There is a term pivot. It describes the following picture. A product enters a certain market, with advertising and PR support, of course, and users take and use only two functions out of ten. That is, all the rest they simply do not need or seem uninterested. Or they use the product in a different way than the founders intended. For example, Facebook transformed itself into a social network from a dating site simply because Zuckerberg saw that people were using the service differently, not the way he had planned. And you, too, will have a way to adapt your product to what the market really needs. Don’t miss your pivot point – the point where you need to reconcile your route and adjust it if necessary, or even make a steep U-turn.
Useful information
The hardest part of startups is the initial period: from gathering the team and finding partners to launching the first minimally viable version of the product. This is where 98 percent of startups fail – for a variety of reasons, so it’s better to use professional startup services.
Making a product without knowing at the outset how long the development process may take is very hard. You’re operating in the middle of nowhere, you’re running out of finances, your whole team is waiting for you to motivate them, doubts about your idea come flying out from everywhere, it’s complicated. But then it gets easier. Your goal is to make it to the start. And then you’ll be one of the 2% who made it!
Possible Failure Factors
Why don’t many IT startups survive to launch? There are several reasons. The main reason is the human factor. Most people are used to getting results fast. Many entrepreneurs who come into the IT sphere after classical businesses are used to thinking that they can create something in two or three months by being active and start getting profit in a few weeks. Whereas almost any IT project is a long-distance run. That is, you will be in complete obscurity for several months, up to a year, it will be hard, there will be pressure from responsibility to the team and to investors, and you just have to get used to it.
It’s absolutely normal. It’s normal to invest the time to get a much bigger result. Because IT, as a rule, gives much more serious prospects than the classic business of regional or city level. That is, the first thing that makes people not live to start: the lack of habit of entering into projects for the long term.