You see, if you are an entrepreneur, chances are by nature you are a creative person. And it’s awesome. However, this also means that you, as a creative person, are likely to have a very serious disease.
It is called Perfection. And when your startup is still in its beginning stages, it may be deadly.
Let me explain. Kind of like an artist who steps away from his or her canvas over and over to make sure the painting is perfect, we tend to spend a lot of time trying to quote/unquote “perfect our product.” The problem is, when we are trying to make our product quote/ unquote perfect, we make it so in our own mind only. That is, without realizing that our potential consumer may have a completely different definition of “perfect,” when it comes to our product.
What often happens is while one startup (Alpha), will spend years perfecting their product, we will call it Product A, another startup (Beta)company will launch a series of competitive products A1, product B1, and product C1, put it out in front of actual customers (or users) and let them vote for their favorite one with their actual wallets, subscriptions, product trials and so forth.
Suppose that Beta’s product launch determined that Product A1 has a conversion rate of 0%, meaning that no one out of 100 viewers of their ad had any interest in buying it, Product B has a conversion rate of 4% and Product C, which they never thought of as a perfect product, has a conversion rate of 8%, meaning that twice as many people considered their least likely product, Product C, to be “perfect.”
In short, put your product out in front of at least 100 actual people as soon as it’s humanly possible. It is not your feelings, not your emotions, but solid data on how many sales, subscriptions or signups you were able to generate per 100 potential consumers of your product―i.e. people who will be the true users of your product―who will determine the direction of your product development.
And, as any successful startup entrepreneur will tell you, if Product A, B, C and D fail to generate enough conversions, no need for drama. And when the alphabet runs out, simply start over.
Remember―it is your dream and YOU are the only one that can make it happen.