Interesting Twitter thread on the importance of choosing the right market. There are some great insights here. It’s worth a read.
“News flash: the hard part about product/market fit isn’t the product, it’s the market.”
“It doesn’t matter how amazing your product is, or how fast you ship features. The market you’re in will determine most of your growth. Gumroad grew at roughly the same rate almost every month because that’s how quickly the market determined we would grow.”
“Pivots are an integral part of the entrepreneurial process. Whether you’re pivoting in the early days because you haven’t yet found product-market fit, or you’re pivoting by reinventing yourself later on, all companies – if they’re going to become and stay successful – are going to have to pivot.”
“Every successful technology company has repeatedly reinvented itself. Apple went from Apple II to the Macintosh to iOS. Microsoft went from MS-DOS to Windows to Office to many new reinventions, including Azure. Netflix went from mailing DVDs to streaming video. Most don’t think of these shifts as pivots, but that’s precisely what they were.”