Comments for Cactus Chords http://cactuschords.in My journey so far and beyond Tue, 27 Jul 2010 06:58:43 +0530 http://wordpress.org/?v=2.8.2 hourly 1 Comment on Does your product solve your problem or your customer’s problem? by Mithun Chandra http://cactuschords.in/2010/06/25/does-your-product-solve-your-problem-or-your-customers-problem/comment-page-1/#comment-753 Mithun Chandra Tue, 27 Jul 2010 06:58:43 +0000 http://cactuschords.in/?p=962#comment-753 Very true, I have come across over 4 start-ups during my visits to entrepreneur meets and found out that they had very niche and smart products but when asked by anyone, "Who will buy your product?" They replied, "Everyone". That is the worst answer someone could give, the only thing everyone would buy, would be water, when there is no more left. Otherwise your audience is always restricted except for exceptions like Google, Facebook, YouTube and Twitter who still have a large chunk of people not using it. The reason why there are so many failures in the entrepreneurial world is basically because of 2 and only 2 reasons namely; either the product is not strong enough or they haven't figured out their target audience. Every other reason is a spin off of these two points. As simple as that. Thank you for your valuable comments. Appreciate ;-) Mith Very true, I have come across over 4 start-ups during my visits to entrepreneur meets and found out that they had very niche and smart products but when asked by anyone, “Who will buy your product?” They replied, “Everyone”. That is the worst answer someone could give, the only thing everyone would buy, would be water, when there is no more left. Otherwise your audience is always restricted except for exceptions like Google, Facebook, YouTube and Twitter who still have a large chunk of people not using it.

The reason why there are so many failures in the entrepreneurial world is basically because of 2 and only 2 reasons namely; either the product is not strong enough or they haven’t figured out their target audience. Every other reason is a spin off of these two points. As simple as that.

Thank you for your valuable comments. Appreciate ;-)
Mith

]]> Comment on Does your product solve your problem or your customer’s problem? by Chandni Sharma http://cactuschords.in/2010/06/25/does-your-product-solve-your-problem-or-your-customers-problem/comment-page-1/#comment-752 Chandni Sharma Tue, 27 Jul 2010 06:43:04 +0000 http://cactuschords.in/?p=962#comment-752 My bad, I misunderstood your point. So, what saying is that these startups spend most of their resources on their product and none in actually tapping the potential client? I was assuming, that these start ups at least know who their potential clients are, because otherwise it doesn’t matter whose problem the product is solving, it’s going to fail! Essentially, you should start out with first deciding your target audience and then making your product around their needs and not by first making your product and then looking for potential buyers. This is perhaps the mistake that start ups make. Cheers My bad, I misunderstood your point. So, what saying is that these startups spend most of their resources on their product and none in actually tapping the potential client? I was assuming, that these start ups at least know who their potential clients are, because otherwise it doesn’t matter whose problem the product is solving, it’s going to fail!

Essentially, you should start out with first deciding your target audience and then making your product around their needs and not by first making your product and then looking for potential buyers. This is perhaps the mistake that start ups make.

Cheers

]]> Comment on Truly Motivational – Must read speech by Indra Nooyi by Mithun Chandra http://cactuschords.in/2010/02/17/truly-motivational-must-read-speech-by-indra-nooyi/comment-page-1/#comment-747 Mithun Chandra Sun, 25 Jul 2010 10:12:34 +0000 http://cactuschords.in/?p=738#comment-747 @mithchandra @mithchandra

]]> Comment on Truly Motivational – Must read speech by Indra Nooyi by oligarchlight http://cactuschords.in/2010/02/17/truly-motivational-must-read-speech-by-indra-nooyi/comment-page-1/#comment-746 oligarchlight Sat, 24 Jul 2010 22:40:58 +0000 http://cactuschords.in/?p=738#comment-746 it was very interesting to read. I want to quote your post in my blog. It can? And you et an account on Twitter? it was very interesting to read.
I want to quote your post in my blog. It can?
And you et an account on Twitter?

]]> Comment on Does your product solve your problem or your customer’s problem? by Mithun Chandra http://cactuschords.in/2010/06/25/does-your-product-solve-your-problem-or-your-customers-problem/comment-page-1/#comment-744 Mithun Chandra Sat, 24 Jul 2010 09:23:56 +0000 http://cactuschords.in/?p=962#comment-744 Chandni, Your points precisely mention the advantages you have when you come up with a product that solves your problem. I was referring to those start-ups who, in the process of having found a solution, fail to raise a community that share the same problem and concentrate solely on the product and invest all their capital on that. As you might also agree, without a target market it is extremely hard to achieve what you set out for, because you haven't set goals for yourself. You do not know who will buy your product. You are absolutely right, but if that start-up hasn't figure out who will buy their product, they will either run out of funds in search of the market or crumble due to lack of morale when no one buys their product. If the combination of your points along with a thorough knowledge of your target market is present, your job is half done. Without that, it is nearly impossible to succeed. I was merely comparing the scenario where a start-up has the solution and target market figured out and when one does not have a target market. What do you think? Do I make some sense? Cheers, Mith Chandni,

Your points precisely mention the advantages you have when you come up with a product that solves your problem. I was referring to those start-ups who, in the process of having found a solution, fail to raise a community that share the same problem and concentrate solely on the product and invest all their capital on that. As you might also agree, without a target market it is extremely hard to achieve what you set out for, because you haven’t set goals for yourself. You do not know who will buy your product. You are absolutely right, but if that start-up hasn’t figure out who will buy their product, they will either run out of funds in search of the market or crumble due to lack of morale when no one buys their product. If the combination of your points along with a thorough knowledge of your target market is present, your job is half done. Without that, it is nearly impossible to succeed. I was merely comparing the scenario where a start-up has the solution and target market figured out and when one does not have a target market. What do you think? Do I make some sense?

Cheers,
Mith

]]> Comment on Does your product solve your problem or your customer’s problem? by Chandni Sharma http://cactuschords.in/2010/06/25/does-your-product-solve-your-problem-or-your-customers-problem/comment-page-1/#comment-743 Chandni Sharma Fri, 23 Jul 2010 19:28:22 +0000 http://cactuschords.in/?p=962#comment-743 Interesting post, although I don't agree to the idea that most start ups fail because they make a product to solve their problem. The reason for this failure could, as you rightly said, tapping the wrong audience. In fact, I feel that you’re more likely to succeed if you make a product that solves your problem and here’s why – 1. You have the domain knowledge! It’s much easier to start off since you already know what the requirement is. The most crucial thing to the success of a product is that it gives the user what he wants. More often than not, start ups goof up on the requirement because of the sheer fact that they lack the domain knowledge or the basic business understanding. 2. You are well aware of the current products /contenders. If you were digging for a solution of your problem, then you must have searched what products are in the market, what features they offer / lack and what price do they come at. Plus, you may even have gone through some forums, blogs etc. to find out how others facing the same problem are handling it .This is great stuff for your research / “market survey” 3. You can add your “wish list” (read features not provided at the moment by other vendors) as the differentiating aspects/features of your product. 4. You can market it better… coz duh! It solved your problem….so it gotta work ;) You’re absolutely right about the fact that most of the users are laymen and that’s why another important aspect that we need focus on not just the look-and-feel but also the “usability”. Coz face it, you can make your product eye candy but if its not gonna help your users accomplish their tasks they are not gonna use it. Cheers to your “giving competitors a run for their money” attitude. :) Interesting post, although I don’t agree to the idea that most start ups fail because they make a product to solve their problem. The reason for this failure could, as you rightly said, tapping the wrong audience. In fact, I feel that you’re more likely to succeed if you make a product that solves your problem and here’s why –
1. You have the domain knowledge! It’s much easier to start off since you already know what the requirement is. The most crucial thing to the success of a product is that it gives the user what he wants. More often than not, start ups goof up on the requirement because of the sheer fact that they lack the domain knowledge or the basic business understanding.
2. You are well aware of the current products /contenders. If you were digging for a solution of your problem, then you must have searched what products are in the market, what features they offer / lack and what price do they come at. Plus, you may even have gone through some forums, blogs etc. to find out how others facing the same problem are handling it .This is great stuff for your research / “market survey”
3. You can add your “wish list” (read features not provided at the moment by other vendors) as the differentiating aspects/features of your product.
4. You can market it better… coz duh! It solved your problem….so it gotta work ;)

You’re absolutely right about the fact that most of the users are laymen and that’s why another important aspect that we need focus on not just the look-and-feel but also the “usability”. Coz face it, you can make your product eye candy but if its not gonna help your users accomplish their tasks they are not gonna use it.
Cheers to your “giving competitors a run for their money” attitude. :)

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]]> Comment on List of Angel Investors and why we need them badly by Mithun Chandra http://cactuschords.in/2010/06/01/list-of-angel-investors-and-why-we-need-them-badly/comment-page-1/#comment-733 Mithun Chandra Mon, 19 Jul 2010 05:57:10 +0000 http://cactuschords.in/?p=872#comment-733 Hey thank you for the mention. My twitter account is mentioned on my About Me page. Anyway it is @mithchandra Hey thank you for the mention. My twitter account is mentioned on my About Me page. Anyway it is @mithchandra

]]> Comment on List of Angel Investors and why we need them badly by Granyla http://cactuschords.in/2010/06/01/list-of-angel-investors-and-why-we-need-them-badly/comment-page-1/#comment-732 Granyla Mon, 19 Jul 2010 03:13:19 +0000 http://cactuschords.in/?p=872#comment-732 it was very interesting to read. I want to quote your post in my blog. It can? And you et an account on Twitter? it was very interesting to read.
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