What are the steps to increase the chances of finding product market fit?
— The five steps to increase the chances of finding product market fit are: finding problem solution and audience, defining problem solution fit and audience with high frequency or high value, finding product market fit, identifying metrics for success, and building an insanely awesome release cycle.
How can I test the problem and solution of a product?
— To test the problem and solution, you should look at frequency and value. A product needs either high frequency or high value. For example, Facebook has high frequency but low value, while Uber has both high frequency and high value.
What should I consider when building with limited resources?
— When building with limited resources, you should find a solution that can be built upon. Ask questions like whether the problem is solvable and what can be built with the available resources.
How can I determine if a product has market fit?
— To determine if a product has market fit, you should monitor retention and usage. Retention is about finding out if people keep using the product, while usage is how much users use the product. Find a number for each to track.
How can I increase the likelihood of success in finding product market fit?
— To increase the likelihood of success in finding product market fit, you should properly specify, build, release, evaluate, and repeat as quickly as possible. This iterative process will help you refine your product and increase your chances of finding market fit.
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