In this episode we talk through several different approaches to finding tough problems to solve, good markets to get into, and how we’re going about choosing both of them.
Good markets are ones that you can either get quick traction in, or are large enough for you to take a small corner of the market as your own. There are benefits to both approaches, and it really comes down to mindset shift of which path you want to take. One is more likely to be a quick win with more limited upside potential and the other is more risky, but also have a higher upside potential, but with increased risk that you won’t find product/market fit in the end.
Dave and I also discuss the importance of building out a document of understanding. While this is not a formal partnership yet it is becoming a venture that we’re going down together and when that happens things just need to be in writing. This can really come in handy later when there may be questions and potential misunderstandings about certain aspects of ownership, priority, and responsibility. If you are in any sort of partnership do this before you take another step. It can really save you and your partner a lot of headache down the road.
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