January 11, 2013 Leave a comment
The concept of product-market fit is emerging as an important criteria for entrepreneurs when assessing the viability of starting a business. Not all ideas make for profitable business and its vital to ask before you start just how critical your product or service will be to your prospective consumers daily lives. Essentially once consumers start using your product, how painful will it be for them in the event that for some reason it is no longer available?
At this stage it’s also wise to assess the competitive landscape and ask the same questions about usage for current market substitutes.