Topic: Product Evolution (Part 3)
In my last article, I had my startup idea foundations shaken by another startup enthusiast. Forcing me to question the overall nature of my product and how it will affect its features. Once again, I loved my product idea and did not want to forsake it. Having a social network for college recruiting is a timeless benefit to students and colleges alike. It is validated with a substantial market size backed by a billion dollar industry for the education industry. Furthermore, it’s the love -child of my creativity and entrepreneurism; there is no way I could just give up my vision for a startup.
The next big issue was considering the vision of my company, consequently, the exit strategy as well. The connection between the vision and exit strategy is the long term planning for my company. Do I wish to just sell my business or build it into an empire? This decision results in a chain reaction of follow questions affecting my company brand too. Figuring out if I need to keep it professional or a more light-hearted, playful product with different target appeals is imperative to the company’s future. Determining these long term plans for a company will aid in building a new focus that will point towards the long term plans. A new focus will resonate with a specialized product/service for your business to offer to your clients. Then this leaves plenty of space to grow into an eventual empire. So there is the formula, now I have to plug in the actual values.
Vision + Exit strategy+ Brand+ Focused product/service = Product Evolution
At this point, my drive for a startup is being challenged. Many startups crash at this point, if they even make it this far. It is my honest belief that all successful startups go through this stage at least once in their lifetime. The real defining moment is if they can persevere through the adversity of criticism and change. Consequently, with this thought in mind, I had no problem in taking a step back to re-evaluate my company.
Follow us at: