PMF is not random.
Or at least it shouldn’t be.
Don’t believe the EntrepreneurFirst, Silicon Valley Y-Combinator hype that most companies are likely to fail.
Anyone is likely to crash their car if they don’t know the rules of the road.
Product-Market-Fit is not a mythical land.
There is a recipe to finding it.
There is a series of questions an early-stage entrepreneur needs to answer to unlock startup and initial business success. We call this series of questions the “combination lock”.
The series of questions are as follows:
- Is the person and desire clearly defined? Yes
- Can you access the person? Yes
- Does the person have money? Yes
- Is the problem you are solving painful and urgent?
- Is your solution the best or only option for the defined person? Yes
- Is the vehicle you use to deliver the solution efficient? Yes
If you can answer”yes” to all of these questions, then you will achieve product-market-fit and it’s actually hard not to make your first $1M.
Entrepreneurs not only fail to answer all of these questions, but they fail to answer the questions in order.
Not answering the questions in order results in prolonged time to product market fit, frustration, waste, and often startup death.