Once someone decides to become an entrepreneur, the idea that an entrepreneur ends up building is the nearest idea that he stumbles upon. It could be the flavor of the season that is getting funded or an observation that he has made or stems out of his recent past experience.
Thinking about choice of market well ahead of time which include the forces/tides at work, the size of the ocean where you are playing is first important thing to look at (strategic decisions) Thereafter taking decisions as an entrepreneur that are bounded within affordable loss are important guard rails to set in place. (entrepreneurial decision framework). After that product decisions comes next.
Questions for Product Decisions
Answering following 10 questions help with product decisions making, one that can help survive any product tear down session(s)
- Who is the one user or customer ? also called the unit of one. Name him or her.
- What is the job that he is trying to do in his life in the context of the product idea ? Many times this job could be non functional such as an emotional or a social one
- What is the friction and the barriers in those jobs.
- How does the product in question help solve or address the friction ?
- How would this be framed in terms of benefit in customers life. i.e before and after the product, improvement in customers life.
- What is the measure of improvement in customers life also called as customer benefit metric.
- What emotions are triggered by the use of the product i.e how does the use of the product make the user feel.
- What are the magic moments, i.e in the journey of delivering the customer benefits what are the the unexpected delight that comes up.
- What is the shortest path to the first magic moment in the use of product and what are subsequent magic moments ?
- What aspects about the product will the user want to talk about. How easy is it to share that story