Many start up entrepreneurs rush headlong into developing their new product concept, focussing particularly on the technical and operational build aspects.
Following decades of working with entrepreneurs, Peter Drucker observed that the ‘product concept’ will change significantly when the entrepreneur takes it out into the marketplace and engages customers with it. His advice is to go early with an unfinished product – to build in the changes the market will inevitably demand. Other problems for an entrepreneur focussing only on building his/her product concept are the risks of aiming for the wrong market and getting caught by an unanticipated market change. The inventor of ball bearings aimed for the railroad market – only to see that industry reject his solution to their using oil rags for lubrication. Some short years later, the emerging automobile industry embraced the ball bearing solution for cars.
Before you rush to market with a fully built product – step back and do the big-picture 5-Cs market opportunity assessment.