Three months after I launched my company, we were featured in The New York Times. Other national outlets followed. The attention led to partnerships with Shake Shack, Bombas, Urban Outfitters, and hundreds of other major brands.
You might think this sounds good. I sure did when it happened. Hockey stick growth is a sign of success, right? But it wasn't. My company, This App Saves Lives, had fallen into one of the most surprising and ultimately fatal traps for entrepreneurs: We grew before truly understanding our product-market fit. That mistake would ultimately result in the demise of our business.
Here's why this problem is so deadly-and how, with my new company, I'm plotting a slow growth strategy to avoid it.
For the uninitiated, productmarket fit (PMF) means building the right product to satisfy a specific type of customer's needs. It's a simple concept, but executing it is complex. To achieve PMF, you must deeply understand the wants and desires of your target customers.
I thought I had the answers.
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Denne historien er fra September - October 2024-utgaven av Entrepreneur US.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Trust Equals Sales
For their business to work, Dianne and Gabrielle Melillo need more than customers. They need a community that has total confidence in them.
HOW TRUST SAVED KFC
The former CEO of Yum! Brands explains how he turned around a struggling KFC and the important lesson it offers for anyone in franchising.
THE CURSE OF GROWING TOO FAST
FAIRE is a platform for small businesses, but it grew big the wrong way-almost becoming a $12 billion wreck. Here's how it fixed the problem, and why you should think twice before skyrocketing.
HOW TO ASK FAMILY FOR MONEY
Your friends-and-family fundraising round doesn't have to be scary and awkward. Here's advice from one of the world's leading investors.
MY MVP EMPLOYEE
One amazing team member can make an outsize impact on your business. We asked some of the shops on our list to share their No. 1 team member-and what makes them so special.
HOW TO BOUNCE BACK FROM A BAD REVIEW
A one-star review can hurt your egoand your business. But it's possible to prevent (and remedy!) this scary scenario.
HOW TO HIRE FOR THE FUTURE
Small businesses are struggling to find quality labor. So flip the conversation: Show workers how your business will set them up for opportunity.
HOW SMALL SHOPS TAKE BIG RISKS
It's not easy for mom-and-pops to try something new, because they rarely have a safety net to fail.But there are ways to innovate cautiously-as one small business on our list, All My Heart tattoo studio, has found.
America's Favorite MOM POP SHOPS 2024
HOW WE PICKED 150 BUSINESSES ACROSS THE COUNTRY.
The $414,000 Side Hustle
I have a day job-and a highly profitable interior design company on the side. Here's how I did it.