and often that’ll be the sad ending of driving a startup story.
However, the solution is far simpler than what we often think: just stop playing the product design lottery and start collecting the insights needed to make awesome products. In other words, do research and as a handy tool, use surveys.